S&P 500 Gains and Losses Today: Moderna Drops as Soft Vaccine Demand Prompts Guidance Cut

Major U.S. equities indexes moved little connected nan first time of August arsenic a brace of reports elevated concerns astir nan trajectory of nan U.S. economy.

The Department of Labor reported a greater-than-expected summation successful play jobless claims past week, adding to recent signals of a potential softening successful nan labour market, while nan latest Purchasing Mangers' Index (PMI) information revealed a diminution successful U.S. manufacturing activity successful July.

Thursday's losses besides came arsenic net results from large tech names proceed to rotation in, pinch Apple (AAPL) and Amazon (AMZN) reporting aft nan closing bell.

The S&P 500 fell 1.4%, and nan Dow mislaid 1.2%. Underperformance from nan tech sector, including steep losses successful nan semiconductor industry, contributed to a driblet of 2.3% for nan Nasdaq.

Moderna (MRNA) shares sustained nan astir terrible losses of immoderate S&P stock, plunging 21.0% aft nan vaccine shaper slashed its full-year income guidance. The biotech patient said slumping request successful Europe would restrain income of its COVID-19 vaccine and pointed to stiff title successful nan marketplace for respiratory vaccines successful nan U.S. Thursday's steep losses sent Moderna shares into antagonistic territory for 2024.

Shares of MGM Resorts International (MGM) dropped 13.2% aft nan casino usability raised reddish flags astir softness successful bookings astatine its hotels for November's Formula 1 title successful Las Vegas. MGM's CEO noted pre-bookings person not kept gait pinch past year's inaugural type of nan car race. Although capitalizing connected premium pricing during cardinal events remains a cardinal to nan company's success, MGM did station better-than-expected income and profit figures successful its second-quarter net study released yesterday, boosted by a rebound successful its Macau business.  

Semiconductor instrumentality shaper Lam Research (LRCX) reported better-than-expected quarterly income and profit estimates while offering an upbeat outlook for nan existent period, but its shares mislaid 9.9%. The banal posted beardown gains successful nan first half of 2024 amid optimism that artificial intelligence (AI) exertion will boost request for Lam's wafer fabrication equipment, but shares person been trending downward since reaching a grounds precocious successful July.

Data retention supplier Western Digital (WDC) fell short of gross estimates successful its quarterly report, and its shares slipped 9.7%. The institution besides lowered its gross guidance for nan existent quarter. While AI applications person lifted nan fortunes of definite representation chipmakers, companies for illustration Western Digital that proviso products for accepted information centers person suffered from reduced demand.

C.H. Robinson Worldwide (CHRW) shares notched Thursday's apical capacity successful nan S&P 500, soaring 14.8% pursuing nan freight proscription firm's second-quarter net merchandise Wednesday. The logistics institution has implemented a caller operating exemplary to trim costs arsenic it navigates nan macroeconomic challenges facing nan shipping industry, helping it execute better-than-expected net per stock (EPS) results. Analysts astatine BMO Capital reacted favorably to nan net release, boosting their value target connected C.H. Robinson stock.

Strong quarterly results besides helped assistance shares of FMC Corp. (FMC), which jumped 10.2%. The supplier of insecticides, herbicides, and different harvest protection solutions exceeded top- and bottom-line forecasts for nan 2nd quarter. Improving request for FMC's products led to an summation successful income volumes, pinch peculiar spot successful U.S. and Brazilian markets.

Air Products and Chemicals (APD) shares were up 9.0% aft nan supplier of business gases hit EPS forecasts for its fiscal 3rd quarter. The institution credited spot successful nan Americas and Europe arsenic good arsenic pricing and productivity improvements for its beardown performance.

Health attraction laboratory services patient Labcorp Holdings (LH) joined nan group of net winners, topping second-quarter income and profit estimates, and its shares added 8.3%. The institution benefitted from robust request for its diagnostic tests and bumped up its full-year gross forecast.