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Key Takeaways
- U.S. equities were mixed at midday Friday, March 22, 2024 as tech stocks gained, but most other sectors faltered after a two-day rally amid anticipation of interest rate cuts and AI enthusiasm.
- Lululemon shares tumbled after its full-year revenue and earnings guidance fell short of analyst estimates.
- Nike shares also dropped after the athletic apparel company provided a soft outlook for revenue that offset a better-than-expected quarterly earnings report.
U.S. equities were mixed at midday as tech stocks gained, but most other sectors faltered after a two-day rally amid anticipation of interest rate cuts and enthusiasm for artificial intelligence (AI). The Nasdaq was higher, while the S&P 500 was flat and the Dow lost ground.
It was a rough day for sports apparel companies as Lululemon (LULU) shares tumbled after its full-year revenue and earnings guidance fell short of analyst estimates. Nike (NKE) also dropped after the athletic apparel company provided a soft outlook for revenue that offset a better-than-expected quarterly earnings report.
Tesla (TSLA) shares fell following reports the electric vehicle maker was slowing production at its Shanghai, China plant amid sluggish EV demand and intense competition.
Reddit (RDDT) shares lost ground on their second day of trading, after surging nearly 50% in the first social media IPO since 2019.Â
FedEx (FDX) shares soared after the logistics company reported quarterly earnings that topped analysts' expectations, as ongoing cost-cutting efforts gave a boost to the bottom line.
Treasury yields fell and the dollar climbed as Congress rushed to pass a spending bill before a midnight deadline. Most major cryptocurrencies traded lower.
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