U.S. equities sank at midday Tuesday, Feb. 13, 2024 as a report showed consumer inflation rose more than expected in January.
VF Corporation led the S&P 500 lower after leading gains Monday following reports an heir to the founder supports an activist investor.
Ecolab and Waste Management posted better-than-expected results as they benefited from higher prices.
U.S. equities sank at midday after the Labor Department reported consumer prices in January
rose more than expected
. The Dow, S&P 500, and Nasdaq all dropped over 1%. The yield on the 10-year Treasury note rose.
Hasbro (
HAS
) shares sank after the toy maker’s
profit and revenue tumbled
and it warned of declining sales in 2024 as it faces a difficult macroeconomic environment.
Shares of Biogen (
BIIB
) also slid as the biotech company
missed earnings and revenue forecasts
on the costs of shutting down its controversial Alzheimer’s treatment and falling sales of multiple sclerosis drugs.
After being the best-performing stock in the S&P 500 Monday, VF Corporation (
VFC
) reversed course as sellers made it the worst-performing stock in the index today. Monday’s rally was driven by a report that an heir of the apparel and footwear company’s founder supports
activist investor
Engaged Capital’s moves to try to shake up the firm.
Ecolab (
ECL
) shares jumped as the provider of water, hygiene, and infection prevention services posted better-than-expected results on higher prices and the addition of customers. Higher prices also helped Waste Management (
WM
) beat earnings and revenue forecasts, and shares of the waste removal company advanced.
Leidos (
LDS
) shares gained as the defense contractor reported results that beat estimates and gave strong full-year guidance amid anticipation geopolitical tensions could strengthen demand for its products.
Oil futures rose and gold prices dropped. The U.S. dollar was higher versus the euro, pound, and yen. Trading in most major cryptocurrencies was mostly lower.
