Palantir, Shiba Inu, Apple, American Airlines: What to Watch in the Stock Market Today

Stocks dropped in morning trading, with major indexes losing ground amid broad-based selling. Here’s what we’re watching during Wednesday’s regular session.

  • Palantir Technologies jumped after the data-software company said it was selected for a U.S. Army intelligence program contract.
  • Facebook shares edged down after the company spent a day in the headlines amid a whistleblower’s testimony on Capitol Hill and a widespread outage of its services.
  • An early downdraft in several major tech stocks mostly reversed, with Microsoft , Google-parent Alphabet and Netflix recovering from an early swoon. Apple however was still down an hour after the open.
  • Cryptocurrencies turbo-charged by Tesla CEO Elon Musk got another boost Wednesday. The token Shiba Inu gained 48% over the previous 24 hours, adding to a days-long 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 Dogecoin, a favorite of Mr. Musk’s, also rose 3% over the previous 24 hours.
  • Shares of  American Airlines Group  and  Delta Air Lines  were both weighed down by concerns about fuel costs and a slowing economic growth.
  • Acuity Brands  soared after the industrial-technology company said its profit for the fiscal fourth quarter rose as sales benefited from improved service levels and an improving economy.
  • Vaccine makers Moderna and Novavax look set to remain stuck in the doldrums that began after Merck’s successful test of its Covid-19 treatment. Pfizer shares were also down.
  • Business-development company Saratoga Investment ‘s stock nudged up after it reported record repayments during the second quarter.
  • Levi Strauss  will give an earnings update after the close.
Chart of the Day
  • Silver prices just wrapped up their worst four-month stretch since November 2014, dragged down by expectations for higher interest rates and a slowdown in manufacturing activity.

Write to James Willhite at

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