Key Takeaways
- U.S. equities were up at midday, with the Nasdaq and S&P 500 both trading at record highs, as consumer inflation rose less than anticipated in July.
- A report that Gildan Activewear has made an nearly $5 billion bid for Hanesbrands sent shares of the undergarment maker soaring.
- Celanese warned about demand for the rest of the year.
U.S. equities gained at midday after the latest report on consumer inflation came in lower than expected, boosting hopes of a Federal Reserve rate cut. The Nasdaq and S&P 500 traded at record highs, and the Dow Jones Industrial Average was up as well.
Hanesbrands (HBI) shares skyrocketed on a report T-shirt maker Gildan Activewear (GIL) has made a nearly $5 billion bid to buy the undergarment maker. Gildan shares slumped.
Shares of On Holding (ONON) jumped after the high-end sneaker maker backed by tennis great Roger Federer reported better-than-anticipated results and raised its outlook as its direct-to-consumer (DTC) sales grew.
A big increase in circulation of Circle Internet Group's (CRCL) USDC stablecoin boosted the cryptocurrency firm's adjusted earnings and revenue, sending shares higher.
Cardinal Health (CAH) shares slid when the healthcare provider missed revenue estimates and announced it was buying Solaris Health for $1.9 billion to expand its reach in urology.
Shares of BigBear.ai (BBAI) plunged after the artificial intelligence data analytics firm cut its revenue guidance and withdrew its profit outlook on concerns about changes in government contracts, especially by the Army.
Celanese (CE) shares dropped when the chemical manufacturer warned of soft demand for the rest of the year.
Oil and gold futures fell. The yield on the 10-year Treasury note rose. The U.S. dollar was down versus the euro, pound, and yen. Prices for most major cryptocurrencies were higher.
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