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Key Takeaways
- U.S. equities were lower at midday Wednesday, April 24, 2024 following a slew of corporate earnings.
- Tesla shares surged after Elon Musk announced the electric vehicle maker will accelerate production of new models, including a lower-cost vehicle.
- Humana shares fell as the company warned lower-than-expected government spending on Medicare health plans could hurt its results long-term.
U.S. equities lost ground at midday following a slew of corporate earnings. The Dow, S&P 500, and Nasdaq were all lower.
Tesla ( TSLA ) shares gained after CEO Elon Musk said the electric vehicle (EV) maker will begin production of a lower-priced car as early as this year .
A drop in inventories and solid digital gaming sales helped Hasbro ( HAS ) post better-than-expected results, and shares jumped.
Boston Scientific ( BSX ) shares soared to a record high as the medical device maker beat profit and sales estimates and raised its guidance on strong cardiovascular product sales.
Humana ( HUM ) shares lost ground after the health insurer warned that slowing government healthcare spending will negatively impact long-term results.
Shares of Teledyne Technologies ( TDY ) slumped as the electronics instruments manufacturer missed earnings and revenue estimates on lower demand for imaging and instrumentation products.
Shares of trucking firms sank after J.B. Hunt Transport ( JBHT ) posted weaker-than-anticipated results on soft demand and higher costs.
Oil futures slid and gold prices rose. The yield on the 10-year Treasury note was higher. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded in the red.
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