U.S. equities dropped at midday after the latest corporate earnings releases and ahead of reports on consumer and wholesale inflation coming later this week. Shares of technology companies dragged the Nasdaq down more than 1%. The Dow and S&P 500 were also lower.
All the FAAMG stocks were lower. Nvidia (NVDA) shares sank amid concerns about its new “superchip” for artificial intelligence (AI). Shares of Advanced Micro Devices (AMD) also slumped as it prepares to release its own new AI chip. Hewlett Packard Enterprise (HPE) shares dipped as CFO Tarek Robbiati resigned to become CEO of RingCentral (RNG).
Axon Enterprise (AXON) shares soared after the maker of Taser and other military and law enforcement products posted better-than-expected results and raised its outlook as its cloud services business boomed. Shares of Akamai Technologies (AKAM) jumped as the firm’s guidance beat estimates on growing demand for its cybersecurity services. FleetCor Technologies (FLT) shares gained after the corporate payments services company beat profit and sales estimates and boosted its guidance on rising fuel card revenue.
Oil futures jumped on tighter supplies. Gold prices fell. The yield on the 10-year Treasury note was down. The U.S. dollar gained on the pound and yen but lost ground to the euro. Most major cryptocurrencies traded higher.
