Wall Street stock indexes swung higher after fresh data showed that U.S. inflation hit a 39-year high of 6.8% last month. Here’s what we’re watching in Friday’s trading action:
- Database giant Oracle reported second-quarter results that beat estimates.
- Moderna said its flu vaccine candidate had shown positive interim results in a phase 1 study. The stock lost 39% over the past three months through Thursday, but was up 161% in 2021.
- Nu Holdings , also known as Nubank, rose in early trading. The Brazilian banking company went public on the New York Stock Exchange on Thursday, and ended the day up 15%.
- SEC filings showed that both the chairman of AMC Entertainment and its finance chief sold some of their holdings this week, adding to the list of corporate insiders at several companies that are selling stock at historic levels.
- Camping and outdoor equipment maker American Outdoor Brands reported a drop in net income during the recent quarter.
- Chip and software company Broadcom ’s earnings beat forecasts and it set a share-repurchase plan and raised its dividend.
- Online pet-products supplier Chewy reported a 24% jump in quarterly sales, but still registered a net loss.
- Peloton Interactive shares edged down in morning trading. Credit Suisse cut its price target for the stock to $50 a share from $112.
- Ski resort operator Vail Resorts reported a smaller loss for the recent quarter.
- Lululemon Athletica reported an earnings beat and lifted its forecasts for the year.
- Event-management software company Cvent on Thursday began trading on Nasdaq following a digital makeover aimed at retooling the 22-year-old firm for the age of video conferences and virtual meetings.
- Warehouse retailer Costco said sales rose in the most recent quarter, as it navigates rising costs and shipping snarls that mean some toys will reach its stores after Christmas.
Chart of the Day
- The yuan has soared to multiyear highs against the dollar and other major currencies, reflecting strong demand for China’s exports and its financial assets, and prompting some pushback from the country’s central bank.
Write to James Willhite at [email protected]