Micron Drops, Palantir Jumps — and What Else Is Happening in the Stock Market Wednesday
The Dow Jones Industrial Average was sliding Thursday following July’s producer-price inflation report. Palantir Technologies, Micron Technology, and Baidu stocks are on the move.
The Dow has dropped 99.13 points, or 0.3%, while the S&P 500 has dipped 0.2%. The Nasdaq Composite has fallen 0.4%.
The Dow and the S&P 500 closed at record highs on Wednesday following a benign consumer-price index report, one that allayed earnings of runaway inflation, at least for the time being. But one report is just one report, and investors seem to have taken the hotter-than-expected producer-price index, if not badly, then with a sigh that the debate around transitory inflation will continue.
Everything else, for now, appears to be noise. Washington is starting the process of passing a $3.5 trillion budget bill, but it’s still too far off for stocks to react all that much. Covid cases continue to rise, but the market continues to ignore them, perhaps betting that they won’t ultimately do too much damage to the economy. One can only hope it’s right.
Here are five stocks making moves Thursday morning:
Opendoor Technologies (OPEN) has surged 11% after the home buyer and seller reported better than expected earnings and sales.
Palantir Technologies (PLTR) has gained 12% after its earnings topped expectations.
Micron Technology (MU) has fallen 7.3% after getting cut to Equal Weight from Overweight at Morgan Stanley.
Baidu (BIDU) has dropped 3.5% after a second-quarter earnings beat was trumped by third-quarter revenue guidance that missed consensus expectations at the midpoint.
Wendy’s (WEN) has gained 3.3% after getting upgraded to Outperform from In Line at Evercore ISI.
Write to Ben Levisohn at [email protected]
