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Palantir’s stock jumped on a US military contract; Airlines drop as fuel costs rise
Stocks fell after the opening bell, with tech stocks dragging losses as bond yields continued to climb. Here’s what we’re seeing as Wednesday’s trading heats up.
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Write to James Willhite at [email protected]
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Stocks fell after the opening bell, with tech stocks dragging losses as bond yields continued to climb. Here’s what we’re seeing as Wednesday’s trading heats up.
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Palantir Technologies jumped 7% at the start of the session. The data software company said it was selected for a U.S. military intelligence program contract.
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Facebook shares fell 1.1% after the company made headlines for a day amid testimony from a whistleblower on Capitol Hill and a widespread outage of its services.
- But the downdraft of major tech stocks was hitting most of the giants. Microsoft slipped 0.8%, Apple lost 1.4%, Alphabet, a parent of Google, fell 0.8% and Netflix lost 0.4%.
- Cryptocurrencies supercharged by Tesla CEO Elon Musk received another boost on Wednesday. The Shiba Inu token has gained 48% in the previous 24 hours, adding to a multi-day rally after Mr Musk posted a new photo of his Shiba Inu puppy named Floki on Monday. The coin now has a market value of $ 9 billion, making it the twentieth largest cryptocurrency, according to CoinMarketCap.com. Dogecoin, a favorite of Mr. Musk, also rose 3% in the previous 24 hours.
- Shares of American Airlines Group fell 2.5% and Delta Air Lines fell 1.7%, weighed down by concerns over fuel costs and slowing economic growth.
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Acuity Brands climbed 13% after the industrial technology company said its profit for the fiscal fourth quarter increased, with sales benefiting from improved service levels and an improving economy.
- Vaccine makers Moderna and Novavax appear poised to get stuck in the doldrums that began after Merck’s successful test of its Covid-19 treatment. Novavax fell 3.1% and Moderna fell 4%. Pfizer is also down 0.8%.
- Shares of business development firm Saratoga Investment rose 1.8% after announcing record repayments in the second quarter.
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Levi Strauss will provide an update on the results after the close.
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- Silver prices have just ended their worst four-month period since November 2014, dragged down by expectations of higher interest rates and a slowdown in manufacturing activity.
Write to James Willhite at [email protected]
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