Industry News

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Key Takeaways

• U.S. equities gained at midday Wednesday, May 15, 2024, with the S&P 500 and Nasdaq reaching all-time intraday highs as a report showed consumer inflation slowed in April.
• The inflation report boosted optimism the Fed will lower borrowing costs, and that helped lift shares of homebuilders including D.R. Horton.
• Shares of AMC Entertainment plunged as the runup in meme stocks earlier in the week faded and the theater chain operator announced a 23.3 million share debt-for-equity swap.

U.S. equities gained at midday after a report showed consumer inflation slowed in April , raising hopes the Fed can begin cutting interest rates. The S&P 500 and Nasdaq reached record intraday highs during the session, and the Dow advanced as well.

The inflation news helped boost shares of D.R. Horton ( DHI ) and other homebuilders that benefit from lower borrowing costs.

Shares of Monday.com ( MNDY ) skyrocketed as the maker of cloud-based workflow software beat profit and sales forecasts , reported a large gain in customers, had record free cash flow , and gave a better-than-expected outlook.

Dell Technologies ( DELL ) shares climbed after Morgan Stanley raised the price target on the stock, citing the tech firm’s artificial intelligence (AI) business momentum.

Boeing ( BA ) shares dropped after the Department of Justice said the plane maker violated a 2021 settlement tied to a pair of crashes of its 737 Max jets.

Shares of AMC Entertainment ( AMC ) plunged as the meme stock craze that was revived on Monday faded and the theater chain operator announced a 23.3 million share debt-for-equity swap. Shares of meme stock darling GameStop ( GME ) tumbled as well.

Petrobras ( PBR ) American depositary receipts (ADRs) tumbled as CEO Jean Paul Prates was ousted by Brazil’s President Luiz Inacio Lula da Silva following a dispute over the payment of dividends to investors.

Oil and gold futures rose. The yield on the 10-year Treasury note sank. The U.S. dollar declined versus the euro, pound, and yen. Prices for most major cryptocurrencies were higher.

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