:max_bytes(150000):strip_icc()/GettyImages-2232490743-5fe08591b88549ff85f16ae09d6a719e.jpg "Broadcom, Docusign, Lululemon, and More")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2232490743-5fe08591b88549ff85f16ae09d6a719e.jpg)
Key Takeaways
- U.S. equities turned lower at midday as the latest jobs report showed hiring slowed more than expected in August.
- Broadcom beat profit and sales estimates and said it had a new $10 billion customer, reportedly artificial intelligence giant OpenAI.
- Lululemon Athletica slashed its guidance on the costs of tariffs and the removal of the de minimus exemption for lower-priced imported goods.
U.S. equities turned lower at midday following the government’s weaker-than-expected August employment report. The Dow Jones Industrial Average, S&P 500, and Nasdaq were down.
Lululemon Athletica (LULU) was the worst-performing stock in the S&P 500 after the fashion athletic apparel retailer reported lower-than-anticipated comparable store sales on soft demand in the U.S., and cut its guidance on higher costs relating to new tariffs and the removal of the de minimus exemption for lower-priced imports.
Shares of Copart (CPRT) dipped when the online auto auctioneer missed revenue estimates as vehicle sales declined.
Advanced Micro Devices (AMD) shares fell on a downgrade from Seaport Research, which pointed to concerns about the chipmaker’s AI accelerator business.
Broadcom (AVGO) was the best-performing stock in the S&P 500 after the software maker posted better-than-anticipated results and said it had a new $10 billion customer. Speculation is that the customer is AI giant OpenAI.
Shares of Tesla (TSLA) rose when the electric vehicle maker offered CEO Elon Musk a 10-year pay package that could be worth $1 trillion.
Docusign (DOCU) shares jumped when the electronic signature software firm beat profit and sales estimates and raised its outlook as larger customers were using its AI products.
Oil futures sank. Gold prices advanced. The yield on the 10-year Treasury note dropped. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded higher.
