Markets Dip at Midday Amid Consumer Sentiment Decline Over Inflation Worries
US stock markets experienced a midday downturn on Friday, October 13, 2023, as consumer sentiment dropped more sharply than anticipated due to inflation concerns.
Bill McColl brings over 25 years of expertise as a senior producer and writer in television, radio, and digital media, leading teams of anchors, reporters, and editors to deliver impactful news coverage on major current events.
Highlights
- US stock markets declined midday on Friday, October 13, 2023, following a report revealing a larger-than-expected fall in consumer sentiment driven by inflation fears.
- JPMorgan Chase and Wells Fargo exceeded earnings expectations, resulting in gains for their shares.
- Shares of Hormel Foods dropped for the second consecutive day after unveiling a revised three-year strategic plan alongside a new union agreement.
Despite the midday losses, US equities remained on track for a positive weekly performance as inflation worries weighed on consumer confidence. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all recorded declines during trading.
Boeing (BA) shares fell sharply after the company expanded inspections on its 737 Max fleet to address concerns about improperly drilled holes in a bulkhead.
Hormel Foods (HRL), known for SPAM and Skippy peanut butter, saw its stock decline for a second day following the announcement of an updated three-year business strategy and ratification of a new contract by the United Food and Commercial Workers union.
Shares of Norwegian Cruise Line Holdings (NCLH) and other cruise operators dropped as cancellations of voyages to and from Israel continued amid the Israel–Hamas conflict.
UnitedHealth Group (UNH) shares rose after reporting profits and sales that surpassed analyst expectations, supported by lower medical claims costs.
Stocks of JPMorgan Chase (JPM) and Wells Fargo (WFC) surged after both banks posted stronger-than-expected quarterly results. Additionally, Dollar General (DG) shares climbed following the return of former CEO Todd Vasos to stabilize and rebuild investor confidence.
Oil prices surged due to the US imposing additional sanctions on Russian crude exports. Gold prices increased while the 10-year Treasury yield declined, reflecting a flight to safety among investors. The US dollar strengthened against the euro and British pound but weakened versus the Japanese yen. Most major cryptocurrencies traded positively.
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