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Top Stock Movers Now: Kraft Heinz, CVS, Tesla, and More
Key Takeaways
U.S. equities fell at midday when the January report on consumer inflation came in higher than anticipated. The Dow Jones Industrial Average , S&P 500 , and Nasdaq all declined, while the yield on the 10-year Treasury note soared.
Shares of Builders FirstSource ( BLDR ) and others in the homebuilding sector slid as the inflation news raised worries that the Federal Reserve will keep borrowing costs high.
Westinghouse Air Brake Technologies ( WAB ) shares tumbled when the locomotive technology firm missed profit and sales estimates and warned about future results because of a freight slowdown.
Kraft Heinz ( KHC ) shares slid when the maker of ketchup and other packaged foods posted worse-than-expected sales and guidance as price hikes slowed demand.
CVS Health ( CVS ) was the best-performing stock in the S&P 500 when the drugstore chain and healthcare provider beat profit and sales forecasts on higher revenue from its pharmacy and healthcare businesses.
Shares of Tesla ( TSLA ) gained when an analyst at Benchmark initiated coverage with a "buy" rating, pointing to the electric vehicle (EV) maker's robotaxi, robotics, and battery technology.
Gilead Sciences ( GILD ) shares jumped after the drugmaker exceeded estimates for earnings, revenue, and guidance on booming sales of its HIV treatments.
Oil and gold futures dropped. The U.S. dollar was up on the pound and yen, and slightly down against the euro. Prices for most major cryptocurrencies were down, although bitcoin was slightly higher.
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