Stocks showed signs of a bounce back in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision-making.
As of midday trading, the Dow Jones Industrial Average (^DJI) was up around 1%, or more than 300 points, while the S&P 500 (^GSPC) gained 0.6%. The tech-heavy Nasdaq Composite (^IXIC) recovered from earlier losses to climb about 0.2%.
The summer rally in stocks cooled in the early days of August, and the three major gauges ended last week significantly lower in the wake of data showing continued cooling in the labor market. This week, the countdown is on to the July inflation report due Thursday, seen as a key factor in whether the Fed will pause interest rate hikes again at its September meeting.
"July CPI report will likely be another soft report and point to moderation," Bank of America wrote in a note on Sunday.
Economists expect headline inflation rose 3.3% over the prior year in July, an increase from the 3% jump seen in June. On a "core" basis, which strips out the more volatile costs of food and energy, economists expect prices rose 4.8% year over year, unchanged from June's annual rise.
Meanwhile, second quarter results from Palantir (PLTR), Lucid Group (LCID), and Paramount Global (PARA) are among those on the docket on Monday as the earnings deluge starts to ease up.
Here are some of the stocks leading Yahoo Finance’s trending tickers page in midday trading on Monday:
Tyson Foods (TSN): Shares fell about 6% after the food maker reported a second quarter miss on both the top and bottom lines, in addition to US chicken plant closures.
Tesla (TSLA): The stock fell about 3% in midday trading after the company revealed in a filing early Monday that CFO Zachary Kirkhorn has stepped down, as of Aug. 4. Kirkhorn served as CFO for the past four years and had been with the company for 13 years.
Sage Therapeutics (SAGE): Shares plummeted around 50% on Monday after the Food and Drug Administration (FDA) did not approve its zuranolone pill to treat major depressive disorder, or MDD. The medication, which was created in collaboration with Biogen (BIIB) and will be marketed as Zurzuvae, was approved for postpartum depression treatment on Friday; however, MDD is seen as a much broader condition with more lucrative commercial opportunities — hence the stock collapse.
Yellow Corporation (YELL): Shares in the freight company fell as much as 30% in midday trading on Monday, after it announced it had filed for bankruptcy.
Berkshire Hathaway Inc. (BRK-A, BRK-B): Shares rose by roughly 3%, as profits rebounded at Warren Buffett's conglomerate along with the value of its stock portfolio in the second quarter.
BioNTech SE (BNTX): The health company's stock saw shares drop further on Monday, falling by as much as 10% after it reported a miss in its second quarter revenue expectations.
Siemens Energy AG (ENR.DE): The tech group's stock fell about 6% after it announced problems at its wind turbine unit would cost it $2.4 billion.
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August 07, 2023 at 08:32PM
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Stocks eye rebound from rough start to August: Stock market news today - Yahoo Finance
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