U.S. Stock Market Mixed on August 14, 2023: Key Earnings and Consumer Data in Focus
On August 14, 2023, U.S. stock markets showed mixed performance at midday as investors awaited crucial earnings reports and upcoming consumer spending data.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading teams in delivering top news coverage on major events.
Highlights
- U.S. markets displayed mixed results midday on August 14, 2023, ahead of significant earnings announcements and consumer spending figures.
- Shares of steel manufacturers surged after U.S. Steel rejected a $7.3 billion acquisition offer from Cleveland-Cliffs.
- Tesla's stock declined following its decision to reduce electric vehicle prices in China.
Midday trading on August 14 saw the Dow Jones Industrial Average dip slightly, while the S&P 500 and Nasdaq Composite posted modest gains, as investors positioned themselves ahead of key second-quarter earnings and consumer expenditure data expected later in the week.
Teledyne Technologies (TDY) experienced a boost after Goldman Sachs upgraded its rating and increased price targets, citing attractive valuation after recent declines. PayPal (PYPL) shares rose following the appointment of Intuit executive Alex Chriss as the new CEO.
Steel Dynamics (STLD) and Nucor (NUE) saw share price increases, buoyed by U.S. Steel’s (X) refusal of a takeover bid from Cleveland-Cliffs (CLF), signaling potential industry consolidation that may elevate steel prices. Both U.S. Steel and Cleveland-Cliffs stocks gained ground. Pharmaceutical company Eli Lilly (LLY) advanced after completing acquisitions of Versanis Bio and Sigilon Therapeutics.
Fortrea Holdings (FTRE) shares declined sharply as the life sciences firm reported earnings down over 50% and flat revenue in its first quarterly report post-spin-off from Lab Corp (LH). Paramount Global (PARA) shares fell amid speculation that Berkshire Hathaway (BRK.A), led by Warren Buffett, might reduce its stake in the media company. Tesla (TSLA) shares dropped following price cuts in the Chinese market.
Commodities such as oil and gold futures declined, while the 10-year U.S. Treasury yield remained relatively stable. The U.S. dollar strengthened against the euro, British pound, and Japanese yen. Major cryptocurrencies traded within narrow ranges.
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