Key Takeaways
- U.S. equities were higher in intraday trading Tuesday following a better-than-expected report on producer prices in July.
- Starbucks shares soared, while Chipotle Mexican Grill shares slumped after Starbucks announced it hired former Chipotle CEO Brian Niccol to replace Laxman Narasimhan.
- Shares of On gained after the maker of sneakers reported record sales.
U.S. equities were higher intraday Tuesday after a better-than-expected report on producer prices in July. The Dow gained close to 1%, while the S&P 500 was up 1.6%, and the Nasdaq gained over 2%.
Starbucks (SBUX) was the best-performing stock in the S&P 500 after after the coffee chain announced it hired former Chipotle (CMG) CEO Brian Niccol to replace Laxman Narasimhan. Chipotle shares sank.
Shares of On (ONON) gained after the maker of sneakers reported record sales on booming demand in the Asia-Pacific region and strong pricing power.
Tesla (TSLA) shares advanced after the electric vehicle (EV) manufacturer stopped selling its lowest-priced Cybertruck in a pivot to pricier models.
Baxter International (BAX) shares dropped when the healthcare provider said it would sell its kidney-care division to private equity firm Carlyle Group for $3.8 billion.
Shares of Diamondback Energy (FANG), Occidental Petroleum (OXY), and other companies in the oil industry slid amid expectations of slowing global demand, especially in China.
Gold futures rose and the yield on the 10-year Treasury note fell. The U.S. dollar lost ground to the euro, pound, and yen. Trading in most major cryptocurrencies was mixed.
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