S&P 500 Gains and Losses Today: Index Falls 3% as Economic Concerns Intensify

U.S. equities tumbled Monday to commencement nan first afloat week of August, arsenic past week's soft jobs print and worries astir nan U.S. system weighed connected markets.

All 3 of nan awesome U.S. equities indexes posted important losses connected nan day. The Dow fell 2.6%, while nan S&P 500 dropped 3%, and underperformance successful tech drove nan tech-heavy Nasdaq down 3.4%.

Shares of casino usability Caesars Entertainment (CZR) dropped 6.9%, suffering nan heaviest losses of immoderate S&P 500 stock. Although nan institution reported spot successful its Las Vegas conception erstwhile it reported results past week, its location operations look reliable competition, and its gross for nan 2nd 4th fell short of expectations. Caesars besides announced precocious past week that it would waste nan World Series of Poker marque to Canada-based online gaming group NSUS.

Walgreens Boots Alliance (WBA) shares fell 6.6%. While unit connected nan drugstore elephantine whitethorn beryllium related to nan uncertain economical outlook, nan institution besides announced precocious past week that it would waste $1.1 cardinal of its liking successful supplier supplier Cencora. Walgreens said it will usage nan proceeds from nan waste to money its operations and salary down debt. The patient has struggled pinch slumping user request and precocious operating costs, discussing plans to shutter underperforming stores erstwhile it reported quarterly results successful June.

Shares of Etsy (ETSY) declined 6.6% aft analysts astatine B. Riley trim their current-quarter net forecast for nan online crafts marketplace. Although Etsy topped income expectations erstwhile it reported second-quarter results past week, profits fell short of estimates, and nan firm's below-consensus guidance for its earnings earlier interest, taxes, depreciation, and amortization (EBITDA) separator raised questions astir its maturation trajectory.

Intel (INTC) shares mislaid 6.4% connected Monday, extending losses precocious past week aft nan semiconductor elephantine posted weaker-than-expected quarterly results and announced layoffs arsenic it intends to trim costs. In notes to investors pursuing nan net release, analysts questioned whether nan cost-reduction plans will beryllium capable for Intel to regain its competitory mojo.

Shares of Kellanova (K), shaper of Eggo Waffles, Cheez-It, and different packaged nutrient brands, soared 16.2%, notching Monday's apical capacity successful nan S&P 500. The leap higher for nan banal followed reports that candymaker Mars is successful precocious talks to acquisition Kellanova. According to The Wall Street Journal, a imaginable woody would worth nan snack-focused firm, which completed its spinoff from cereal elephantine WK Kellogg (KLG) past year, astatine astir $30 billion.

Tyson Foods (TSN) shares added 2.1% aft nan nutrient shaper reported better-than-expected income and adjusted profits for its fiscal 3rd quarter. Although works closures and ineligible costs pressured nan results, nan institution touted its beardown free rate travel procreation and gains successful adjusted operating income. Tyson besides saw a boost from accrued income successful beef, pork, and prepared foods, though chickenhearted income ticked downward.

Shares of CowdStrike Holdings (CRWD) gained 1.9% arsenic nan cybersecurity patient rebuffed claims from Delta Air Lines (DAL) that CrowdStrike should beryllium held liable for formation disruptions pursuing past month's world tech outage. Delta said past week that it planned to activity financial compensation from CrowdStrike to retrieve losses suffered arsenic a consequence of nan incident.