U.S. equities advanced at midday Tuesday, March 12, 2024 as tech stocks surged with Oracle leading gains on the S&P 500 following its earnings beat after the bell Monday.
Southwest Airlines and American Airlines Group warned about future results, sending shares tumbling.
3M shares gained as the company announced former L3Harris Technologies head Bill Brown would be its new CEO, replacing Mike Roman.
U.S. equities were higher at midday, led by tech stocks, with Oracle leading gains on the S&P 500 following its
earnings beat
after the bell Monday. The Nasdaq rose more than 1%, while the Dow and S&P 500 were higher as well.
Oracle (
ORCL
) shares surged after the company reported better-than-expected profit on rising demand for its cloud services for
artificial intelligence (AI)
. Shares of Nvidia (
NVDA
), a customer of Oracle’s, also rose.
3M (
MMM
) shares gained as the multinational conglomerate announced former L3Harris Technologies (
LHX
) head Bill Brown would be its new CEO, replacing Mike Roman.
Shares of Southwest Airlines (
LUV
) and American Airlines Group (
AAL
) slumped as the carriers
cut their guidance
, with Southwest citing a slowdown in deliveries of Boeing (
BA
) jets and American pointing to higher fuel costs. Boeing shares dipped as well.
Shares of Newmont Corporation (
NEM
) and rival gold miners were lower as the record-setting gold rally stalled and prices fell.
Oil futures rose. The yield on the 10-year Treasury note advanced. The U.S. dollar was up on the euro, pound, and yen. Trading in most major cryptocurrencies was mixed.
