Key Takeaways
- U.S. equities were mixed at midday, although the Nasdaq took off on a decision over a federal antitrust lawsuit against Alphabet's Google.
- Apple shares also gained when the judge in the Google case allowed the iPhone maker to continue to pay for Google's Chrome search engine.
- Dollar Tree warned current-quarter results will be hurt by U.S. tariffs.
U.S. equities were mixed at midday, with tech stocks driving gains after a positive ruling from a federal judge in an antitrust lawsuit against Alphabet's (GOOGL) Google sent the tech giant's shares to an all-time high. The Nasdaq jumped nearly 1%, and the S&P 500 also advanced. The Dow Jones Industrial Average fell.
Along with Alphabet, the decision by Judge Amit Mehta also benefited Apple (AAPL), which can continue to pay to use the Google Chrome search engine. It was the best-performing stock in the Dow.
Shares of Macy's (M) took off when the biggest U.S. department store chain reported strong results and raised its guidance as all of its brands had gains in comparable store sales.
The Campbell's Co. (CPB) shares rose after the soup and sauces maker exceeded earnings estimates, boosted by cost-conscious consumers looking to do more cooking at home.
Energy company stocks, including ConocoPhillips (COP), APA (APA), and Diamondback Energy (FANG), tumbled along with the price of crude as OPEC+ producers considered another hike in production.
Dollar Tree (DLTR) was the worst-performing stock in the S&P 500 when the discount retailer warned tariffs would negatively impact profit in the current quarter.
Gold futures continued to add to their record highs. The yield on the 10-year Treasury note rose. The U.S. dollar slightly lost ground to the euro and pound, and rose against the yen. Prices for most major cryptocurrencies were higher.
