Micron Drops, Palantir Jumps — and What Else Is Happening in the Stock Market Wednesday

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Updated Aug. 12, 2021 10:13 americium ET / Original Aug. 12, 2021 7:52 americium ET

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The Dow Jones Industrial Average was sliding Thursday pursuing July’s producer-price ostentation report. Palantir Technologies, Micron Technology, and Baidu stocks are connected the move.

The Dow has dropped 99.13 points, oregon 0.3%, portion the S&P 500 has dipped 0.2%. The Nasdaq Composite has fallen 0.4%.

The Dow and the S&P 500 closed astatine grounds highs connected Wednesday pursuing a benign consumer-price scale report, 1 that allayed net of runaway inflation, astatine slightest for the clip being. But 1 study is conscionable 1 report, and investors look to person taken the hotter-than-expected producer-price index, if not badly, past with a suspiration that the statement astir transitory ostentation volition continue.

Everything else, for now, appears to beryllium noise. Washington is starting the process of passing a $3.5 trillion fund bill, but it’s inactive excessively acold disconnected for stocks to respond each that much. Covid cases proceed to rise, but the marketplace continues to disregard them, possibly betting that they won’t yet bash excessively overmuch harm to the economy. One tin lone anticipation it’s right.

Here are 5 stocks making moves Thursday morning:

Opendoor Technologies (OPEN) has surged 11% aft the location purchaser and seller reported amended than expected net and sales.

Palantir Technologies (PLTR) has gained 12% aft its earnings topped expectations.

Micron Technology (MU) has fallen 7.3% aft getting chopped to Equal Weight from Overweight astatine Morgan Stanley.

Baidu (BIDU) has dropped 3.5% aft a second-quarter net beat was trumped by third-quarter gross guidance that missed statement expectations astatine the midpoint.

Wendy’s (WEN) has gained 3.3% aft getting upgraded to Outperform from In Line astatine Evercore ISI.

Write to Ben Levisohn astatine ben.levisohn@barrons.com

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