Top Stock Movers Now: CVS Health, Starbucks, DuPont, and More

Key Takeaways

• U.S. equities were mixed at midday Wednesday, May 1, 2024, following the latest earnings news and ahead of comments from the Federal Reserve on interest rates.
• Shares of Starbucks and Estee Lauder fell as both companies said they faced economic headwinds.
• DuPont said it anticipates a rebound in demand in China, and shares advanced.

U.S. equities were mixed at midday as the market digested the latest earnings news and ahead of comments on interest rates from the Federal Reserve. The Dow was up, while the S&P 500 and Nasdaq fell.

CVS Health (CVS) shares cratered after the pharmacy and health care chain reported results that missed analysts' estimates and cut its guidance because of higher medical costs.

Shares of Estee Lauder (EL) fell as the beauty company also lowered its guidance, warning sales will be hurt by continuing macroeconomic headwinds.

Starbucks (SBUX) blamed economic headwinds as well for missing profit, revenue, and same-store sales estimates. Its shares tumbled.

Johnson & Johnson (JNJ) shares advanced as the pharmaceutical firm announced it will pay $6.5 billion to settle lawsuits claiming that its talcum powder caused cancer. 

Shares of DuPont (DD) rose after the chemical giant beat profit forecasts and raised its outlook as it anticipates demand in China returning.

New product launches and higher sales of auto and fitness products sent shares of navigation device maker Garmin (GRMN) higher.

Oil futures and the yield on the 10-year Treasury note were lower. Gold prices rose. The U.S. dollar lost ground to the euro and yen, but gained versus the pound. Most major cryptocurrencies traded lower.

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