- At noon on Thursday, November 16, 2023, the recent gains in U.S. stocks slowed somewhat after several companies warned about customer spending.
- Cisco Systems Inc led the Dow Jones and S&P 500 lower on lower orders.
- Intel shares surged as Wedbush upgraded the stock and raised his price target.
U.S. stock market gains stalled at midday as several major companies warned about customer spending. The Dow, S&P 500 and Nasdaq all fell.
Cisco Systems (China Association for Science and Technology) was the worst-performing stock on the Dow Jones and S&P 500 as the computer-networking equipment maker cut guidance as it faced lower orders.
Palo Alto Networks (Pan WeiThe cybersecurity company also fell after it forecast lower-than-expected revenue for the quarter as the company cuts IT spending.
Walmart stock (WMT) shares plunged after the big-box retailer said consumer spending slowed heading into the crucial holiday shopping season.
Intel(International Trade CentreThe company’s shares fell as Wedbush upgraded the stock and raised its price target, pointing to the chipmaker’s third-party manufacturing business and its upcoming new products.
Generac Holdings stock (GNRC) rose on an upgrade from Bank of America, which also raised its price target as home generator makers clear inventory.
Shares of Internet domain provider Verisign (virtual reality network) In a nutshell, the number of registered domains increased by 2.4% in the third quarter compared to last year.
Oil futures fell, gold prices rose, 10-year Treasury yields fell, the dollar fell against the euro, pound and yen, and major cryptocurrencies traded mixed.