Market Updates
Movers: Jet Blue, Meta Platforms. Home Builders, Regional Banks, Semiconductor Stocks
Barry Adams
06 Jul, 2023
New York City
Market averages turned sharply lower after a hotter-than-expected private sector payrolls report put investors on alert.
The S&P 500 index traded down 0.8% to 4,4410.12 and the Nasdaq Composite edged lower 0.9% to 13,669.03.
JetBlue Airways Corporation declined 6.8% to $8.70 after the company said it would end its partnership with American Airlines in the Northeast and focus on Spirit Air following the judge's order to salvage its $3.8 billion deal with Spirit Air.
American Airlines declined 2.7% to $17.82 and Spirit Airlines Inc increased 0.1% to $17.68.
Meta Platforms Inc declined 0.9% to $291.85 but rose as much as 2% earlier in trading after the company said its new social media platform Threads attracted more than ten million users on the first day of its launch.
Regional banks and home builders were under pressure on the worries that the Federal Reserve may lift rates at a faster rate of 50 basis points at its next policy meeting.
Higher rates will expand losses in Treasury notes and bonds held by banks.
PacWest Bancorp declined 6.5% to $7.87, First Republic Bank gained 11% to 92 cents and Fifth Third Bancorp fell 2.5% to $25.92.
PulteGroup declined 2.8% to $74.93, Toll Brothers fell 1.7% to $76.37, NVR Inc dropped 2.7% to $6,069.50 and Lennar Corp dropped 2.7% to 120.48.
Semiconductor stocks traded down after tech stocks led decliners in today's session.
Nvidia Corp declined 0.9% to $419.25, AMD fell 0.6% to $113.25, Intel decreased 1.9% to 31.93 and Qualcomm Inc fell 2.4% to $114.31.
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