In a day marked by significant market movements, shares of several prominent companies experienced notable shifts. Pinterest's stock fell by 4% following a downgrade by Jefferies, while Nvidia, Apple, and Meta Platforms each saw a 2% decline in midday trading. Edison International shares took a substantial hit, dropping 13% due to wildfires in Los Angeles. Meanwhile, U.S. Steel shares surged by 8% on news of a potential takeover, and Intra-Cellular Therapies enjoyed a remarkable 34% rise after Johnson & Johnson announced a buyout.
Healthcare stocks demonstrated resilience amid the broader market volatility. Humana experienced an 8% gain in midday trading, with CVS Health and UnitedHealth also rising by 6% and 4% respectively. Conversely, Moderna's shares tumbled over 20% after the company cut its 2025 sales guidance, highlighting the varied performance within the healthcare sector.
In the retail sector, Macy's reported that its comparable sales remained "roughly flat" quarter to date, reflecting stability amidst the recent market fluctuations. Coinbase, on the other hand, faced a nearly 5% drop in midday trading, adding to the challenges faced by cryptocurrency platforms.
Tech giants Microsoft and Alphabet each saw their shares dip by approximately 1%, contributing to the overall decline in megacap technology stocks. The Defiance Quantum & AI ETF experienced a 2.5% loss in midday trading as well. Analysts attributed these declines to the impact of higher U.S. Treasury yields, which have put pressure on technology valuations.
Significant movements were also observed in other sectors. Howard Hughes Holdings shares rose by 9% after Bill Ackman's proposal for a merger deal sparked investor interest. This development suggests potential consolidation in the real estate sector, drawing attention from market participants.