Principal Financial Group's shares fell 4% after Bank of America downgraded its rating to underperform, citing expected deceleration in operating income growth. The energy sector also faced a 2% decline as West Texas Intermediate crude prices dipped to $69.63 a barrel, impacting major companies like APA Corp, Halliburton, and ConocoPhillips, which all dropped over 3%.
Conversely, travel-related stocks surged as oil prices fell, with Expedia Group rising 9% and Delta Air Lines climbing about 4%. Alphabet gained 1% after being announced as a replacement for Verizon in the Dow Jones Industrial Average, while Verizon's shares fell 2%.
Cerebras saw a significant 16% drop following its first earnings report post-IPO, reporting a loss of 22 cents per share and a forecasted decline in gross margins. FedEx shares decreased by 1% despite better-than-expected fiscal results, and Micron Technology continued its downward trend, down 1% after a 13% drop the previous day.
KB Home's shares surged 17% after beating revenue expectations, positively influencing the home construction sector, with the iShares U.S. Home Construction ETF rising 6%.
Worthington Enterprises fell 9% after missing earnings expectations, while Wendy's shares skyrocketed 26% amid discussions on the Reddit community r/Wallstreetbets, indicating potential for a short squeeze due to high short interest