- Major U.S. equities indexes ended the session strongly on April 10, 2023, as the markets await key economic data and the beginning of earnings season.
- The afternoon strength helped the Dow and the S&P 500 post small gains, while the Nasdaq ended the day slightly lower.
- Declining gold prices sent shares of gold miners lower, while news of a potential takeover by Exxon Mobil (XOM) boosted shares of Pioneer Natural Resources (PXD).
U.S. equities made a last-hour push, sending the Dow to a 100-point gain and lifting the S&P 500 out of negative territory. The Nasdaq posted a small loss. The trading was mixed ahead of this week's economic data, including reports on consumer and wholesale inflation, as well as the kickoff of the first quarter earnings season.
Tech stocks struggled. Apple (AAPL) shares lost 1.6% on data showing that the company's PC sales sank 40% in the first quarter. Shares of Meta Platforms (META), Microsoft (MSFT), and Alphabet (GOOGL) fell. Tesla (TSLA) once again cut prices to boost demand for its electric cars, and shares dropped. Salesforce (CRM) shares lost 0.5%.
Gold prices declined 1%, and that drove down shares of Newmont Corporation (NEM) and other gold miners. Conagra Brands (CAG) shares tumbled as the packaged food provider recalled more than 2.5 million pounds of canned meats and poultry because of a packaging defect. Shares of Tupperware Brands Corporation (TUP) cratered as the food container maker warned that it may have to shut down operations.
Biogen (BIIB) shares lost ground on word that a panel of outside experts for the Food and Drug Administration (FDA) will meet in June to discuss giving full approval to the drugmaker's Alzheimer’s disease drug made in conjunction with Japan's Eisai. Shares of another biotech firm, Incyte Corporation (INCY), dipped after RBC downgraded the stock and cut its price target.
Oil Patch Deal?
Shares of Micron Technology (MU) gained as Goldman Sachs raised its price target, and rival Samsung announced that it was cutting its chip production. Pioneer Natural Resources (PXD) shares moved higher following a report that Exxon Mobil (XOM) has held discussions about a possible takeover.
Shares of Caterpillar (CAT) and Deere & Company (DE) rallied after worries a recession could cut demand sent their shares tumbling last week. Universal Studio's The Super Mario Bros. Movie set an all-time weekend box office record for an animated film, and shares of Universal's parent, Comcast (CMCSA), advanced.
Oil futures sank 1%. The yield on the 10-year Treasury note gained. The U.S. dollar rose versus the euro, pound, and yen. Most major cryptocurrencies traded higher.