Key Takeaways
U.S. equities were mixed at midday as the market awaited this afternoon’s statement from the Federal Reserve about the future of interest rates. It’s expected policymakers will hold off increasing borrowing costs now, although the focus will be on their plans for the future. The Dow and S&P 500 were up, while the Nasdaq declined. The yield on the 10-year Treasury note was lower.
Textron (TXT) shares surged, leading gains on the S&P 500 after the aircraft maker signed a deal with Berkshire Hathaway-owned (BRK.A) NetJets giving the private jet company an option to buy up to an additional 1,500 Cessna Citation planes from Textron over the next 15 years.
Shares of Western Digital (WDC) also advanced following a report that several Japanese banks will refinance $14 billion in loans to Kioxia Holdings to help complete the planned merger of the flash memory manufacturer with Western Digital.
Intel (INTC) shares tumbled after the chipmaker’s CFO indicated demand recovery for data center processors was slower than expected. Shares of Alphabet (GOOGL) sank following testimony from an executive that Google has lost a significant amount of mobile traffic on its maps feature after Apple (AAPL) made its own mapping product the default on iPhones.
Shares of discount retailer Dollar General (DG) dipped as JP Morgan downgraded the stock and cut the price target, saying the finances of low-income consumers are already at a stress point and they are acting in a recessionary way.
Oil futures bounced back from earlier losses and rose for a fifth straight day. Gold prices were up. The U.S. dollar fell to the euro, pound, and yen. Most major cryptocurrencies traded in the red.
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