Key Takeaways
- U.S. equities were mixed and little changed at midday as a second inflation report this week came in lower than anticipated.
- Demand for Oracle’s cloud computing demand sent shares higher.
- Shares of Boeing tumbled after one of its 787 planes crashed in India.
U.S. equities were mixed and little changed at midday as another key measure of inflation, the Producer Price Index (PPI), came in lower than expected. The S&P 500 and Nasdaq advanced, while the Dow Jones Industrial Average was lower.
Oracle (ORCL) was the best-performing stock in the S&P 500 after the computer software manufacturer beat profit and sales estimates and said it sees demand for its cloud infrastructure products soaring.
Shares of CureVac (CVAC) took off after the biotech company was purchased by COVID-19 vaccine maker and fellow German firm BioNTech (BNTX) in an all-stock deal valued at about $1.25 billion. BioNTech American Depositary Receipts (ADRs) were little changed.
Shares of Newmont (NEM) and rival gold miners gained along with the price of the precious metal, which traded around at its highest level in more than a month on optimism about interest rate cuts.
Boeing (BA) shares slumped after one of the plane maker’s 787 passenger jets crashed in India, killing more than 200 people.
Shares of Tommy Bahama owner Oxford Industries (OXM) sank when the apparel maker cut its guidance and warned tumbling consumer sentiment and tariffs will hurt results.
GameStop (GME) shares plunged after the video-game retailer announced it would offer $1.75 billion in convertible bonds for sale.
Oil futures were little changed. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.
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