The Dow was slightly lower while the S&P 500 and Nasdaq were little changed at midday Tuesday, Feb. 27, 2024 as a report showed a drop in consumer confidence.
Chevron shares fell as the oil giant warned its purchase of Hess could be jeopardized because of an agreement with rivals involving an offshore oil project in Guyana.
Shares of cruise lines soared after Norwegian Cruise Line Holdings reported its first yearly profit since the COVID-19 outbreak and gave positive guidance.
The Dow was slightly lower, while the S&P 500 and Nasdaq were little changed at midday as a report from the Conference Board showed a
drop in consumer confidence
.
Chevron (
CVX
) and Hess (
HES
) were among the worst-performing stocks in the S&P 500 after Chevron warned that a potential challenge from ExxonMobil (
XOM
) and China National Offshore Oil Corporation over an offshore site in Guyana
could jeopardize its $53 billion purchase of Hess
. ExxonMobil shares were slightly higher.
Shares of SBA Communications (
SBAC
) slumped after the wireless tower operator gave lower-than-expected guidance amid a slowdown in demand from telecom companies.
Shares of cruise lines Norwegian Cruise Line Holdings (
NCLH
), Carnival Corporation (
CCL
), and Royal Caribbean Cruises (
RCL
) jumped after Norwegian posted its first annual profit since before the COVID-19 pandemic and gave a strong current-quarter outlook on higher prices and growing travel demand.
Shares of Zoom (
ZM
) jumped after it
beat estimates
with its fourth-quarter earnings and current-quarter guidance. Lowe’s (
LOW
) shares also gained after the retailer reported better-than-expected earnings and expressed confidence in the strength of the home improvement market.
Shares of the cryptocurrency exchange Coinbase Global (
COIN
) climbed as the price of Bitcoin soared above $57,000, its highest price in more than 2 years. Most other major digital coins also traded higher.
Oil and gold futures advanced. The yield on the 10-year Treasury note slipped. The U.S. dollar was up versus the pound, but lost ground to the euro and yen.
