The Dow, S&P 500, and Nasdaq were little changed at midday Tuesday, May 14, 2024, after the latest report on producer prices showed wholesale inflation was hotter than expected in April.
Solar and electric vehicle stocks advanced as the White House announced tariffs on a large swath of Chinese imports, from semiconductors and solar cells to electric vehicles.
Monday’s resurgence of the meme stock craze of early 2021 continued, with shares of AMC Entertainment and GameStop skyrocketing.
The Dow, S&P 500, and Nasdaq were little changed at midday after the Labor Department reported
wholesale prices rose more than expected
in April.
Solar stocks such as Enphase Energy (
ENPH
) climbed, as well as those of Tesla (
TSLA
) and other electric vehicle (EV) makers, after the Biden administration
announced tariffs
on a large swath of Chinese imports, from semiconductors and solar cells to electric vehicles.
Shares of Plug Power (
PLUG
) soared after the hydrogen technology company said it received a conditional Department of Energy (DoE) loan of up to $1.66 billion to add six new facilities.
Monday’s resurgence of the
meme stock craze
of early 2021 continued, with shares of AMC Entertainment (
AMC
) skyrocketing as the movie theater chain completed its $250 million stock sale. Shares of another meme favorite, GameStop (
GME
), also soared.
Alibaba Group (
BABA
)
American depositary receipts (ADRs)
dropped after the Chinese e-commerce giant
reported
an 86% plunge in fiscal fourth-quarter net income from a year ago on the back of investment losses.
Amazon (
AMZN
) shares lost ground after the tech giant said Amazon Web Services CEO Adam Selipsky will step down.
Shares of Marathon Petroleum (
MPC
) were lower as the energy producer shook up its management team, naming President Maryann Mannen to replace CEO Michael Hennigan, who became executive chair.
Oil futures slid and gold prices advanced. The yield on the 10-year Treasury note fell. The U.S. dollar was up versus the yen, but slipped against the euro and pound. Most major cryptocurrencies traded in negative territory.
