Sunday, April 14, 2024
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Stocks Slip After Surprising Report on Manufacturing

Treasury yields climbed after a report said manufacturing unexpectedly returned to growth last month, snapped a 16-month run of contraction. That raised concerns about upward pressure on inflation, which could diminish the Federal Reserve’s desire to cut interest rates, the AP reports. Other updates this week could sway that view, including Friday’s jobs report.
Universal Health Services fell 4.1% for one of the S&P 500’s largest losses. It said a jury in Illinois awarded $535 million in damages to a patient who alleged negligence in a sexual-assault case involving another patient. The company said it has insurance to cover some of the amount, but the case’s final resolution may end up having a material effect on its financials. FedEx sank 3.3% after it said it did not extend its contract with the US Postal Service to deliver air cargo domestically, which will end Sept. 29.
Donald Trump’s social media company, Trump Media & Technology Group, lost more than a fifth of its value in another frenetic day of trading. The company, whose main business is the Truth Social platform, said that it lost $58.2 million last year on just $4.1 million in revenue. Its stock tumbled 21.5%. Helping to keep the losses in check was Newmont. The miner’s stock rose 1.9% as the price of gold continues to set records.
(More stock market stories.)

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