S&P 500 Gains and Losses Today: Intel Dives After Announcing Layoffs To Cut Costs

Major U.S. equities indexes tumbled Friday pursuing nan merchandise of nan latest U.S. labour marketplace report, which revealed fewer-than-expected occupation additions successful July and a jump successful nan unemployment complaint to its highest level since October 2021.

The S&P 500 mislaid 1.8% successful nan week's last trading session. The Nasdaq plunged 2.4%, while nan Dow closed nan time 1.5% lower. 

Intel (INTC) shares posted nan sharpest driblet of immoderate S&P 500 constituent, plummeting 26.1% aft nan chipmaker reported a wider-than-expected quarterly loss and announced layoffs to trim costs. The semiconductor elephantine said gross separator headwinds related to nan improvement of its artificial intelligence (AI) machine merchandise wounded its results.

The downdraft successful nan semiconductor manufacture was not confined to Intel stock. Shares of Microchip Technology (MCHP) sank 10.6% aft nan institution issued a lackluster income and profit forecast for nan existent quarter. The chipmaker cited macroeconomic headwinds, peculiarly softness successful U.S. and European business and automotive markets, for nan unfavorable outlook.

Prudential Financial (PRU) shares fell 10% pursuing mixed second-quarter financial results. Although full gross somewhat topped statement forecasts, nan insurer's adjusted operating income fell short of estimates. A year-over-year diminution successful nan firm's world operating income dragged down its capacity successful nan quarter, reflecting nan effect of little nett finance spreads and depressed underwriting results.

Clorox (CLX) shares notched nan strongest gains successful nan S&P 500, jumping 7.4% aft nan supplier of user and master cleaning products posted better-than-expected quarterly profits. The implementation of a streamlined operating exemplary focused connected costs reductions helped nan institution execute gross separator description and thrust net growth. Clorox besides announced an statement to waste its Better Health Vitamins business and touted its advancement connected recovering from a cyberattack that affected nan institution past year.

Shares of net domain supplier GoDaddy (GDDY) gained 7% aft nan institution boosted its full-year gross guidance. The institution highlighted nan advancement of GoDaddy Airo, an AI-powered instrumentality included pinch caller domain purchases that tin thief customers pinch a assortment of functions, including nan creation of societal media ads and email trading campaigns.

Shares of MarketAxess Holdings (MKTX), which operates an physics trading level for fixed-income securities, added 6.1% up of nan company's second-quarter net study connected Tuesday. In its astir caller report, nan patient reported better-than-expected profits, driven by grounds committee gross from emerging markets, Eurobonds, and municipal bonds.