Nike, Lululemon Shares Jump After Trump Touts Vietnam Trade Deal
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U.S. stocks were mixed today, but the S&P and Nasdaq reached fresh records. The Dow Jones Industrial Average dropped 10.5 points to close at 44,484. The S&P 500 was up 29 points. And the Nasdaq advanced 190 points. As President Trump's tax and spending bill returned to the House after squeaking through the Senate, investors are keeping an eye on how the budget bill would affect government deficits. Among individual companies...
Shares of the health care company Centene tumbled 40 percent after it said earnings will fall well short of expectations. It also withdrew financial guidance for 2025.
Nike and Lululemon Athletica saw their shares jump after President Trump said he reached a trade deal with Vietnam, where both companies have bet big on producing goods. Nike stock ended up more than 4 percent, and Lululemon added half a percent. And Constellation Brands, the brewer of Modelo, said it expects Trump's new tariffs to increase costs by $20 million this fiscal year, and it reported a 6 percent drop in sales in the last quarter.
But it cited, quote, non-structural socioeconomic factors behind the sales drop. Shares ended up 4.5 percent. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.