Today in the Market (9/13/2023)

Good Evening! On Wednesday, markets were mixed, with investors paying particular attention to consumer inflation data, which has the potential to influence the Federal Reserve’s next policy choices.

The Dow Jones finished the day in the red, down 0.20%, while the S&P 500 increased by 0.12%. The Nasdaq Composite saw a modest gain of 0.29%.


The stocks of American Airlines (AAL) and Spirit Airlines (SAVE) saw a decline during trading on Wednesday. This decline was a result of both airlines revising their third-quarter projections due to the increasing costs of gasoline and recent decreases in airline ticket pricing.

So how much were the forecasts reduced?

  • Spirit’s current projection for third-quarter revenue is in the range of $1.24 billion to $1.25 billion, which is lower than the previous forecast of $1.3 billion to $1.32 billion.
  • American Airlines has revised its projected adjusted profits for the third quarter to be in the range of $0.20 to $0.30 per share, as opposed to the previously anticipated range of $0,85 to $0.95 per share.

Is gas really getting that expensive? Yes. The increase in gasoline expense at the airlines coincides with the current surge in oil prices, with the underlying commodity reaching its highest levels in 2023. The price of crude oil has seen an approximate increase of 30% since late June due to reductions in production and heightened worldwide demand.


A panel held by the FDA reached the conclusion that phenylephrine, the main component in several oral forms of well-known medications such as Sudafed, Benadryl, and Mucinex, failed to show benefit. Recent research findings indicate that those who were administered the medicine did not exhibit significantly improved sinus clarity compared to those who received a placebo, such as a sugar pill.

So what does this mean going forward? The decision on the removal of the drug’s over-the-counter safety designation will ultimately rest with the FDA. This would require the pharmaceutical firms to reformulate medications that include phenylephrine. Consequently, during this period of transition, drugs containing phenylephrine would be withdrawn from retail shelves.

What would happen if the FDA does ban the products? The implementation of a ban would have a significant impact on the medication manufacturing industry, with the sales of pharmaceutical products containing phenylephrine reaching around $2 billion in the year 2021, according to the FDA. Nevertheless, while oral phenylephrine may not effectively reduce congestion, it is widely considered that the nasal spray form of this medication remains effective.

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