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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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The S&P 500 and NASDAQ both continued to sink under the weight of a tech selloff today, with semiconductors leading the way down. But even the Dow and Russell 2000, which have been the clear winners of the recent rally, took a beating today as investors assessed what a market rotation really means for them. 10-year Treasury yields bounced from recent lows as investors try to read between the lines of a full week of Fedspeak. Gold and oil both sold off a bit more today, though both remain near recent highs.

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What’s up

• Warner Bros Discovery soared 2.40% on a report from the Financial Times that the company is preparing to break itself up.
• Chuy’s Holdings skyrocketed 47.76% after Darden Restaurants announced it is acquiring the company for $605 million. Shares of Darden Restaurants fell 3.03% on the news.
• D.R. Horton rose 10.01%, though it initially sank after a mixed earnings report, but turned things around by announcing a $4 billion buyback program.
• TSMC rose a mere 0.39% despite beating earnings and revenue expectations last quarter, as the semiconductor selloff continues.
• Cintas popped 5.44% thanks to a strong earnings report, as businesses continue to spend on uniforms no matter what the economic environment may be.

What’s down

• Domino’s Pizza sank 13.42% after it missed earnings expectations last quarter and warned it will open fewer stores for the rest of 2024.
• Beyond Meat tanked 10.32% on a report from the Wall Street Journal that management is in talks to restructure the company’s debt.
• Eli Lilly slid another 6.24% as its selloff continues thanks to news that rival Roche Holdings is on its way to developing a weight-loss pill.
• Nokia dropped 7.05% after posting its worst quarterly sales since 2015. Seems like nobody is buying phones with the shape and durability of a brick any more.

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Here’s where the major benchmarks ended:

• The S&P 500 index fell 43.68 points (–0.78%) to 5,544.59; the Dow Jones Industrial Average^® ($DJI) lost 533.06 points (–1.29%) to 40,665.02; the NASDAQ Composite gave up 125.70 points (–0.7%) to 17,871.22.
• The 10-year Treasury note yield (TNX) rose about four basis points to 4.18%.
• The CBOE Volatility Index climbed sharply to 15.9, its highest close since late April.

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