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Top Movers of the Day

AInvestThursday, Jul 11, 2024 4:56 pm ET
1min read

Treasury yields hit four-month lows due to favorable U.S. inflation data, prompting investors to shift from info tech to small caps and other sectors that thrive when rates drop. The chance of a September Federal Reserve rate cut exceeded 90%. Major U.S. indexes dropped, with tech-dominated mega caps falling, but small-cap shares rose nearly 4%, and the S&P 500 Equal Weight index gained 1%. The June CPI decline and lower annual CPI and core rates signaled progress, leading to a broader market rally. Upcoming earnings season from major banks may impact market sentiment.

Here are the top movers and why they are moving:

  • Delta Air Lines: Stock fell 4% due to a lower-than-expected Q3 sales growth forecast and a nearly 30% drop in Q2 net income. American Airlines and United Airlines shares also dropped.

  • MicroStrategy: Shares rose 4% after announcing a 10-for-1 stock split to make its stock more accessible.

  • WD-40: Stock climbed 4% as Q3 net sales increased by 9% and gross margin improved.

  • Costco Wholesale: Shares fell 4.3% after announcing its first membership fee increase since 2017.

  • QuantumScape: Shares soared 30.5% after announcing a deal with Volkswagen's PowerCo to mass-produce solid-state battery technology.

  • SoundHound AI: Stock rose 6.4% after launching its voice assistant to be integrated into Stellantis vehicle brands.

  • Conagra Brands: Shares fell 1.5% due to lower-than-expected Q4 revenue and soft guidance.

  • Lantheus Holdings: Shares rose 16.4% following a proposed rule from CMS targeting diagnostic radiopharmaceutical costs.

  • PepsiCo: Hovered near flatline with mixed Q2 results; earnings beat estimates, but revenue fell short.

  • Tesla: Shares fell 8.4% after delaying its robotaxi unveiling from August to October.

  • Homebuilding Stocks: SPDR S&P Homebuilders ETF surged 6% on hopes of Fed rate cuts, with Mohawk Industries, Builders FirstSource, and D.R. Horton advancing.

  • Semiconductor Names: VanEck Semiconductor ETF slipped 3.6%, with Nvidia and AMD shares dropping.


Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.