Micron Technology, Delta Air Lines, AT&T, and More

U.S. equities began the new week, month, and quarter lower at midday after Federal Reserve Chair Jerome Powell said Friday the Fed would need more reports showing cooling inflation before cutting interest rates. The Dow and S&P 500 lost ground, while the Nasdaq was little changed and slightly lower.

Shares of Solventum, the health care spinoff from 3M (MMM), slumped in their first day of trading. Shares of 3M advanced, as it announced final court approval of litigation over so-called “forever chemicals.”

Shares of C.H. Robinson Worldwide (CHRW) and J.B. Hunt Transport Services (JBHT) tumbled after Barclays suggested an overcapacity of trucking could weigh on shipping rates and profitability. 

AT&T (T) shares were lower after the telecom giant reported a data breach leaked personal information of millions of its customers and former customers onto the dark web.

Micron Technology (MU) was the best-performing stock in the S&P 500 after Bank of America raised its price target by 20%, pointing to Micron’s potential to expand its share of the high-bandwidth memory market.

Shares of Newmont Corporation (NEM) and rival gold miners rose as the precious metal traded in record territory.

Delta Air Lines (DAL) shares advanced as Morgan Stanley named it as a top pick for 2024, pointing to the growth of its premium offerings for passengers.

Oil futures gained. The yield on the 10-year Treasury note soared. The U.S. dollar was up against the euro, pound, and yen. Prices for most major cryptocurrencies were lower.