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U.S. equities dropped at midday, again driven lower by concerns about new tariffs.
Adobe shares sank when the software maker’s guidance disappointed investors.
Gold traded at a record, sending shares of mining companies higher.
Continuing worries about tariffs once again sent U.S. equities lower at midday. The Nasdaq was down more than 1%, and the Dow Jones Industrial Average and S&P 500 fell as well.
Adobe (ADBE) was the worst-performing stock in the S&P 500 when the maker of Acrobat and other software gave guidance that raised concerns about how it will monetize its artificial intelligence (AI) offerings.
Shares of UiPath (PATH) sank to an all-time low when the automated software maker also gave disappointing guidance as it warned federal spending cuts and global macroeconomic conditions will impact results.
Trading at a record low as well were shares of Sunnova Energy International (NOVA) following a report that it may consider filing for bankruptcy as it tries to restructure its debt.
Intel (INTC) shares jumped when the chipmaker named former Cadence Design Systems (CDNS) head Lip-Bu Tan as its new CEO.
Shares of Newmont (NEM) and other gold mining companies gained with the price of the precious metal trading at an all-time high as market uncertainty boosted purchases of what is considered a haven investment.
Dollar General (DG) shares advanced after the discount retailer beat revenue estimates as it sold more food and other consumable products.
Oil futures declined. The yield on the 10-year Treasury note was little changed. The U.S. dollar was up on the euro and pound, but lost ground to the yen. Trading in most major cryptocurrencies was mixed, with bitcoin down 2%.
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