Key Takeaways
- U.S. equities fell at midday as weekly jobless claims were above expectations and Walmart missed earnings estimates and warned that tariff costs are rising.
- Cosmetics giant Coty posted a surprise loss as retailers were cautious about spending.
- Hewlett Packard Enterprise was upgraded by Morgan Stanley, and shares rose.
U.S. equities were lower at midday on higher-than-expected initial jobless claims and concerns about retail. The Dow Jones Industrial Average, S&P 500, and Nasdaq all fell.
Walmart (WMT) was the worst-performing stock in the Dow when the world's biggest brick-and-mortar retailer missed earnings estimates and warned that tariff costs are rising.
Coty (COTY) shares sank after the cosmetics maker reported an unexpected loss and gave a weak outlook as retailers reduced orders.
Shares of Instacart operator Maplebear (CART) declined on a downgrade from Wedbush, which said increased competition could hurt results.
Nordson (NDSN) shares advanced when the adhesives maker posted better-than-anticipated results and guidance, and announced a $500 million stock buyback plan as sales at its medical and fluid solutions unit soared.
Shares of Hewlett Packard Enterprise (HPE) gained on an upgrade by Morgan Stanley. Analysts said they're seeing increased corporate spending on the computer processing hardware firm's artificial intelligence and other products.
A double upgrade from Goldman Sachs boosted shares of real estate investment trust Broadstone Net Lease (BNL). Goldman pointed to the company's development pipeline, which it believes has created a reliable growth in earnings and can reduce the gap in valuations.
Oil and gold futures slipped. The yield on the 10-year Treasury note was up. The U.S. dollar climbed versus the euro, pound, and yen. Prices for most major cryptocurrencies were lower.
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