- US stocks plunged at midday on Tuesday, February 13, 2024 as a report showed consumer inflation rose more than expected in January.
- VF Corporation led the S&P 500 lower after leading gains on Monday following reports that an heir to the founder supports an activist investor.
- Ecolab and Waste Management performed better than expected as they benefited from higher prices.
U.S. stocks sank midday after the Labor Department reported that consumer prices in January rose more than expected. The Dow, S&P 500 and Nasdaq fell more than 1%. The 10-year Treasury yield rose.
Hasbro (HAS) shares sank after the toy maker's profits and revenue fell and it warned of declining sales in 2024 as it faces a difficult macroeconomic environment.
Shares of Biogen (BIIB) also fell as the biotech company missed profit and revenue forecasts on the costs of shutting down its controversial Alzheimer's treatment and declining sales of multiple sclerosis drugs.
After being the best-performing stock in the S&P 500 on Monday, VF Corporation (VFC) reversed course as sellers made it the worst-performing stock in the index today. Monday's rally was fueled by a report that an heir to the clothing and footwear company's founder supports moves by activist investor Engaged Capital to try to shake up the company.
Ecolab (ECL) shares rose as the water, hygiene and infection prevention services provider posted better-than-expected results due to higher prices and customer additions. Higher prices also helped Waste Management (WM) beat earnings and revenue forecasts, and shares of the waste disposal company advanced.
Leidos (LDS) shares rose as the defense contractor reported results that beat estimates and provided strong full-year guidance amid anticipation that geopolitical tensions could strengthen demand for its products.
Oil futures rose and gold prices fell. The US dollar rose against the euro, pound and yen. Trading of most major cryptocurrencies was mostly lower.