Key takeaways
- US stocks lost ground at midday on Thursday, March 14, 2024 as a report showed wholesale inflation rose more than expected in February.
- Dollar General shares fell as the discount retailer warned that inflation is hurting demand.
- Shares of Dick's Sporting Goods rose after the retail chain beat estimates for the holiday quarter and raised its quarterly dividend.
US stocks fell at midday after the latest wholesale inflation report showed prices rose more than expected in February. The Dow Jones, S&P 500 and Nasdaq fell. The news sent the yield on the 10-year Treasury bond higher.
Shares of Dollar General (DG) fell as the company warned that inflation was limiting sales and that it would have to offer more promotions. This came a day after shares of rival Dollar Tree (DLTR) plunged when it said it would close 1,000 stores.
Homebuilder stocks fell after Lennar (LEN) missed revenue estimates as high mortgage rates led the company to offer incentives to buyers.
Anheuser-Busch InBev's (BUD) American Depositary Receipts (ADR) declined as Altria (MO) announced it would sell part of its 10% stake in the beer maker at a price below Wednesday's close. Altria stock gained.
Shares of Fisker (FSR) plunged amid reports that the electric vehicle maker was considering filing for bankruptcy.
Shares of Dick's Sporting Goods (DKS) rose after the retail chain beat estimates for the holiday quarter and raised its quarterly dividend by 10% to $1.10 per share.
Shares of Halliburton (HAL) and other oilfield services providers rose as crude oil futures rose. RTX (RTX) stock also advanced as Wells Fargo upgraded the stock and raised its price target, saying quality issues with the defense contractor's engines have peaked and “things are about to change.”
Gold prices lost ground. The US dollar rose against the euro, pound and yen. Trading was mixed across major cryptocurrencies.
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