Key Takeaways
- U.S. equities were mixed and basically unchanged at midday as the market weighed more corporate earnings reports and the latest report on U.S. economic growth.
- Hormel Foods warned increased commodity costs will hurt earnings.
- HP reported higher demand for its artificial intelligence-enabled personal computers.
U.S. equities were mixed and little changed at midday as the market focused on more earnings news and better-than-expected growth in the U.S. economy. The Nasdaq climbed, the Dow Jones Industrial Average slipped, while the S&P 500 moved between gains and losses.
Hormel Foods (HRL) shares slumped as the maker of Spam, chili, and other foods cut its profit outlook on higher commodity costs.
Shares of Cooper Companies (COO) sank when the medical device maker slashed its revenue guidance on weak contact lens demand.
Best Buy (BBY) shares dropped after the electronics retailer warned tariff impacts could hurt results.
HP (HPQ) shares advanced when the computer maker beat sales forecasts on higher demand for its artificial intelligence (AI)-enabled PCs.
The boom in AI also helped lift results for software maker Snowflake (SNOW). Shares took off as the firm beat earnings and revenue estimates and raised its guidance on an increase in customers.
Agilent Technologies (A) shares were higher after the health sciences company posted strong results and lifted its outlook on higher sales for its pharmaceutical and chemicals and advanced materials segments.
Oil futures declined. Gold prices rose. The yield on the 10-year Treasury note was slightly down. The U.S. dollar lost ground to the euro, pound, and yen. Trading in major cryptocurrencies was mostly lower, although bitcoin was higher.
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