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Key Takeaways
- The Dow, S&P 500, and Nasdaq were little changed at midday Wednesday as chip stocks rebounded and a report showed job openings fell more than expected in July.
- Dollar Tree warned its customers are being squeezed by inflation, and shares sank.
- GitLab shares surged after the company reported profit and sales that exceeded estimates and raised its outlook.
The Dow, S&P 500, and Nasdaq were little changed at midday Wednesday as chip stocks rebounded and a report showed job openings fell more than expected in July.
Dollar Tree (DLTR) was the worst-performing stock in the S&P 500 after the discount store chain missed sales estimates and cut its forecast as inflation drove its customers to pull back on spending.
Shares of Hormel Foods (HRL) shares also dropped after the maker of Spam and other foods reported lower-than-expected sales and it reduced its outlook on lower prices and factory disruptions.
Centene (CNC) shares slid as the health insurer projected the number of Medicaid recipients covered this year would be lower than it previously estimated.
Shares of GitLab (GTLB) took off after the software development provider reported better-than-expected results and lifted its guidance on soaring demand for artificial intelligence (AI) products.
Sweetgreen (SG) shares jumped after an upgrade from TD Cowen, which pointed to the advantages of the restaurant chain’s use of automated kitchens.
Oil futures fell and gold prices rose. The yield on the 10-year Treasury note fell. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.
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