Stock Movers: Hertz Jumps on Amazon Deal, Guess Goes Private, Target Falls

US Market Close Overview

• 📈 The S&P 500 closed with 261 stocks up and 238 down, indicating a mixed market sentiment.
• 📊 Seven out of eleven sectors finished in the green, with energy being the best performer, gaining 0.8% alongside rising oil prices.
• ⚠️ Consumer discretionary, tech, and communication services sectors, which house the 'Magnificent Seven' stocks, finished in the red.

Top Stock Performers

• 🚀 Analog Devices was the best performer in the S&P 500, rising 6.3% after reporting earnings and providing fourth-quarter guidance that beat analyst estimates.
• 🚗 Hertz shares climbed nearly 6% following reports that the car rental company will begin selling pre-owned vehicles on Amazon Autos.
• 💡 This partnership marks Amazon Autos' first fleet dealer, allowing customers to browse, purchase online, and pick up vehicles at Hertz Car Sales locations, with an initial rollout in Dallas, Houston, Los Angeles, and Seattle.

Key Company Deals and Declines

• 🤝 Guess shares surged over 26% on news that the company is going private in a $1.4 billion deal with Authentic Brands Group, in partnership with its co-founders and CEO.
• 🔑 Authentic Brands Group will acquire a majority stake in Guess's intellectual property, while Guess management will continue to run the operating company.
• 📉 Target shares fell over 6% despite a generally good earnings report and maintained guidance, attributed to the appointment of a new CEO and ongoing sales slump concerns.
• 💄 Estee Lauder experienced its third day of declines, falling about 4%, as the company announced a review of its brands, including La Mer, to accelerate a turnaround after years of sales declines.
• 🏗️ James Hardie, a building materials maker, saw its worst drop since 2001, falling 34%, after reporting net sales that missed expectations and warning of weak demand for repairs and new construction in North America.

Macroeconomic Outlook

• 🏦 The FOMC minutes released earlier today suggested that interest rates may remain unchanged, with the Treasury curve showing modest movements.
• 🎤 The market is awaiting further insights from Fed Chair Jerome Powell's speech on Friday and the conclusion of the official FOMC meeting on September 17th.