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Key Takeaways
- U.S. equities were higher at midday as new jobs data added to the optimism that the Federal Reserve will cut interest rates this month.
- American Eagle Outfitters blew away profit and sales estimates as it benefited from its successful ad campaign featuring actress Sydney Sweeney.
- Salesforce’s sales guidance disappointed investors and raised worries about the cloud business software provider’s artificial intelligence platform.
U.S. equities rose at midday as a weaker-than-expected increase in private-sector hiring boosted optimism of a Federal Reserve rate cut later this month. The Dow Jones Industrial Average, S&P 500, and Nasdaq all gained.
Hewlett Packard Enterprise (HPE) shares climbed when the computer hardware maker beat profit and sales estimates and lifted its outlook on strong server demand.
Shares of T. Rowe Price (TROW) jumped after the investment manager and financial giant Goldman Sachs (GS) announced a collaboration to offer public-private investment solutions to clients. Goldman Sachs shares were up as well.
American Eagle Outfitters (AEO) shares soared as the trendy apparel and accessories retailer reported much-stronger-than-anticipated results, boosted by the success of its ad campaign with actress Sydney Sweeney.
Salesforce (CRM) was the worst-performing stock in the Dow when the cloud-based business software provider gave soft sales guidance, raising concerns about its artificial intelligence platform.
Shares of C3.ai (AI) sank after the AI software provider replaced its CEO, had a much bigger loss than expected, and withdrew its full-year guidance as it reorganized its business.
Texas Instruments (TXN) shares slid when the chipmaker’s CFO said the bounce-back in demand for semiconductors wasn’t as strong as some had anticipated.
Oil and gold futures fell. The yield on the 10-year Treasury note was down. The U.S. dollar advanced on the euro, pound, and yen. Prices for major cryptocurrencies slumped.
