Sphere Entertainment Co.
With tourism to the U.S. on shaky ground and consumer sentiment waning, Sphere Entertainment Co. CEO James Dolan says the Sphere venue in Las Vegas is on sound footing.
“There’s a little bit of Chicken Little going on in our economy,” Dolan said during the earnings call on Thursday (May 8), referring to the children’s fable about unfounded warnings that the sky is falling. “Maybe later we’ll see a more substantive reaction from the marketplace, but right now we’re not really seeing it.”
International guests account for 10% of guests to Sphere’s concerts and “a little over” 20% of visitors to Sphere Experience, the viewings of Sphere’s original content, according to Dolan. Even if Las Vegas experiences a decline in tourism, Dolan believes Sphere will be insulated by strong demand for its state-of-the-art performances. “When it comes to concerts,” he said, “demand exceeds capacity, so we have room to absorb any issues.”
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International relations and tariff concerns couldn’t be blamed for the decline in Sphere revenue in the company’s fiscal quarter ended March 31. Instead, it was an issue of fewer events that caused a 12.8% decline in revenue, to $157.5 million, the company’s parent, Sphere Entertainment Co., announced Thursday.
Sphere did show greater operational efficiency in the quarter. Selling, general and administrative expenses fell 12%, and adjusted operating income (AOI) was flat at $13.1 million despite the decline in revenue.
Investors reacted positively, sending shares of Sphere Entertainment Co. as high as $31.43, up 5.5%, on Thursday morning. The share price was up 5.2% to $31.33 in early afternoon trading.
With residencies by The Eagles, Dead & Company and Anyma, Sphere hosted 10 more concerts than the year-ago period. But the Sphere Experience had fewer showings of original content — Postcard From Earth and V-U2 An Immersive Concert Film — compared to the prior-year period. The quarter also had a difficult comparable because Las Vegas hosted the 2024 Super Bowl, which resulted in a record-setting week for Sphere’s advertising, CFO Robert Longer said. Those decreases were partially offset by increases in event-related revenues and the impact of Delta Air Lines’ corporate takeover of Sphere during CES in January.
Total Sphere Entertainment Co. revenue, which includes MSG Networks, fell 13% to $280.6 million. Consolidated AOI fell 25.6% to $36 million. MSG Networks revenue was $123.0 million, down 19% from the prior-year period, which reflects a nearly two-month absence of programming from Altice while the two parties renegotiated a multi-year renewal.
Dolan said he’s confident the company can drive growth this calendar year through “an array of concerts and third-party events,” sponsorships, and driving operational and cost efficiency. While he didn’t provide details on unannounced future residencies, Dolan said Sphere is having discussions with “multiple artists” and has more demand than availability of shows. “The pipeline is very full,” he assured.
The owner of Las Vegas’ Sphere has hit Beyoncé with a cease and desist letter over fan-shot concert footage that shows the superstar picking up a computer-generated version of the iconic Las Vegas venue and briefly juggling it between her hands, Billboard has confirmed.
“Beyoncé — many orders of magnitude larger than the Sphere venue — leans over, picks up the venue, and looms over it,” the letter reads, according to the New York Post, which first reported the news, leading to “significant speculation that Beyoncé will end her tour with a Sphere residency.” (Billboard has not independently obtained the letter.)
The filmed sequence, which plays during an interlude at Beyoncé’s newly launched Cowboy Carter tour, irked Sphere Entertainment Co. executive chairman/CEO James Dolan because Sphere unsuccessfully lobbied the “Texas Hold ‘Em” singer to perform at the venue in the past, sources with knowledge of the negotiations tell Billboard.
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Attorneys for Dolan, who is also the chairman/CEO of Madison Square Garden Entertainment Group, want Beyoncé to cut the brief sequence from her three-hour concert, which she performed for a second time at SoFi Stadium in Los Angeles on Thursday (May 1).
The letter is addressed to Beyoncé’s production company, Parkwood Entertainment, on behalf of Sphere Entertainment Group and authored by Kathleen McCarthy of the law firm King & Spalding. In the letter, Spaulding accuses Parkwood of using imagery of the Sphere’s likeness “without permission” and accuses the singer of misleading her fans.
“It has recently come to SEG’s attention that a Cowboy Carter tour interlude video contains the unauthorized use of SEG’s intellectual property,” the letter reads. “SEG is sure that multiple aspects of the interlude video, including other brands, clips and music, were duly cleared by the tour with rights permissions from the rights holders whose works were used in the video, as is common practice. SEG, however, was never asked and the prominent appearance and manipulation of SEG’s Sphere™ venue in the video is unauthorized.”
“SEG demands that the tour cease and desist from using the Sphere™ venue in the video immediately,” the letter continues, demanding that Parkwood “refrain from using this imagery on any merchandise, promotional or marketing materials, or in tour movies, etc. Should you fail to do so, SEG reserves all rights to take further action as SEG deems appropriate without notice to you.”
Beyoncé has never played Sphere in Las Vegas, although her representatives reportedly held talks with officials at Sphere Entertainment about a possible residency at the venue several years ago. Those discussions never materialized into bookings and Beyoncé has instead opted to play Allegiant Stadium when her Cowboy Carter tour stops in Las Vegas on July 25 and 26.
Billboard reached out to representatives for Beyoncé and tour promoter Live Nation for comment, but did not receive a response by press time.
MSG Networks, a subsidiary of Sphere Entertainment Co. and part of the business empire run by James Dolan, has another week to repay more than $800 million of debt without facing consequences from its lenders, the company announced Thursday (March 27) in an SEC filing. The company first announced in October 2024 that it was […]

Sphere Entertainment reported quarterly revenue of $308.3 million, slightly lower than the year-ago period, owing to half-a-dozen fewer shows, the Las Vegas venue company reported on Monday (March 3).
Sphere — which chairman/CEO James Dolan reminded analysts on a call is still basically a brand-new company — reported an operating loss of $142.9 million, a $16.7 million improvement compared to the same quarter a year ago. Meanwhile, adjusted operating income of $32.9 million was down $18.6 million from the prior-year quarter and events-related revenue of $54.4 million was $800,000 less than the year ago period. The quarter included shows by the Eagles and Anyma as well as the Las Vegas Grand Prix, which returned to Sphere in November as part of a multi-year deal.
With additional shows from the Eagles and Anyma and upcoming residencies by country star Kenny Chesney and Backstreet Boys, Dolan said 2025 will be marked by continued demand and improved operating efficiency.
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“This year, the biggest opportunities are the nuts and bolts of how well we operate the business. That is going to provide a boost,” Dolan said on a call with analysts. “Longer term, the expansion of more Spheres is what is going to deliver the most [return].”
Sphere grossed $169 million, while MSG Networks generated $139.3 million, for the quarter ending Dec. 31. Sphere’s operating loss of $107.9 million on an adjusted basis was $800,000, while MSG Networks reported an operating loss of $35 million. On an adjusted basis, MSG reported an adjusted operating income of $33.7 million.
Advertising on the outside of Sphere, which the company calls Exosphere, plus suite license fees generated $20.3 million, a $2.7 million improvement from the prior-year quarter.
Here’s what else you need to know from the earnings call.
In addition to Sphere Abu Dhabi, the company is working on mini-Spheres.
Last fall, Sphere Entertainment announced plans for a second Sphere venue in Abu Dhabi, the capital city of the United Arab Emirates (UAE), that would be entirely funded by the UAE’s Department of Culture and Tourism. The new venue will be operated as a franchise, with Sphere Entertainment receiving a franchise initiation fee that grants Abu Dhabi the right to use the company’s intellectual property and content from The Sphere Experience, like Postcard from Earth and V-U2: An Immersive Concert Film.
As plans for Sphere in Abu Dhabi move forward, the company is exploring smaller versions of Sphere that could seat around 5,000, compared to the Las Vegas venue’s 20,000-seat design, Dolan said.
“We’re currently working on the architecture of our smaller Sphere” and identifying mid-sized cities that could present opportunities, Dolan said. “We’re looking to take advantage of the content we’ve created already and the business we’ve created already and bringing it out to other markets. Right now, we’re in the planning and design phase.”
While the cost of playing Sphere is “high” for artists, demand is higher.
Dolan acknowledged that playing Sphere, a first-of-its-kind venue, comes with a slew of costs that can set performing artists back. But acts like Chesney, who will kick off a 15-show residency in May, and Backstreet Boys, who start an 18-show residency this summer, save on the cost of touring multiple cities, Dolan said.
“We know that the content costs are high for a band, but they are offset by the fact that it’s a residency,” he said. “So a touring band has to go to 50 cities, move place to place. The bottom line for bands is they do better.”
In response to a question about the biggest opportunities ahead, Dolan said the demand from fans, artists and corporate sponsors is overwhelming. The Las Vegas venue has 55 shows planned for the first half of 2025, up from 37 in the first half of 2024.
“We have a desire to do those concerts, and artists have a desire to play the Sphere,” Dolan said. “If there is anything that is going to limit concerts, it’s probably going to be [demand].”
Expect more concert videos like the one made of U2’s Sphere show.
Dolan declined to share details about the newest The Sphere Experience, but he said it’s likely the company will do more concert films like V-U2 in the future owing to the success of that show and the low cost of creating content like it.
These films, which are akin to “attending the concert without having the band there,” cost less than $500,000 to record and create, Dolan said, adding that they have more performance recordings in the wings.
“The cost of that product is quite low, and I expect that we will continue to build up the library and that you’ll be seeing those kinds of experiences for years to come,” Dolan said.

The year-old Sphere venue quickly became a must-see attraction in Las Vegas, but some analysts don’t believe the eye-grabbing, multi-purpose venue has a viable business model. Benchmark downgraded Sphere Entertainment Co. to a “sell” rating on Tuesday (Sept. 3) with a $40 price target, sending the stock down 4.4% to $44.55. Benchmark downgraded the stock […]
After hosting residencies by Dead & Company and Phish, Sphere Entertainment Co. closed out its fiscal year ended June 30 with revenue of $273.4 million and a net loss of $46.6 million in the fourth quarter.
For full-year revenue, the company posted a $201-million net loss on revenue of $1.03 billion. That’s nearly double the $573.8 million revenue number in the prior year, when the Sphere venue in Las Vegas had revenue of just $2.6 million after launching late in 2023.
Following the earnings release, shares of Sphere Entertainment jumped 9.3% to $44.55 on Wednesday (Aug. 14).
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The MSG Networks division had quarterly revenue of $122.2 million, down 6.2% from the prior-year period, and annual revenue of $529.7 million, a 7% decline. MSG Networks operates two TV sports networks, MSG Network and MSG Sportsnet, and the MSG+ streaming platform.
The eye-grabbing $2.3-billion Sphere venue in Las Vegas reported revenue of $151.2 million in the latest quarter. Events such as concerts and corporate events accounted for revenue of $58.4 million. The Sphere Experience, an interactive experience combined with a showing of the film Postcard from Earth, had revenue of $74.5 million from 208 performances.
Sphere generated revenue of $489.4 million in its first three full quarters of operation. Though U2 opened its 40-date run at the end of the first fiscal quarter, the bulk of the concerts occurred in the second and third quarters. Four dates by Phish in April were followed by Dead & Co.’s 30-date residency that concluded Aug. 10.
With state-of-the-art visuals and audio, as well as the capacity to host multiple types of events, Sphere “has the potential to change the entertainment landscape for artists, guests and partners,” CEO James Dolan said during Wednesday’s earnings call. “Fully realizing that vision will take time, but we are learning every day how to optimize Sphere’s operating model.”
While its concerts have generated worldwide media attention and exposure on social media, Sphere’s financial potential depends on maximizing its utilization beyond that of a traditional venue. To that end, Dolan said the company is “making progress” toward its goal of hosting multiple events in a single day. The Sphere Experience, which includes the 50-minute film Postcard from Earth, ran on the same days as Dead & Company’s shows in July and August.
Sphere is also branching out into different types of events that take advantage of its Las Vegas location and an ability to offer dazzling visual displays on its 160,000-square-foot video screen. In June, the venue hosted its first corporate keynote event with Hewlett Packard Enterprise as well as the NHL Draft.
The content category, which includes Postcard from Earth, is another aspect of maximizing Sphere’s usage. Content generated more than $1 million in average daily ticket sales in the latest quarter, according to Dolan, and has earned more than $300 million in “high margin” revenue since debuting in October 2023.
“We are actively developing new cinematic experiences and expect to launch our next attraction in the coming weeks,” said Dolan. “We believe this expanding content library will benefit our Las Vegas business and strengthen our value proposition to new markets.”
The Eagles begin a 20-date residency at Sphere in September while Anyma will give the venue its first EDM shows in late December. Also in September, Sphere will host its first live sports event, UFC 306.
Tencent Music Entertainment (TME) stock rose 15.7% to $15.43 after the release of its first-quarter earnings on Monday (May 13), which showed net profit rising 28% to $212 million as music subscription revenue surpassed $500 million and the company’s subscribers rose by 7 million to 113 million. Online music revenue climbed 43% to $693 million, helping offset a nearly 50% decrease in social entertainment revenues to $244 million.
Numerous analysts upped their price targets for TME this week following the company’s earnings release. Jefferies raised TME to $15.40 from $12.00. Mizuho raised its price target to $15.00 from $13.00. HSBC also raised TME to $15.00 from $13.00.
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Another Chinese music streaming company, Cloud Music, jumped 11.7% to 105.00 HKD this week after it announced a licensing deal with Kakao Entertainment for distribution in China. Kakao has over 50 “star” artists and 70,000 tracks, according to a press release announcing the pact. Cloud Music has not announced a date for its first-quarter earnings release.
Shares of TME have risen 97.6% over the last 52 weeks and gained 71.3% in 2024. The company (which trades on the NYSE and Hong Kong Stock Exchange) and Cloud Music (which trades on the Hong Kong Stock Exchange) are part of an upswing in Chinese stocks in 2024. After falling in January, the Shanghai Composite Index is up 15.5% since Feb. 2 — far better than the gains of the FTSE 100 (10.6%), S&P 500 (7.0%) and Nasdaq composite (6.8%) over that period.
TME has come a long way since being targeted by government regulators in 2021 for anticompetitive behavior. Its shares traded below $5 for much of 2022 and dropped as low as $3.14 in October of that year.
The 20-company Billboard Global Music Index rose 3.3% to a record 1,847.64, topping the previous high mark of 1,841.66 for the week ended April 5. While there were an equal number of winners and losers, the three top performers had double-digit gains — Cumulus Media was up 18% — while the worst-performing stock, Sphere Entertainment Co., fell 8.1%. Most of the index’s most valuable companies posted gains this week: Spotify increased 2.8% to $302.84, Universal Music Group rose 2.6% to 28.74 euros ($31.31) and Warner Music Group gained 1.3% to $32.04.
Music stocks bested numerous indexes. In the United States, the Nasdaq composite rose 2.1% to 16,685.97 and the S&P 500 gained 1.5% to 5,303.27. In the United Kingdom, the FTSE 100 declined 0.2% to 8,420.26. South Korea’s KOSPI Composite Index dropped 0.1% to 2,724.62.
B. Riley resumed coverage of Reservoir Media on Thursday (May 16) with a “buy” rating and an $11 price target. Reservoir shares rose 0.2% to $8.40 this week. The company will release first-quarter earnings on May 30.
Elsewhere, iHeartMedia dropped 6.2% to $1.21 this week. Guggenheim lowered its price target to $3 from $5 following the radio company’s earnings release on May 9, which prompted the stock to fall 36% last week. While Guggenheim maintained its “buy” rating, it dropped its price target to account for “headwinds at the core broadcast business,” analysts wrote in a May 15 note to investors.
Sphere Entertainment Co. dropped 8.1% to $36.07, bringing its year-to-date gain to 6.1%. The company announced Monday that it bought out the remaining shares of Holoplot GmbH, the German company that provided the 3D audio technology for the Sphere in Las Vegas.
Outside of the Billboard Global Music Index, JYP Entertainment fell 13.4% to 60,000 won ($44.30) following the company’s release of first-quarter earnings after the markets closed on May 10. Revenue increased 15.6% to 136.5 billion won ($100.8 million) but operating profit declined 20% to 33.6 billion won ($24.8 million) and net profit fell 26.3% to 31.4 billion won ($23.2 million). Operating profit and net profit declined due to increases in artist fees, labor costs and commissions at JYP Three Sixty, the company’s businesses that produce merchandise and license artists’ intellectual property.
Another non-index stock, Sony Corp., rose 11.1% to $83.74 following its fiscal fourth-quarter earnings release Tuesday (May 14). Driven by subscription streaming growth and aided by foreign exchange, Sony Music’s yen-denominated revenues jumped 23.5% to $2.85 billion in the quarter and the music division was the parent company’s largest contributor of operating income.
Building a state-of-the-art Sphere venue is “not like building a McDonalds,” Sphere Entertainment Co. chairman and CEO James Dolan said during the company’s earnings call on Friday. “It’s complicated. It’s a very expensive project.”
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The lone Sphere venue in Las Vegas, which cost $2.3 billion to build through delays and cost overruns during the COVID-19 pandemic, generated revenue of $170.4 million in its fiscal third quarter ended March 31, the parent company, Sphere Entertainment Co, reported Friday. Revenue was slightly better than the $167.8 million in the prior quarter. Adjusted operating income was $12.9 million, slightly down from the prior quarter’s AOI of $14.1 million.
Dolan wants to build more Spheres and insists a second venue will materialize. The company is “in discussions with several markets” and has encountered “plenty of interest all around the world,” he said, “but not until we launched the product in September did people really get to see what it was and began to see how it could perform.”
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Sphere will reach an agreement with “at least one of those markets soon,” Dolan added. “How soon I’m not going to predict.”
Sphere, which wowed music fans through residencies by U2 and Phish, attracted nearly one million guests to more than 270 events in the quarter, said Dolan. In addition to concerts, Sphere offers a motion picture, Postcards from Earth, that CFO David Byrnes said generated $100 million in revenue in the quarter. In June, Sphere will host its first corporate event, a keynote address by Hewlett Packard Enterprise president and CEO Antonio Neri, and its first televised event, the NHL draft.
Demand from artists to perform at Sphere is “stronger than we can even accommodate at this point,” Dolan claimed. The company wants to have “a varied number of kinds of acts, not just legacy rock acts,” and “acts that have the biggest draws,” he added.
Dead & Co. begins its 24-date residency on May 16. A residency by the Eagles has not been officially announced but Dolan suggested during the earnings call the band will indeed perform at Sphere.
“Even if you’re not a Deadhead, you’re gonna love that show,” said Dolan when discussing the need to create “compelling” visuals to complement bands’ musical performances. “And I think the same will be true for The Eagles and for the next acts that we bring up.”
Sphere Entertainment Co. had an operating loss of $40.4 million on revenue of $321.3 million. The company’s other segment, MSG Networks, had AOI of $48.6 million, down 17%, on revenue of $151 million, down 6% from the prior-year quarter. The company explained that those figures decreased from the prior-year quarter “primarily due to a 12.5% decrease in subscribers inclusive of the impact of MSG+,” the network’s streaming platform.
iHeartMedia shares dropped 19.6% to $2.01 this week as the company warned investors of continued softness in radio advertising dollars. Fourth quarter results “will be weaker than we originally anticipated,” said CEO Bob Pittman during Thursday’s earnings call. In October, consolidated revenue was down 8% from the prior-year period. For the fourth quarter, iHeartMedia expects consolidated revenue excluding political ad revenue to decline in the low single digits.
Still, iHeartMedia’s third-quarter results were in line with previous guidance. Revenue of $953 million was down 3.6% from the prior-year period, a bit better than the guidance of a low single-digit decrease. Adjusted earnings before interest, taxes, depreciation and amortization of $204 million was within the guidance of $195 million to $205 million.
The week’s sharp decline brought iHeartMedia’s year-to-date loss to 67.2%, far deeper than the declines of broadcast radio company Cumulus Media (-21.9%) and satellite radio company SiriusXM (-20.7%). Not only has broadcast radio suffered from weak national advertising, it lacks the high growth rates of music streaming and podcasting. PwC’s latest forecasts call for U.S. radio advertising revenues to rise just 4% from 2023 to 2027 while U.S. podcast advertising — where iHeartMedia has a large footprint — will grow 41% to $2 billion.
Next year’s elections should provide a shot in the arm, though. “As we look forward to 2024, we expect to generate significantly better free cash flow driven in part by an improving macro environment, as well as the impact of political dollars,” said CFO Rich Bressler. In 2020, the company generated $167 million in political revenues, he noted.
The Billboard Global Music Index mostly held steady this week, dropping just 0.3% to 1,390.68. Of the index’s 20 stocks, seven gained this while while 13 finished in negative territory. Most stocks had low-single-digit gains or losses and iHeartMedia was the only stock with a double-digit move in either direction.
French company Believe was the index’s greatest gainer of the week after improving 7.4% to 9.93 euros ($10.64). German concert promoter CTS Eventim, which will release third-quarter earnings on Nov. 21, gained 5.5% to 62.75 euros ($67.24). Music streaming company LiveOne gained 4.7% to $1.12. Chinese music streamer Cloud Music, which has not yet announced the date of its third-quarter earnings release, gained 3.3% to 99.50 HKD ($12.74).
Shares of Sphere Entertainment Co. dropped 1.5% to $35.95 after a roller-coaster week. Following the company’s Nov. 3 announcement that CFO Gautum Ranji had left the company, Sphere Entertainment shares dropped 9.6% to $32.97 on Monday. The share price fell an additional 4.5% to $31.87 on Wednesday following the quarterly earnings release. But Sphere Entertainment picked up momentum in the latter half of the week, gaining 12.8% over Thursday and Friday to close at $35.95.
U.S. stocks were broadly up this week despite news that consumer sentiment declined in November and expectations for future inflation reached their highest level since 2011. The Nasdaq composite rose 2.4% while the S&P 500 improved 1.3%. Many major U.S. tech stocks posted big gains. Microsoft hit an all-time high of $370.09 on Friday and finished the week at $369.67, up 4.8%. Apple rose 5.5% to $186.40. Amazon improved 3.6% to $143.56. Meta jumped 4.5% to $32.8.77. In the United Kingdom, the FTSE 100 fell 0.8%. South Korea’s KOSPI composite index gained 1.7%.
Abu Dhabi-based music streamer Anghami led all music stocks this week after gaining 17.6% to $0.82. On Thursday, the company announced through an SEC filing it had received a written notification from the Nasdaq Stock Market regarding its closing share price being below $1.00 for the previous 30 days. The Nasdaq gives companies 180 days to regain compliance or face de-listing from the exchange.
The warning appeared to spur a 16.5% gain on Thursday as investors saw signs the share price won’t remain under $1. In its SEC filing, Anghami stated if the share price remains under the $1 threshold it will “consider available options to cure the deficiency,” including a reverse share split (which would increase the share price by reducing the number of shares outstanding while the market capitalization remains unchanged).
SiriusXM gained 5.7% on Friday (Oct. 13) and finished the week up 11.8%. Its $4.85 closing price was the highest for the satellite radio company since Aug. 9. The typically steady stock has fallen 17% this year as self-pay satellite radio subscribers stagnated at or around 32 million for eight straight quarters. SiriusXM will host a Nov. 8 presentation to unveil a new streaming app and preview upcoming in-car innovations and new programming.
The 21-stock Billboard Global Music Index fell 1.3% to 1,355.65 this week as 13 stocks were in negative territory and only eight stocks gained ground. Year to date, the index has gained 16.1%. Led by SiriusXM’s gain and a 7.6% increase from Cumulus Media, the index’s three radio stocks had an average improvement of 5.5%. Eight record labels and publishers had an average weekly gain of 0.3%. HYBE improved 6.8% while Believe climbed 3.6% and Universal Music Group added 0.6%. Streaming companies were, on average, flat this week.
Live music stocks dropped an average of 4.8%. Shares of Sphere Entertainment Co. dropped 11.1%, effectively offsetting the 11% gain on Oct. 2 following U2’s debut performances at Sphere in Las Vegas. Live Nation dropped 3.9%, MSG Entertainment fell 3.5% and CTS Eventim shares fell 0.7%. If investors are curious what’s next for Sphere Entertainment, clues comes from an interview published Thursday. Executive chairman and CEO James Dolan said the company is “actively pursuing other markets” and “has six different kinds of spheres down to a 3,000-seater.” A Las Vegas-style Sphere may not work in London, where according to reports residents are concerned about the location and light pollution that could arise from a massive external display similar to the Las Vegas venue.
Music stocks underperformed numerous indexes. In the United States, the S&P 500 gained 0.1% and the Nasdaq composite fell 0.3%. In the United Kingdom, the FTSE 100 gained 1.4%. South Korea’s KOSPI composite index rose 2%.
Stocks faded after the release of consumer sentiment data for October by the University of Michigan showed a decline from September based on “a substantial increase” in concerns about inflation. Expectations for inflation in one year rose from 3.2% in September to 3.8% this month. That’s the highest mark since May 2023 and substantially above the 2.3% to 3% range seen in the two years before the pandemic.
Also a factor in stock prices, the U.S. Federal Reserve expects to raise interest rates one more time, according to minutes released from its September policy meeting. Interest rates have an inverse relationship with equity prices. Higher interest rates make borrowing more expensive and cut down on corporate profits.