Stock Market Today: FICO Worst Day in Decades, CCL & BE Top SPX #shorts

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Stocks shook off, early weakness and closed, little changed in Tuesday's session. September consumer confidence fell to its lowest level since 2014, and the 30-year Treasury bond yield went above 5.6%.

That's the highest level since 2002

Utilities gained more than 1%, and energy was the biggest laggard, down 1%.

Fair Isaac was the worst performer in the S&P 500 today, falling 27% after the FHFA announced changes to mortgage pricing. Director Bull Pulte says that, instead of two separate pricing grids, Fannie and Freddie are hereby moving to one pricing grid, with Vantage score joining the existing FICO Classic pricing grid. For decades, FICO has been the only credit score that Fannie and Freddie accepted for borrowers seeking financing. To the upside, Carnival Cruise lines rallied 13% after posting record revenue in Q3. The results are lifting the entire cruise group, leading the sector higher as demand appears to be holding up, despite geopolitical uncertainty and higher fuel costs. Bloom Energy also gained 11% and added to its more than 40% rally this month. Fremont, California, home to Bloom Energy's current manufacturing site, said the company purchased a 158,000 square foot facility to expand its operations. Morgan Stanley said that this is an indication of quote unquote continued strong demand for Bloom Energy. As we look ahead to tomorrow, in the morning, the ADP employment report, the final reading of Q2 GDP and August's PCE report are all being released. On the earnings front, we'll hear from ConAgra and Javel. They'll report pre-market before the much anticipated Micron report at the closing bell. That'll do it for the wrap. I'm Marley Kayden. Remember, you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.