Travelers, US Bancorp, United Airlines Holdings, and More

U.S. equities were lower at midday as more earnings reports rolled in, and after Federal Reserve Chair Jerome Powell suggested interest rates may need to remain high longer. The Dow, S&P 500, and Nasdaq were all in the red.

The Travelers Companies (TRV) shares sank as the insurer missed profit and sales estimates on high catastrophe losses.

Shares of U.S. Bancorp (USB) fell as the bank’s interest income declined, it put aside more money for bad loans, and reduced its outlook.

J.B. Hunt Transport (JBHT) shares sank as the shipping firm’s earnings and revenue were short of expectations on a drop in revenue for its intermodal and truckload business, and it had fewer loads in its freight brokerage business.

United Airlines (UAL) shares soared sky high after the airline reported a lower-than-expected loss, while revenue and guidance exceeded forecasts on strong demand, including a rebound in business travel. Shares of rival carriers also gained.

Shares of Eli Lilly (LLY) rose as a late-stage study found its weight-loss drug Zepbound helped those who were overweight and suffer from sleep apnea.

Alcoa (AA) shares jumped as President Biden called for tripling  certain tariffs on aluminum and steel imported from China. 

Oil and gold futures as well as the yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.