Index Slips After Consumer Data, Tech Losses


Key Takeaways

  • U.S. equities dropped, with the S&P 500 Index down 1.2%, after a measure of consumer confidence fell, and tech stocks tumbled.
  • Declining steel prices and volumes sent shares of Nucor tumbling.
  • Gold prices rose, lifting shares of Newmont Corporation and other gold mining firms.

U.S. equities sank to end the week as a measure of consumer sentiment fell and tech stocks tumbled. The S&P 500 declined 1.2%, and today’s losses dragged the index into negative territory for the week.

Tech shares led the retreat. All the FAAMG stocks were in the red. Adobe (ADBE) shares dropped 4% as concerns about the high stock price offset positive news about its quarterly results and guidance.

Nucor Corporation (NUE) plunged 6% after the steel maker warned about current quarter profit because of falling steel prices and volumes.

Lennar (LEN) shares tumbled 2.5% after the home builder reported a decline in revenue because of lower home prices. Shares of Lennar’s rivals also slipped.

Copart (CPRT) shares dipped 2% as the online auto auction’s car sales were lower.

Charles Schwab (SCHW) shares sank 2.6% after the online brokerage and financial services firm’s core net assets fell last month as it integrated TD Ameritrade clients.

Newmont Corporation (NEM) shares advanced 2%, and shares of other gold miners also rose. with gold futures gaining as investors looked for safe haven plays.

Walt Disney (DIS) shares added 1% following reports that media entrepreneur Byron Allen offered $10 billion for the entertainment giant’s ABC and other TV properties. Competitors to Disney’s streaming service, Paramount Global (PARA) and Warner Bros. Discovery (WBD), saw their shares rise 2% and 1%, respectively.

Southwest Airlines (LUV) shares jumped 2.6% after CEO Robert Jordan said the carrier is better prepared for winter following last year’s massive weather-related delays and cancellations.