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Monday, Aug 15, 2022

Midday Stock Roundup

Major indexes climbed in midday trading after Fed Chairman Jerome Powell said he would propose a quarter percentage point increase at the central bank’s meeting in two weeks.

The S&P; 500 jumped 1.8% to 4,383.80 while the Dow 30 also climbed 1.8% to 33,896.14 and the Nasdaq was up 1.3% to 13,702.46.

Crude oil climbed 5.5% to $109.08 a barrel.

The yield on a 10-year Treasury bond jumped 7.44% to 1.834%.

The price of gold was off 1.2% to $1,920.30.


Advantage Solutions Inc. (Nasdaq: ADV) fell 13% to $6.71 and a $2.1 billion market cap. The Irvine-based provider of outsourced sales and marketing services to consumer goods retailers yesterday announced that Tanya Domier will retire as chief executive and become executive chair effective April 1. President and Chief Commercial Officer Jill Griffin will become CEO and join the board of directors. It also reported fourth quarter sales of $1.03 billion.


Irvine-based electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) dropped 13% to $53.90 per share for a market cap of $47.6 billion. Rivian yesterday announced it has increased the selling price of its vehicles by about 20% due to inflation. Shares are down about 20% in the first two days of March.


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