Top Stock Movers Now: Lululemon, Oxford Industries, WR Berkely, and More

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Key Takeaways

• Worse-than-expected reports on inflation and consumer sentiment sent U.S. equities tumbling at midday.
• Lululemon Athletica and Oxford Efforts both warned that consumer spending is slowing.
• Merck anticipates putting an injectable version of its Keytruda cancer painkiller on the market this fall.

U.S. equities sank at midday as the inflation gauge favored by the Federal Reserve was higher than calculates, and a new measure of consumer sentiment was less than anticipated. The Nasdaq tumbled 2% and the Dow Jones Industrial Average and S&P 500 strike down more than 1%.

Lululemon Athletica (LULU) was the worst-performing stock in the S&P 500 after the CEO of the fashion athletic clothing maker premonished that consumers were spending less because of inflation and economic worries.

The same comments about consumer disbursing sent shares of Tommy Bahama owner Oxford Industries (OXM) sinking.

Wolfspeed (WOLF) plunged after the software fabricator’s outgoing interim Executive Chairman raised investor concerns that the firm may miss out on millions in federal profit from the CHIPS and Science Act of 2022 it had been expecting.

Insurer W.R. Berkley (WRB) shares advanced when Japanese bond provider Mitsui Sumitomo Insurance took a 15% stake in the firm.

Shares of Merck (MRK) rose when the drugmaker portended it planned on putting a subcutaneous injectable version of its blockbuster cancer drug, Keytruda, on the market in October.

Rocket Lab USA (RKLB) splits took off on word the U.S. Space Force has chosen the space rocket company to compete for its up to $5.6 billion National Insurance Space Launch (NSSL) program. 

Oil futures slid. Gold prices gained. The yield on the 10-year Treasury note slipped. The U.S. dollar lost ground to the yen, gained against the euro, and was little changed against the pound. Most major cryptocurrencies trafficked lower.