Palantir stock jumped on a U.S. Army contract; Airlines are slipping as fuel costs surge
Stocks dropped after the opening bell, with technology shares leading losses as bond yields extended rises. Here’s what we’re watching as Wednesday’s trading heats up.
Chart of the Day
Write to James Willhite at james.willhite@wsj.com
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Stocks dropped after the opening bell, with technology shares leading losses as bond yields extended rises. Here’s what we’re watching as Wednesday’s trading heats up.
- Palantir Technologies
jumped 7% in early trading. The data-software company said it was selected for a U.S. Army intelligence program contract. - Facebook
shares ticked 1.1% lower after the company spent a day in the headlines amid a whistleblower’s testimony on Capitol Hill and a widespread outage of its services. - But the downdraft in major tech shares was hitting most of the giants.
Microsoft
slipped 0.8% ,
Apple
shed 1.4%, Google-parent
Alphabet
fell 0.8% and
Netflix
gave up 0.4%.
- 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
lost 2.5% and
Delta Air Lines
shed 1.7%, weighed down by concerns about fuel costs and a slowing economic growth. - Acuity Brands
soared 13% 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. Novavax dropped 3.1% and Moderna fell 4%.
Pfizer
was also down, by 0.8%. - Business-development company
Saratoga Investment
‘s stock nudged up 1.8% 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 james.willhite@wsj.com