Key Takeaways
- U.S. equities were mixed and little changed at midday as the market looked ahead to important trade talks scheduled for this weekend between the Trump administration and China.
- Tesla and rival electric vehicle makers saw their shares rise on optimism trade deals will help boost sales of EVs.
- Expedia warned that travel demand is slowing, and shares tumbled.
U.S. equities were mixed and little changed at midday as the markets awaited key trade talks between the U.S. and China set for this weekend. The Dow Jones Industrial Average edged lower, while the S&P 500 and Nasdaq were slightly higher.
Expedia Group (EXPE) shares sank when the owner of travel booking sites’ loss widened and sales fell as travel demand slowed. Its CEO also warned the trend is likely to continue into the current quarter.
Shares of struggling silicone carbide chipmaker Wolfspeed (WOLF) sank as the company’s revenue slid and its loss grew as sales at its Materials Products unit fell. Wolfspeed also added two new board members to help in its efforts to restructure its debt.
CrowdStrike Holdings (CRWD) shares dipped after the cybersecurity firm announced it was slashing its workforce as it shifted its business to lean more on artificial intelligence (AI).
Shares of Tesla (TSLA) and other American electric vehicle (EV) makers gained on optimism new agreements on tariffs would boost sales of EVs.
Shares of Monster Beverage (MNST) were trading at a record high when the energy drink maker said it sees strong April sales after posting a surprise drop in first-quarter revenue.
Insulet (PODD) shares soared after the maker of insulin delivery pumps reported better-than-expected results and guidance on higher demand for its Omnipod device.
Oil and gold futures advanced. The yield on the 10-year Treasury note was little changed. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were higher.
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