Carnival, Nvidia, SolarEdge Technologies, and More

U.S. equities were mixed at midday as tech shares rallied from their recent slump and a report showed consumer confidence fell this month, though not as much as economists anticipated. The S&P 500 and Nasdaq rose, but the Dow lost ground. 

Cruise lines dominated the top of the list of best-performing stocks in the S&P 500 after Carnival (CCL) posted a surprise profit and raised its outlook as it benefited from higher ticket prices and increased onboard spending by passengers.

Nvidia (NVDA) shares gained, recovering somewhat from their recent selloff, helping boost other stocks related to artificial intelligence (AI). Enthusiasm for AI developments lifted shares of Eli Lilly (LLY), as the pharmaceutical firm announced it was working with Microsoft-backed OpenAI to find new treatments to fight drug-resistant pathogens. 

Shares of SolarEdge Technologies (SEDG) tumbled after the solar power equipment maker said one of its customers filed for bankruptcy and likely won’t be able to pay its debt. SolarEdge also said it would be selling $300 million in convertible bonds due in 2029. The news dragged down shares of others in the sector, including Enphase Energy (ENPH).

Pool Corporation (POOL) shares sank as the distributor of pool products lowered its full-year guidance, blaming cautious consumer spending for a decline in sales. Shares of rivals Leslie’s (LESL) and Pentair (PNR) dropped as well.

Oil and gold futures fell, while the yield on the 10-year Treasury note was little changed. The U.S. dollar advanced on the euro, pound, and yen. Most major cryptocurrencies traded higher.