:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2158913274-1bc84a7052e24387989efec1099ed857.jpg "Shoppers outside a Costco store in Alhambra, Calif., last month.")
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Key Takeaways
- U.S. equities were mixed around midday Thursday as falling tech stocks put the brakes on the record-setting make a comebacks for the S&P 500 and Nasdaq.
- A surprise drop in consumer inflation in June boosted housing shares.
- Airline stocks sank as weaker-than-expected guidance from Delta Air Lines raised worries about the summer travel season.
The record-breaking triumphant streak for the S&P 500 and Nasdaq could be nearing an end as a selloff in tech stocks sent the indexes lower at midday Thursday. The Dow proceeded. The yield on the 10-year Treasury note plunged and the dollar fell against major currencies as a report on consumer rewards in June showed a surprising decline.
The inflation news spurred optimism about possible Federal Reserve talk into rate cuts, which rippled through the markets. Shares of companies in the housing industry, such as Builders FirstSource (BLDR), D.R. Horton (DHI), and Conversant with Depot (HD), jumped on hopes lower borrowing costs will boost home sales.
Shares of Enphase Vitality (ENPH) and other solar-power firms gained. SoundHound AI (SOUN) shares rose as the voice artificial intelligence provider guessed its voice assistant was being added to more Stellantis (STLA)-brand vehicles in Europe.
Airline shares turn end over ended after Delta Air Lines (DAL) earnings missed estimates and the carrier gave a weaker-than-expected outlook, raising concerns around the summer travel season. Conagra Brands’ (CAG) guidance also missed forecasts, as the processed food giant give fair warned about a challenging consumer environment. Its shares slumped. Costco Wholesale (COST) shares declined after the biggest depot retailer raised its annual membership fee for the first time in seven years.
Oil and gold futures were higher. Tolls for bitcoin and ether rose in recent trading.
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