JENNIFER BUCHANAN / POOL / AFP via Getty Images
Boeing 737 MAX aircraft are assembled at the Boeing Renton Factory in Renton, Washington, on June 25, 2024.’ title=”Boeing 737 MAX aircraft are assembled at the Boeing Renton Factory in Renton, Washington, on June 25, 2024″>
JENNIFER BUCHANAN / POOL / AFP via Getty Images
Boeing 737 MAX aircraft are assembled at the Boeing Renton Factory in Renton, Washington, on June 25, 2024.
Key Takeaways
- U.S. equities fell at midday to start the month of September as weak manufacturing data fueled concerns about economic growth.
- Boeing stock was downgraded by Wells Fargo, and the bank cut its price target on the plane maker's future free cash flow.
- Morgan Stanley expects Verizon Communications to boost its dividend soon.
U.S. equities began the new month sinking at midday as weak manufacturing data raised new concerns about a potential economic slowdown. The Nasdaq tumbled 2%, and the Dow Jones Industrial Average and S&P 500 lost 1%.
Boeing (BA) shares sank when Wells Fargo downgraded the stock and slashed the price target as it warned about the plane maker's long-term free cash flow (FCF).
Shares of Nvidia (NVDA) dragged down the tech sector as the market's disappointment with the artificial intelligence (AI) giant's guidance given last week continued.
U.S. Steel (X) shares fell after Democratic presidential candidate and Vice President Kamala Harris announced her opposition to Japan's Nippon Steel buying the company.
Unity Software (U) shares jumped after an upgrade from Morgan Stanley analysts, who explained the recent selloff of the stock makes it attractive, especially because of its market share for video game graphics.
Morgan Stanley analysts also said they expect Verizon Communications (VZ) to raise its dividend, possibly this week, and shares of the telecom provider advanced.
Investors jumped back into Ulta Beauty (ULTA) stock after the shares plunged Friday on the beauty product maker's weaker-than-expected results and reduced guidance amid slowing consumer demand and tougher competition.
Oil and gold futures fell. The yield on the 10-year Treasury note was down. The U.S. dollar gained on the euro and pound, but lost ground to the yen. Prices for most major cryptocurrencies declined.
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