Bundles of steel from Nucor Corp. are on sale at Thompson Building Materials in Lomita, California, United States, Thursday, August 30, 2012.
Patrick Fallon | Bloomberg | Getty Images
Find out which companies are making the midday headlines.
American Airlines, United Airlines, Delta Air Lines – Shares of American Airlines, the major airlines, rose more than 1% on Monday after the White House said it would ease travel restrictions for vaccinated international travelers against Covid-19. Shares of Delta and United gained earlier but each fell nearly 0.2%.
Evergrande Group in China – Shares of the struggling Chinese real estate giant fell 10% on the Hong Kong Stock Exchange. The company has worked to pay its suppliers and warned investors that it could default on its debts. Last week, the company said its real estate sales are likely to continue to drop significantly in September after several months of weakness.
Centerpoint Energy, Dominion Energy – Utilities stocks rose on Monday as investors turned to defensive play during the broader market decline. Shares of Centerpoint and Dominion rose about 1% each.
Nucor, Freeport-McMoRan, Ford, Caterpillar – Global growth stocks fell on Monday. Steel stock Nucor fell 8.4%, mining company Freeport-McMoRan fell 6.6%, automaker Ford fell 6%, and construction equipment maker Caterpillar fell 4, 8%.
APA, Devon Energy – Energy stocks fell amid lower oil prices amid concerns about the global economy. The S&P 500’s energy sector fell 3.3%, becoming the worst performing group among 11 groups in Monday’s market sell-off. APA and Devon Energy both lost more than 6%. Occidental Petroleum fell 6% and Hess slipped more than 5%.
Goldman Sachs, Bank of America, JPMorgan Chase – Financial stocks fell as the 10-year US Treasury yield fell, with lower rates generally weighing on bank profits. Goldman Sachs, Bank of America and Citigroup all lost more than 4%. JPMorgan Chase and Morgan Stanley both lost more than 3%.
ARK Innovation, Coinbase, Tesla, Zoom, Square – Shares of Cathie Wood’s flagship fund fell more than 4% as innovation names saw severe sales. Major stocks Coinbase and Teladoc both lost more than 5%. Unity Software lost more than 5% and Tesla more than 3%. Square and Zoom Video fell more than 3% each.
Pfizer – The drugmaker’s share rose 0.3% after the company said its Covid vaccine is safe and appears to generate a robust immune response in children aged 5 to 11. If the FDA spends as much time reviewing the data for this age group as it does for 12-15 year olds, the snaps could be available in time for Halloween.
AstraZeneca – Shares of the UK-based pharmaceutical company climbed more than 4% at midday after announcing that its breast cancer drug Enhertu gave positive results in a phase three trial.
Invesco – Invesco shares were down 9% on Monday. The stock rose on Friday following a Wall Street Journal report that the asset manager is in talks to merge with State Street’s asset management unit. The report, citing people familiar with the matter, said a deal is not imminent and may not happen at all.
– TBEN’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting
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