Stocks making the biggest moves midday: American Airlines, Nucor, Goldman Sachs and more
Check out the companies making headlines in midday trading.
American Airlines, United Airlines, Delta Air Lines — Shares of American Airlines the major airlines rose about 3% Monday after the White House said it would ease travel restrictions for international travelers who are vaccinated against Covid-19. Shares of Delta and United each gained more than 1%.
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 suppliers, and warned investors that it could default on its debts. Last week, the company said its property sales will likely continue to drop significantly in September several months of weakness.
Centerpoint Energy, Dominion Energy — Utility stocks rose on Monday as investors shifted toward defensive plays during the broader market slide. Shares of Centerpoint rose 1.2% and Dominion's stock ticked up 0.7%.
Nucor, Freeport-McMoRan, Ford, Caterpillar — Stocks linked to global growth declined Monday. Steel stock Nucor declined 7.6%, miner Freeport-McMoRan fell 5.7%, auto maker Ford dropped 5.4% and construction equipment manufacturer Caterpillar retreated 4.5%.
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. APA shed 6.1%, Devon Energy and Occidental Petroleum each dropped 5.4% and Hess slid 5.2%.
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, JPMorgan Chase and Morgan Stanley all delined by around 3% or more.
ARK Innovation, Coinbase, Tesla, Zoom, Square — Shares of Cathie Wood's flagship fund dropped 4.4% as innovation names experienced harsh selling. Coinbase lost 3.5%, Teladoc fell 5.3%, Unity Software shed 6.7%, Tesla dropped 3.9%, Square dipped 2.2% and Zoom Video moved 2.4% lower.
Pfizer — The drug maker stock ticked 0.7% higher after the company said its Covid vaccine is safe and appears to generate a robust immune response in kids ages 5 to 11. If the FDA spends as much time reviewing the data for that age group as it did for 12- to 15-year-olds, the shots could be available in time for Halloween.
AstraZeneca — Shares of the United Kingdom-based pharmaceutical company popped 5.3% in midday trading after announcing that its breast cancer drug Enhertu showed positive results in a phase-three trial.
Invesco — Invesco shares declined 8.7% 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. The report, citing people familiar with the matter, said a deal is not imminent and might not happen at all.
— CNBC's Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting
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