Levi Strauss, Conagra Brands, HubSpot, and More

U.S. equities were higher at midday amid optimism about the prospect of potential interest rate cuts by the Federal Reserve after Chair Jerome Powell said policymakers are open to lowering rates if evidence shows annual inflation is heading towards the central bank’s 2% target. The Dow, S&P 500, and Nasdaq were all up.

Conagra Brands (CAG) shares jumped as the maker of foods such as Slim Jim snacks and Duncan Hines cake mixes posted better-than-expected results and boosted its guidance on cost cutting and higher demand.

Levi Strauss (LEVI) shares surged after the jeans maker reported results that surpassed analysts’ estimates and raised its earnings guidance as it ramps up its direct-to-consumer (DTC) business.

Shares of Meta Platforms (META) shares rose as Jefferies raised its price target, saying it could get an added lift from artificial intelligence (AI).

HubSpot (HUBS) shares soared following reports Google parent Alphabet (GOOGL) could be considering buying the marketing software company. 

Lamb Weston (LW) shares plummeted after the potato processor’s results missed estimates and it lowered its full-year guidance, citing a slower-than-expected transition to a new software system.

Shares of Paramount Global (PARA) dropped amid reports controlling stakeholder Shari Redstone is in exclusive talks to sell her interests in the media giant to Skydance, rejecting a $26 billion offer from Apollo Global Management.

Match Group (MTCH) shares fell as Raymond James said the dating app company could face risks because of changing preferences of Gen Z users. 

Oil and gold futures declined. The yield on the 10-year Treasury note was slightly lower. The U.S. dollar slipped against the euro, pound, and yen. Most major cryptocurrencies traded higher.