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Key Takeaways
- U.S. equities gained at midday Monday, April 22, ahead of tech earnings and a key report on inflation due later in the week.
- Shares of Coinbase and other companies in the cryptocurrency sector advanced following the halving of Bitcoin.
- Tesla and Li Auto shares slumped, as did those of rivals in the EV industry, as the two carmakers cut prices because of weak demand.
U.S. equities gained at midday ahead of this week’s earnings reports from some of the biggest names in the tech sector, as well as a key inflation report. The Dow, S&P 500, and Nasdaq were all higher.
Truist Financial (TFC) shares climbed as the financial services provider beat profit estimates on a jump in noninterest income.
Shares of Coinbase (COIN) and others in the cryptocurrency sector gained following last week’s “halving” of Bitcoin. Bitcoin and most other major digital coins traded higher as well.
Alcoa (AA) shares advanced after Morgan Stanley upgraded the stock, pointing to improving profits and potential benefits from the Inflation Reduction Act.
Shares of electric vehicle companies slumped, including Tesla (TSLA) and Li Auto (LI), after they cut prices in an effort to boost demand for EVs.
Cardinal Health (CAH) shares slipped after the company said its contract with UnitedHealth Group’s (UNH) OptumRx won’t be renewed.
Shares of Newmont Corporation (NEM) and rival gold miners fell along with the price of the precious metal.
Oil futures slipped. The yield on the 10-year Treasury note was little changed. The U.S. dollar rose versus the euro, pound, and yen.
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