Key Takeaways
- U.S. equities were mixed at midday following the release of the July retail sales report, which came in as expected.
- UnitedHealth Group lifted the entire insurance sector after Warren Buffett's Berkshire Hathaway reported it held 5 million shares in its portfolio.
- Applied Materials warned macroeconomic and tariff concerns were hurting its business.
U.S. equities were mixed at midday as a report on retail sales showed consumers are continuing to spend. The Dow Jones Industrial Average was up slightly, while the S&P 500 and Nasdaq fell.
UnitedHealth Group (UNH) was the best-performing stock in the Dow and S&P 500 after Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) reported it held 5 million shares of the insurance giant valued at $1.6 billion at the end of the second quarter. The news also boosted shares of rival insurers, including Mollina Healthcare (MOH) and Centene (CNC).
Shares of Salesforce (CRM) rose on an upgrade from D.A. Davidson, which pointed to an increased investment in the cloud-based business software provider by activist investor Starboard Value.
Intel (INTC) shares advanced on a report the Trump administration is considering taking a stake in the struggling chipmaker.
Applied Materials (AMAT) shares tumbled when the semiconductor equipment manufacturer's current-quarter outlook was below estimates as it faced what it called “increased uncertainty” that has impacted its business, especially in China.
Shares of Sandisk (SNDK) declined after the maker of computer flash drives also gave lower-than-anticipated profit guidance as it faced higher startup expenses.
Hims & Hers Health (HIMS) shares slipped on a report the Federal Trade Commission is investigating the health products provider's business practices.
Oil and gold futures fell. The yield on the 10-year Treasury note was slightly higher. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.
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