Key Takeaways
- U.S. equities were down at midday as the markets awaited clues about the future of interest rates from Federal Reserve officials this week.
- Boeing paused test on its 777X jet after structural problems were found on the aircraft.
- Netflix shares hit an all-time high on the streaming service’s ad sales.
U.S, equities were lower at midday as the markets await minutes of the last Federal Reserve meeting to be released Wednesday and comments from Chair Jerome Powell and other members at the group’s annual economic symposium in Jackson Hole, Wyo. on Friday. The Dow, S&P 500, and Nasdaq were all down.
Boeing (BA) shares slumped when the plane maker paused flight tests on its 777X after structural problems were found between the engine and wings.
Shares of Lowe’s (LOW) fell as the home improvement retailer lowered its outlook because consumers have pulled back on do-it-yourself (DIY) projects.
Eli Lilly (LLY) shares hit a record after a study showed the active ingredient in its Zepbound and Mounjaro drugs showed positive results in preventing Type-2 diabetes. Shares of diabetes delivery device manufacturers Insulet (PODD) and Dexcom (DXCM) declined after that report.
Netflix (NFLX) shares traded at a record high when the streaming giant said it saw a 150% increase over last year in upfront ad sales commitments.
Shares of Medtronic Plc (MDT) gained after the medical technology firm beat profit and sales estimates and raised its guidance on strong demand for its medical devices.
Palo Alto Networks (PANW) was the best-performing stock in the S&P 500 after the cybersecurity firm posted better-than-expected results and saw analysts raising their stock price targets amid solid guidance as customers signed up for more of the firm’s products.
Oil futures dropped. Gold prices rose. The yield on the 10-year Treasury note dipped. The U.S. dollar was down versus the euro and the pound.
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