The U.S. stock market experienced a dip in the middle of the day, prompted by a report revealing inflation rates surpassing the estimated figures. Major market indicators including the S&P 500, the Dow Jones Industrial Average, and the Nasdaq all reported losses.
Shares of pharmaceutical giant, Pfizer (PFE), dropped following a statement from two ex-executives supporting current team against allegations from Starboard Value. The activist investor leveled accusations against internal individuals for threats against the duo.
First Solar (FSLR), a player in the S&P 500, observed a decrease in their stock after Jefferies reduced its price target. Jefferies warned that stalled development will result in below-anticipated earnings this quarter. Other firms in the solar power segment such as Enphase Energy (ENPH) and SolarEdge Technologies (SEDG) also faced a similar decline in their shares.
A slump in stocks was seen for PayPal Holdings (PYPL) after Bernstein downgraded the stock. Bernstein noted that following recent gains, no further upside is expected for the stock.
Contrarily, CVS Health (CVS) shares saw a boost as a result of an upgrade from Barclays. The analysts contended that the healthcare company and pharmacy chain has a promising opportunity for margin recovery.
Cybersecurity firm CrowdStrike Holdings (CRWD) experienced an upturn in shares with RBC Capital marking it as a top software choice for the coming years, up to 2025.
As the trading day progressed, both oil and gold futures noted a surge. The 10-year Treasury note yield also recorded an increase, while the U.S. dollar made gains against the Euro and pound sterling, but yielded to the Japanese yen. A majority of major cryptocurrencies were noted to be trending downwards.