VF, Hershey, Diamondback Energy, and More

U.S. equities began the new trading week with gains at midday, with the S&P 500 and Dow reaching fresh highs ahead of Tuesday’s inflation report and more earnings reports. The Nasdaq was also higher.

VF Corporation (VFC) was the best-performing stock in the S&P 500 following a report the family that founded the firm supports activist investor Engaged Capital in its effort to shake up the owner of North Face and Vans brands.

Shares of Diamondback Energy (FANG) soared after the oil producer announced it is buying Endeavor Energy Partners for $26 billion to expand its reach in the Permian Basin.

Lowe’s (LOW) shares gained as JPMorgan raised its rating on the stock, suggesting Fed interest rate cuts could help boost sales at the home improvement retailer. 

Hershey (HSY) shares declined as Morgan Stanley cut its rating on the stock, writing the chocolate maker’s margins could be hurt by falling consumer demand and soaring cocoa prices.

A downgrade from Barclays sent shares of Rivian Automotive (RIVN) lower. The bank cited the slowing sales of electric vehicles (EVs). 

Oil and gold futures fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar was higher versus the euro, pound, and yen. Most major cryptocurrencies traded in the green.