- U.S. equities were mixed at midday on Wednesday as tech and communication stocks weighed on the major indexes.
- Oil futures rose, lifting shares of producers and oilfield services providers.
- Campbell Soup’s guidance sent shares tumbling.
U.S. equities were mixed at midday as tech and communication stocks weighed on the major indexes. The Dow was up slightly, while the S&P 500 was little changed and Nasdaq was down.
Oil stocks advanced along with the price of crude. Marathon Oil (MRO), Halliburton (HAL), and APA Corporation (APA) were among the best-performing stocks in the S&P 500. Shares of Chevron (CVX) and Exxon Mobil (XOM) added 2%.
Tesla (TSLA) shares gained on news that buyers of the electric carmaker’s Models 3 and Y are eligible for a $7,500 tax credit under the Inflation Reduction Act of 2022. Shares of Netflix (NFLX) increased after JPMorgan raised its price target on the stock.
Shares of Stitch Fix (SFIX) soared as the online personal styling service beat quarterly estimates and announced more cost-cutting moves. Dave & Buster’s (PLAY) shares rose after the game-themed restaurant chain set records for earnings and revenue.
Campbell Soup (CPB) shares sank as the food producer’s full-year guidance missed analysts’ forecasts. Shares of Visa (V) and Mastercard (MA) slumped on indications a bill will be introduced in the Senate this week that will allow merchants to process many transactions outside of the credit card providers’ networks.
Some widely-held tech stocks lost ground. Shares of Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL) were 2% lower. Merck (MRK) shares fell for a second straight day after the pharmaceutical firm sued the U.S. over plans to allow Medicare to negotiate drug prices.
Gold futures were in the red. The yield on the 10-year Treasury note climbed. The U.S. dollar gained on the yen, but dipped versus the euro and pound. Trading in major cryptocurrencies was mixed.