Markets Fall at Midday as Consumer Sentiment Slumps on Inflation Concerns

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Key Takeaways

  • U.S. equities fell at midday on Friday, Oct. 13, 2023 after a report showed consumer sentiment fell more than expected on inflation concerns.
  • JPMorgan Chase and Wells Fargo posted better-than-expected results, and shares of both advanced.
  • Hormel Foods shares tumbled for a second straight day after the food company’s updated three-year plan and new union contract.

U.S. equities fell at midday but were on track for a winning week after a report showed consumer sentiment fell more than expected this month on inflation concerns. The Dow, S&P 500, and Nasdaq were all lower.

Boeing (BA) shares tumbled after the plane maker expanded its inspections of 737 Max passenger jets for possible problems related to improperly drilled holes in a bulkhead. 

Hormel Foods (HRL) shares sank for a second-straight session after the maker of SPAM and Skippy peanut butter announced an updated three-year strategy, and the United Food and Commercial Workers union voted in favor of a new contract with the company.

Shares of Norwegian Cruise Line Holdings (NCLH) and rival cruise lines also dropped as they continued to cancel trips to and from Israel because of the Israel–Hamas war.

UnitedHealth Group (UNH) shares advanced after the insurance provider reported profit and sales that beat forecasts as medical claim costs fell.

Shares of JPMorgan Chase (JPM) and Wells Fargo (WFC) jumped as both big banks posted better-than-expected results, and Dollar General (DG) shares took off after the discount retailer brought back former CEO Todd Vasos to “restore stability and confidence” in the firm.

Oil futures jumped as the U.S. added more sanctions on Russian crude. Gold prices climbed, and the yield on the 10-year Treasury slumped, as demand for “safe haven” investments rose. The U.S. dollar gained on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded in positive territory.

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