Important points
U.S. stocks were lower at midday, with a decline in tech stocks slowing recent record stock gains. The Dow Jones Industrial Average, S&P 500, and Nasdaq index all fell.
Nvidia (NVDA) stock fell after Chinese authorities began investigating the chip maker for possible monopolistic practices.
Omnicom Group (OMC) shares fell after the advertising giant announced it would buy rival Interpublic Group (IPG) for $13 billion, creating the largest advertising conglomerate. Interpublic Group shares rose.
Comcast (CMCSA) stock fell after the cable and broadcast company said it expects to lose more than 100,000 broadband subscribers this quarter.
Hershey (HSY) has become the best-performing stock in the S&P 500 following reports that Mondelez International (MDLZ) is considering acquiring the chocolate maker. Mondelez stock plummeted.
Shares of Super Microcomputer (SMCI) rose after the troubled server maker reported that the Nasdaq has postponed its possible delisting from the index until February 25. This gave Supermicro more time to submit its annual report. It is on hold due to accounting concerns.
Enphase Energy (ENPH) shares were acquired as the solar power company announced a partnership agreement with the Netherlands’ NextEnergy.
Oil futures and gold futures rose. Yields on 10-year U.S. Treasuries were high. The US dollar rose against the yen, fell against the pound, and was little changed against the euro. Most major cryptocurrencies have fallen.
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