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 CoinMarketCap.com. 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 firstname.lastname@example.org