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Shares of Gildan Activewear jumped when the T-shirt manufacturer agreed to purchase undergarment maker Hanesbrands for $2.2 billion, less than what was reported earlier
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U.S. equities edged higher at midday, with the S&P 500 and Nasdaq adding to their record closes, on optimism the Federal Reserve will lower interest rates next month.
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The hope of falling borrowing costs lifted shares of Lennar and rival home builders.
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CAVA Group’s same-store sales came in well below expectations, sending shares of the Mediterranean-themed restaurant lower.
U.S. equities edged higher at midday on continuing optimism the latest consumer inflation data will open the door to the Federal Reserve to cut interest rates next month. The S&P 500 and Nasdaq added to their record closes yesterday, and the Dow Jones Industrial Average was higher as well.
Speculation that the Fed may make a large reduction in borrowing costs sent the 10-year Treasury yield lower and lifted shares of home builders Lennar (LEN), D.H. Horton (DHI), and PulteGroup (PHM).
Shares of Gildan Activewear (GIL) jumped when the T-shirt manufacturer agreed to purchase undergarment maker Hanesbrands (HBI) for $2.2 billion, less than what was reported earlier. Hanesbrands shares gained as well.
V2X (VVX) shares advanced on an upgrade from Bank of America, which said it was optimistic about the defense contractor’s growth.
CAVA Group (CAVA) shares tumbled when the Mediterranean-themed restaurant chain reported weaker-than-anticipated same-restaurant sales and reduced its guidance as consumers pulled back spending at its locations.
Shares of CoreWeave (CRWV) tumbled after the provider of artificial intelligence computing posted a much larger-than-expected loss as expenses soared, and it warned it would continue to face higher costs to keep up with demand for its products.
Circle Internet Group (CRCL) shares slid when the distributor of the USDC stablecoin announced a sale of 10 million Class A shares that includes 2 million from the company and 8 million from investors.
Oil futures declined. Gold prices rose. The U.S. dollar lost ground to the euro, pound, and yen. Major cryptocurrencies were mixed.
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