Bundles of steel from Nucor Corp. sit for sale to at Thompson Building Materials in Lomita, California, U.S., on Thursday, Aug. 30, 2012.
Patrick Fallon | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
American Airlines, United Airlines, Delta Air Lines — Shares of American Airlines the major airlines rose over 1% Monday after the White House said it would ease travel restrictions for international travelers who are vaccinated against Covid-19. While United and Delta shares gained earlier, they both fell 0.2%.
China Evergrande Group — Shares of the embattled Chinese property giant dropped 10% on the Hong Kong Stock Exchange. The company has been scrambling to pay its suppliersInvestors were warned that the company could go bankrupt and had to be careful. The company stated last week that its property sales would continue to fall in September after months of weakness.
Centerpoint Energy, Dominion Energy — Utility stocks rose on Monday as investors shifted toward defensive plays during the broader market slide. Centerpoint and Dominion shares rose about 1%, respectively.
Nucor, Freeport-McMoRan, Ford, Caterpillar — Stocks linked to global growth declined Monday. Nucor, a steel stock, fell 8.4%. Freeport-McMoRan, a miner, dropped 6.6%. Ford, an automaker, declined 6%. Caterpillar, a construction equipment maker, suffered a 4.8% decline.
APA, Devon Energy — Energy stocks tumbled amid a drop in oil pries on concerns about the global economy. The S&P 500 energy sector fell 3.3%, becoming the worst-performing group among the 11 groups during Monday’s market sell-off. Devon Energy and APA both lost more than 6%. Occidental Petroleum dropped 6% and Hess slid over 5%.
Goldman Sachs, Bank of America, JPMorgan Chase — Financials stocks declined as the U.S. 10-year Treasury yield dropped, with falling rates typically crimping bank profits. Goldman Sachs Bank of America, Citigroup and Bank of America all lost over 4%. JPMorgan Chase (and Morgan Stanley) both fell more than 3%.
ARK Innovation, Coinbase, Tesla, Zoom, Square — Shares of Cathie Wood’s flagship fund dropped more than 4% as innovation names experienced harsh selling. Coinbase and Teladoc, two of the top holdings, both suffered losses exceeding 5%. Unity Software lost over 5% and Tesla fell more than 33%. Square and Zoom Video both dropped over 3%.
Pfizer — The drug maker stock ticked 0.3% higher after the company said its Covid vaccine is safe and appears to generate a robust immune response in kids ages 5 to 11. It could come in time for Halloween if the FDA spent as much time looking at the data from this age group than it did reviewing information for 12-15-year-olds.
AstraZeneca — Shares of the United Kingdom-based pharmaceutical company popped more than 4% in midday trading after announcing that its breast cancer drug Enhertu showed positive results in a phase-three trial.
Invesco — Invesco shares declined 9% Monday. The stock ran up on Friday following a Wall Street Journal report that the asset manager is in talks to merge with State Street‘s asset management unit. According to people who are familiar with the situation, no deal was expected and it might never happen.
— CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting
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