Key Takeaways
- U.S. equities were up again at midday after Fed Chair Jerome Powell downplayed worries about a U.S. economic slowdown.
- Darden Restaurants gave a positive outlook on consumer spending on dining out, and shares rose.
- Accenture warned federal spending cuts are hurting its revenue.
U.S. equities rallied for a second straight session at midday following comments from Fed Chair Jerome Powell that eased concerns about an economic slowdown. The Dow Jones Industrial Average, S&P 500, and Nasdaq all gained.
Darden Restaurants (DRI) shares climbed when the operator of Olive Garden and LongHorn Steakhouse restaurants said it doesn’t see consumers pulling back spending on dining out.
Shares of Five Below (FIVE) jumped after the discount retailer reported better-than-expected results and outlook, citing its holiday sales strategy. It also planned to open more locations.
Jabil (JBL) also beat quarterly estimates and issued a rosy outlook on continuing demand for more artificial intelligence (AI) products.
Microchip Technology (MCHP) shares sank after the struggling semiconductor company announced it had brought in Macquarie Group to help sell its Fab 2 wafer fabrication facility in Tempe, Ariz.
Shares of Accenture (ACN) declined when the consulting firm warned that federal spending cuts were starting to negatively impact its revenue.
Stellantis (STLA) shares slid on a downgrade from Piper Sandler, which pointed to too much uncertainty surrounding the carmaker.
Oil and gold futures advanced. The yield on the 10-year Treasury note was little changed. The U.S. dollar was higher versus the euro, pound, and yen. The price of most major cryptocurrencies traded lower.
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