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Key Takeaways
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U.S. equities were mixed at midday, with positive news on retail sales eased continuing concerns about tariffs.
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New Intel CEO Lip-Bu Tan reportedly plans a shakeup of the semiconductor maker's manufacturing methods and AI strategies.
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A disappointing Phase 3 study of a skin care treatment sent shares of Incyte tumbling.
U.S. equities were mixed at midday as a report showing a gain in retail sales offset continuing concerns about the impact of tariffs. The Dow Jones Industrial Average was up, the Nasdaq was down, and the S&P 500 was little changed.
Intel (INTC) shares advanced on a report that the company's new CEO, Lip-Bu Tan, is planning a major overhaul of the chipmaker's manufacturing methods and artificial intelligence (AI) strategies.
Shares of Norwegian Cruise Line Holdings (NCLH) gained on an upgrade from JPMorgan, which pointed to comments from executives that the cruise operator isn't seeing any pullback in consumer spending on travel.
An upgrade from MoffettNathanson boosted shares of Netflix (NFLX). The analysts also raised their price target, pointing to the biggest streaming provider's ability to grow its profit margin.
Incyte (INCY) was the worst-performing stock in the S&P 500 after the drugmaker announced disappointing results from a Phase 3 trial for its experimental skin care treatment.
Shares of Steel Dynamics (STLD) and Nucor (NUE) slid when President Donald Trump said there would be no exceptions to U.S. steel and aluminum tariffs.
Affirm Holdings (AFRM) shares sank on news Walmart (WMT) had chosen rival Klarna to provide the giant retailer's buy now, pay later (BNPL) loans.
Oil and gold futures rose. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were higher.
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