Nvidia, Estee Lauder, McDonald’s, and More

U.S. equities slumped at midday Monday after comments by Federal Reserve Chair Jerome Powell in a televised interview Sunday raised concerns policymakers might not rush to cut interest rates. The Dow, S&P 500, and Nasdaq were all lower. The yield on the 10-year Treasury note soared.

McDonald’s (MCD) shares tumbled after the fast-food giant missed revenue forecasts as fighting in the Middle East hurt its sales there.

The price of gold and other precious metals dropped, and that drove down shares of Freeport-McMoRan (FCX) and rival miners. 

Shares of Tesla (TSLA) also fell following a report CEO Elon Musk took drugs with board members.

Estee Lauder (EL) was the best-performing stock in the S&P 500 after the cosmetics giant announced a restructuring as it exceeded profit and sales estimates.

Nvidia (NVDA) shares hit a record high after Goldman Sachs raised its price target in anticipation of gains from the artificial intelligence boom.

Tyson Foods (TSN) reported better-than-expected results on cost-cutting moves, and shares advanced.

Catalent (CTLT) shares also jumped as Ozempic and Wegovy maker Novo Nordisk (NVO) said it would buy the pharmaceutical equipment supplier in a $16.5 billion deal.

Oil futures declined. The U.S. dollar was higher versus the euro, pound, and yen. Most major cryptocurrencies traded in the red.