Markets Mixed at Midday as Consumer Prices Rise More Than Expected

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Key Takeaways

  • U.S. equities were mixed and little changed at midday on Thursday, Oct. 12, 2023 after the latest report on consumer inflation showed prices rose more than anticipated.
  • Hormel Foods shares tumbled after union workers ratified a new contract with the food provider.
  • Shares of Walgreens advanced as the big pharmacy chain announced a major cost-cutting plan.

U.S. equities were mixed and little changed at midday after the Labor Department’s latest report on inflation showed consumer prices rose more than expected last month. The Dow and S&P 500 were slightly lower, while the Nasdaq rose.

Hormel Foods (HRL) shares sank after the United Food and Commercial Workers union approved a new contract giving workers raises of $3 to $6 per hour and other benefits.

Shares of Warner Bros. Discovery (WBD) and other streaming providers also declined as negotiations between Hollywood studios and striking actors broke down.

Keurig Dr Pepper (KDP) shares fell after Barclays slashed its price target. Delta Air Lines (DAL) shares dropped as the carrier warned that rising fuel costs will limit full-year profits. 

Walgreens Boots Alliance (WBA) shares were up after the biggest U.S. pharmacy chain announced a $1 billion cost-cutting plan, and shares of Fastenal (FAST) jumped as the manufacturer of construction and hardware equipment significantly beat earnings estimates on higher prices.

Target (TGT) shares moved higher after Bank of America upgraded the stock, saying the retailer’s margins could improve this year. 

Oil futures climbed and gold prices lost ground. The yield on the 10-year Treasury note advanced. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded in the red.  

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