Key Takeaways
- Major U.S. indexes edged higher at midday Thursday as a report showed the latest wholesale inflation figures were in line with economists’ expectations.
- Gold prices hit an all-time high, lifting shares of Newmont and other gold miners.
- Moderna shares fell after the company said it would cut research and development spending as it moves to lower costs.
Major U.S. indexes edged higher at midday Thursday as a report showed the latest wholesale inflation figures were in line with economists’ expectations. The S&P 500, Nasdaq, and Dow all advanced.
Kroger (KR) shares rose after the biggest U.S. grocery chain beat profit estimates and boosted its guidance as price cuts brought in more budget-conscious shoppers.
Warner Bros. Discovery (WBD) shares jumped as the media company struck a new distribution deal with Charter Communications (CHRT). Charter Communications shares gained as well.
Shares of Newmont (NEM) and rival gold miners rose as the price of the precious metal hit an all-time high.
Moderna (MRNA) shares plunged after the vaccine maker said it was slashing its research and development spending.
Shares of Micron Technology (MU) dipped after BNP Paribas Exane gave the stock a double downgrade, warning the chipmaker is lagging behind rivals in artificial intelligence products (AI).
Shares of Tommy Bahama owner Oxford Industries (OXM) fell after the apparel maker reported weaker-than-expected results and slashed its guidance amid a “challenging consumer environment.”
Oil futures climbed and the yield on the 10-year Treasury note was higher. The U.S. dollar gained on the yen but lost ground to the euro and pound. Most major cryptocurrencies traded in the green.
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