Today's Market Moves: Solar Stocks Dip, AMD Slides, CrowdStrike Surges

Michael Bromberg brings over ten years of financial journalism expertise, simplifying complex market trends into accessible insights. Holding a Bachelor of Arts in literature from the University of Wisconsin-Madison and a master's degree in linguistics from Universidad de Antioquia, Colombia, Michael excels at clear financial communication.

Market Highlights

• The S&P 500 slipped 0.2% on Thursday, October 10, 2024, reacting to inflation data that exceeded expectations.
• First Solar's shares dropped sharply amid concerns about production delays potentially limiting output this quarter.
• CrowdStrike's stock rose significantly after being named a top software pick by RBC Capital.

Major U.S. stock indexes retreated following the Consumer Price Index report revealing higher-than-forecasted price increases in September, largely driven by rising grocery costs.

This inflation surge not only tightens household budgets but also poses challenges for the Federal Reserve as it considers future interest rate decisions.

On Thursday, the S&P 500 declined by 0.2%, and the Dow Jones Industrial Average fell 0.1%, both pulling back from previous record highs. The tech-focused Nasdaq experienced a slight dip, closing down less than 0.1%.

First Solar (FSLR) experienced the steepest drop among S&P 500 stocks, tumbling 9.3% after Jefferies lowered its price target from $271 to $266, citing potential delays that may impact production volumes this quarter and beyond. Other solar companies, such as Enphase Energy (ENPH), also saw declines, with shares falling 5.8%.

Advanced Micro Devices (AMD) introduced new AI chips at its "Advancing AI 2024" event in San Francisco, yet its shares fell 4%. Some analysts expressed skepticism about AMD's ability to compete effectively against Nvidia's AI chip offerings.

Generac Holdings (GNRC), a supplier of home generators and power solutions, dropped 3.5% amid the approach of Hurricane Milton in Florida, reversing some earlier gains made ahead of the storm.

Cybersecurity firm CrowdStrike Holdings (CRWD) was the day's top performer in the S&P 500, climbing 5.6% after RBC Capital highlighted it as a leading software stock. Analysts noted CrowdStrike's recovery from a July software update issue that caused global IT disruptions.

Fertilizer producer Mosaic Co. (MOS) rose 4.4%. Based in Tampa, Florida, Mosaic is monitoring the potential impacts of Hurricane Milton and plans to assess operational effects as conditions permit.

Micron Technology (MU) shares increased 3.9%. Despite AMD’s lukewarm AI chip reception, its new products feature enhanced memory capabilities, emphasizing the critical role of high-bandwidth memory in AI workloads. Micron, a memory chip manufacturer, is a key AMD partner.

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