Key Takeaways
U.S. equities were mixed and little changed at midday on Thursday, Aug. 3, 2023, amid concerns about higher interest rates and the latest earnings reports.
Qualcomm shares slumped as the cellphone chipmaker’s sales were hurt by falling smartphone demand.
Read More:- S&P 500 Slips Lower After a Strong July
Clorox beat earnings and revenue estimates because of higher prices for its cleaning products.
U.S. equities were mixed and little changed at midday amid concerns about rising interest rates and after corporate earnings reports suggested some weakness in the economy.
The Dow and S&P 500 were down, while the Nasdaq was higher. The yield on the 10-year Treasury note soared above 4.1%.
Qualcomm (QCOM) warned falling smartphone sales are hurting its revenue, and shares of the semiconductor maker slumped. PayPal Holdings (PYPL) shares plunged on concerns about the payment services provider’s adjusted operating margin and bad loan provisions.
DXC Technology (DXC) shares sank to their lowest level since November 2020 after the IT services firm posted worse-than-expected results and slashed its guidance as sales were hurt by increased competition and lower business spending.
Read More:- U.S. stocks end a volatile week higher as Dow industrials, S&P 500 notch 3rd straight week of gains
Shares of Expedia Group (EXPE) dropped after the online travel site’s revenue missed estimates as bookings were lower than anticipated.
Clorox (CLX) was the best-performing stock in the S&P 500 as higher prices helped the maker of cleaning products exceed profit and sales forecasts. Regeneron Pharmaceuticals (REGN) shares took off after the drug maker said it expects U.S. regulators to approve a higher dose version of its macular degeneration eye treatment in the current quarter. Shares of APA Corporation (APA) advanced after the energy firm beat earnings and revenue estimates, and gave a positive report about its oil well off the coast of Suriname.
Oil futures rose. Gold prices fell. The U.S. dollar was down versus the euro, pound, and yen. Most major cryptocurrencies were trading in negative territory.
