Midday trading showed a mixed performance in the U.S. stock market as an increase in initial jobless claims exceeded expectations. This report comes a day prior to the September employment report release which left the Dow Jones Industrial Average on the lower side, Nasdaq on a higher note and the S&P 500 largely unchanged.
Shares of Constellation Brands (STZ) took a hit as a reported decrease in wine and spirits sales led the company to cut its forecast due to falling demand for such beverages. Tesla (TSLA), the well-known electric vehicle (EV) maker, saw its shares decrease following a recall of over 27,000 Cybertrucks prompted by an issue related to the rearview camera.
Stellantis (STLA) stocks also dipped as the automaker's U.S. division recorded a substantial drop in sales, resulting in a stock downgrade from Barclays. Despite this, the oil industry including Valero (VLO), Diamondback Energy (FANG), and others, witnessed gains as crude prices edged up amidst concerns relating to soaring conflict in the Middle East.
In the EV arena, EVgo (EVGO) experienced a surge in share value as the EV charging station provider secured a $1 billion government loan guarantee. In the aviation sector, Southwest Airlines (LUV) saw stocks go up as billionaire board member Rakesh Gangwal purchased more than $100 million in shares.
In the commodities and currencies section, gold prices remained largely static, while the yield on the 10-year Treasury increased. The U.S. dollar strengthened its stand against the euro, pound, and yen. Meanwhile, most key cryptocurrencies were in the red at this time.