Key Takeaways
- U.S. equities plunged at midday Monday, extending their sell-off on worries about the U.S. economy following last week’s weaker-than-expected jobs report.
- Nvidia shares sank on a report the AI chipmaker is delaying its next-generation chip.
- Kellanova shares surged following reports Mars is in advanced talks to buy the company.
U.S. equities plunged at midday Monday, extending their sell-off on worries about the U.S. economy following last week’s weaker-than-expected jobs report. The Dow, S&P 500, and Nasdaq were all down more than 2%. The so-called “fear index,” the Vix, soared to its highest level since 2020.
Shares of Nvidia (NVDA) tumbled on a report the artificial intelligence (AI) chipmaker is delaying its next-generation AI chip by at least three months.
Intel (INTC) shares continued to lose ground after reporting disappointing results and announcing layoff to cut costs.
Shares of Apple (AAPL) dropped after Warren Buffett’s Berkshire Hathaway (BRK.B) slashed its stake in the iPhone maker nearly in half. Berkshire shares lost ground as well.
Coinbase Global (COIN) and MicroStrategy (MSTR) shares sank along with the price of Bitcoin and other major digital coins.
Kellanova (K) shares skyrocketed on a report that M&Ms maker Mars is in exclusive talks to buy the food company that owns brands including Pringles and Pop-Tarts.
Shares of Tyson Foods (TSN) advanced after the meat producer beat profit and revenue estimates as sales of beef and pork rose and prices for feed declined.
Oil and gold futures slid. The yield on the 10-year Treasury note was lower. The U.S. dollar dropped versus the euro and yen, but was up on the pound.
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