:max_bytes(150000):strip_icc()/GettyImages-2228917606-85fe6ac6a2134f23b70aa184cb8e6670.jpg "Centene, Micron Technology, Oracle, and More")
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Key Takeaways
- U.S. equities were higher at midday after reports on consumer prices and weekly jobless claims increased confidence the Fed will lower interest rates this month.
- Centene reiterated its guidance, which exceeded analysts’ expectations.
- Oracle shares lost ground after their huge gain in yesterday’s session.
U.S. equities gained at midday, with the S&P 500 and Nasdaq adding to Wednesday’s latest closing record highs, as new inflation and unemployment reports boosted confidence the Federal Reserve will cut interest rates next week. The Dow Jones Industrial Average was more than 1% higher.
Centene (CNC) shares jumped when the provider of health insurance for government programs affirmed its guidance, which was above estimates.
Shares of Micron Technology (MU) climbed after Citi raised its price target to $175 from $150 on rising demand for DRAM chips and its artificial intelligence products.
Opendoor Technologies (OPEN) shares soared when the online real estate platform announced its new CEO, put its co-founders back on the board, and got a $40 million investment.
Oxford Industries (OXM) shares advanced after the parent of Tommy Bahama, Lilly Pulitzer, and Johnny Was apparel exceeded earnings estimates and said it was encouraged by current-quarter sales as it took steps to offset the costs of new U.S. tariffs.
After Oracle (ORCL) shares skyrocketed 36% yesterday on the software maker’s monster revenue outlook, investors sold them off today, making it the worst-performing stock in the S&P 500.
Netflix (NFLX) shares fell when Chief Product Officer Eunice Kim resigned. Kim was instrumental in implementing the streaming service’s steps to prevent password sharing.
Oil and gold futures dropped. The yield on the 10-year Treasury slid. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were up.
