Key Takeaways
- U.S. equities gained at midday as the government reported fewer initial jobless claims than had been expected.
- The possibility Congress may not eliminate tax incentives for rooftop solar installations lifted shares of Enphase Energy and others in the sector.
- Equinix gave a weak long-term outlook, leading to analyst downgrades.
U.S. equities were higher at midday as the latest unemployment data suggested the job market remained strong. The Dow Jones Industrial Average, S&P 500, and Nasdaq all advanced.
Enphase Energy (ENPH) was the best-performing stock in the S&P 500, and shares of other solar power companies rose as well, on indications Congress may not cut federal tax incentives for residential rooftop solar installations.
McCormick (MKC) shares jumped as the spice maker posted better-than-expected profit on a higher volume and product mix, and said it was in a position to deal with the impact of higher tariffs.
Shares of Freeport-McMoRan (FCX) and rival copper miners took off along with the price of the metal, which gained on concerns about supply and higher demand.
Equinix (EQIX) shares tumbled on downgrades from Raymond James and BMO as the internet services firm gave a soft long-term outlook at its analyst day event.
Shares of Clorox (CLX) fell when Jefferies lowered its price target, citing the potential effect of the consumer products maker's rollout of its U.S. Enterprise Resource Planning system.
Kratos Security & Defense Solutions (KTOS) shares declined after the military contractor announced a $500 million stock sale.
Oil futures increased. Gold prices slipped. The yield on the 10-year Treasury note ticked lower. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies fell.
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