Markets Finish Flat Ahead of Key Inflation Data

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published May 08, 2023
Table showing the performance of major U.S. financial indexes on May 8, 2023

Key Takeaways

  • Major U.S. equities were mostly flat to begin the trading week on May 8, 2023, ahead of upcoming reports on retail and wholesale inflation.
  • The Dow, the S&P 500, and the Nasdaq traded in a tight range throughout Monday's session.
  • Shares of Berkshire Hathaway (BRK.A) moved higher on better-than-expected results, including a profit at insurance unit GEICO.

U.S. equities began the new week little changed ahead of key reports on retail and wholesale inflation coming later in the week. The Dow, S&P 500, and Nasdaq traded in a tight range the entire session.

Catalent (CTLT) shares sank 25% as the contract drug manufacturer delayed releasing its financial report and warned that it anticipates "significantly" reducing its full-year outlook. Shares of Tyson Foods (TSN) tumbled after the big food processor also cut its 2023 sales guidance and posted an unexpected loss. Power provider AES (AES) announced its long-term goals, which include ending use of coal by 2025, and shares sank. Welltower (WELL) shares dropped as the healthcare real estate firm announced a $750 million bond offering.

Walt Disney (DIS) was the best-performing stock in the Dow after its Guardians of the Galaxy 3 movie topped the weekend box office in its debut. Six Flags Entertainment Corporation (SIX) shares took off on the theme park operator's first quarter results. American Airlines (AAL) shares jumped on an analyst upgrade. Shares of cruise line operators increased.

Berkshire Profit

Shares of PacWest Bancorp (PACW) climbed but were off their highs for the day as the bank slashed its dividend to boost its capital reserves. Shares of several other regional banks declined, but Lincoln National Corporation (LNC), Zions Bancorporation (ZION), and Western Alliance Bancorporation (WAL) posted gains. Berkshire Hathaway (BRK.A) shares rose after Warren Buffett's conglomerate beat earnings estimates as its GEICO insurance unit reported a profit.

Oil and gold futures moved up, as did the yield on the 10-year Treasury note. The U.S. dollar advanced versus the euro, pound, and yen. Prices for major cryptocurrencies sank after Binance, the world's biggest crypto exchange, temporarily suspended Bitcoin (BTC/USD) withdrawals two times on Sunday because of a crush of transactions.

Table showing the S&P 500 stocks with the biggest gains and losses on May 8, 2023
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