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Key Takeaways
- U.S. equities were lower at midday Wednesday, April 24, 2024 following a slew of corporate earnings.
- Tesla shares surged after Elon Musk announced the electric vehicle maker will accelerate production of new models, including a lower-cost vehicle.
- Humana shares fell as the company warned lower-than-expected government spending on Medicare health plans could hurt its results long-term.
U.S. equities lost ground at midday following a slew of corporate earnings. The Dow, S&P 500, and Nasdaq were all lower.
Tesla (TSLA) shares gained after CEO Elon Musk said the electric vehicle (EV) maker will begin production of a lower-priced car as early as this year.
A drop in inventories and solid digital gaming sales helped Hasbro (HAS) post better-than-expected results, and shares jumped.
Boston Scientific (BSX) shares soared to a record high as the medical device maker beat profit and sales estimates and raised its guidance on strong cardiovascular product sales.
Humana (HUM) shares lost ground after the health insurer warned that slowing government healthcare spending will negatively impact long-term results.
Shares of Teledyne Technologies (TDY) slumped as the electronics instruments manufacturer missed earnings and revenue estimates on lower demand for imaging and instrumentation products.
Shares of trucking firms sank after J.B. Hunt Transport (JBHT) posted weaker-than-anticipated results on soft demand and higher costs.
Oil futures slid and gold prices rose. The yield on the 10-year Treasury note was higher. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded in the red.
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