Key Takeaways

• A higher-than-anticipated report on consumer inflation sent U.S. equities lower at midday.

• Solar power company shares fell when Jefferies cut its price target on First Solar.

• CVS Health was upgraded by Barclays, and shares rose.

U.S. equities declined at midday, with the S&P 500 falling from its record high, as a report on consumer prices showed higher-than-expected inflation. The Dow Jones Industrial Average and Nasdaq also fell.

Pfizer (PFE) shares slid when two former executives released a statement supporting the current management in its battle with activist investor Starboard Value. Starboard accused people inside the company of threatening the pair.

First Solar (FSLR) was the worst-performing stock in the S&P 500 when Jefferies lowered its price target, warning that current-quarter earnings will come up short of expectations because of delays. Shares of solar power firms Enphase Energy (ENPH) and SolarEdge Technologies (SEDG) dropped as well.

PayPal Holdings (PYPL) shares tumbled when Bernstein downgraded the stock, saying there was no upside after recent gains.

A Barclays upgrade lifted shares of CVS Health (CVS), with the analysts arguing the pharmacy chain and healthcare firm has a compelling margin recovery opportunity.

CrowdStrike Holdings (CRWD) shares advanced when RBC Capital named the cybersecurity provider one of the top software ideas for 2025.

Oil and gold futures rose. The yield on the 10-year Treasury note was higher. The U.S. dollar gained on the euro and pound, but lost ground to the yen. Prices for most major cryptocurrencies dropped.

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