Yahoo Finance

Key Takeaways

• U.S. equities were mixed at midday, with the Nasdaq losing more than 1% on worries about future Federal Reserve interest-rate cuts.

• Moderna cut its outlook on concerns about demand for its vaccines.

• Soaring oil prices sent shares of energy producers higher.

U.S. equities were mixed at midday, dragged down by tech shares on concerns the Federal Reserve may pull back plans to cut interest rates more in the future. The Dow Jones Industrial Average was higher, while the Nasdaq lost more than 1%. The S&P 500 also was lower.

Moderna (MRNA) shares plunged as the vaccine maker significantly slashed its guidance as it faced "uncertainties" about demand in the future.

Macy's (M) stock sank after the biggest U.S. department store chain warned fourth-quarter sales would be at or below earlier estimates because of poor results from underperforming locations.

Shares of Edison International (EIX) and PG&E (PCG) slumped on worries they may be held responsible for the deadly wildfires in California.

Shares of Valero Energy (VLO) and rival oil producers rose as new U.S. sanctions on Russian crude sent futures to their highest level since last summer.

Shares of Humana (HUM) and other health insurance providers jumped on indications the U.S. may increase payments for Medicare Advantage plans in 2026.

Sage Therapeutics (SAGE) shares took off after Biogen (BIIB) offered to buy the rest of the Sage stock it doesn't already own for $7.22 per share.

Gold prices fell. The yield on the 10-year Treasury note gained. The U.S. dollar was up on the euro and pound but edged lower against the yen. Most major cryptocurrencies traded lower.

Read the original article on Investopedia