- U.S. equities rose at midday Monday, Feb. 12, 2024, with the S&P 500 and Dow reaching fresh highs ahead of Tuesday’s inflation report and more earnings reports.
- VF Corporation was the best-performing stock in the S&P 500 following reports its founding family is backing activist investor Engaged Capital in a plan to shake up the firm.
- Hershey shares fell after a downgrade from Morgan Stanley citing falling consumer demand and high cocoa prices.
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.
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.
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.