Key Takeaways
- U.S. equities were mostly lower at midday as tech shares once again weighed on the overall market.
- Target named a new CEO and reported lower revenue.
- JPMorgan upgraded Hormel Foods on expected demand for the company's protein products and those with fewer artificial ingredients.
U.S. equities were mostly in the red at midday, dragged for a second session by tech stocks, as well as a mixed bag of earnings news. The Nasdaq dropped 1%, the S&P 500 was down as well, while the Dow Jones Industrial Average was little changed.
Shares of artificial intelligence (AI)-related firms, including Palantir Technologies (PLTR) and Nvidia (NVDA), continued to lose ground on concerns about a possible slowdown in corporate AI spending.
Target (TGT) shares tumbled when the struggling retailer replaced its CEO and posted another drop in sales.
La-Z-Boy (LZB) shares sank after the furniture manufacturer's earnings declined on fewer in-store sales and soft demand for its Joybird brand.
TJX (TJX) shares gained when the operator of TJ Maxx, Marshalls, and HomeGoods stores exceeded profit forecasts and raised its guidance, saying it expects to be able to offset any tariff costs.
Shares of Jack Henry & Associations (JKHY) advanced after the financial technology firm posted better-than-expected results as customers spent more on tech products.
Hormel Foods (HRL) shares increased on an upgrade from JPMorgan, which said the processed food company's portfolio is attractive, with consumers interested in eating foods with more protein and fewer artificial ingredients.
Oil and gold futures climbed. The yield on the 10-year Treasury note slipped. The U.S. dollar gained on the pound, but lost ground to the euro and yen. Prices for most major cryptocurrencies were higher.
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