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Stocks Mostly Up Pre-Bell Ahead of Fed Rate Decision, Big Tech Earnings
US Markets

Stocks Mostly Up Pre-Bell Ahead of Fed Rate Decision, Big Tech Earnings

The main US stock measures were mostly trending higher in Wednesday's premarket activity as traders await a major policy decision by the Federal Reserve and the latest quarterly results of two of the largest technology companies.The S&P 500 rose 0.2% and the Dow Jones Industrial Average edged up 0.1% before the opening bell, while the Nasdaq declined 0.1%. The S&P 500 and the Dow finished Tuesday trading in the green, with the latter recording its third consecutive day of gains, while the Nasdaq closed lower for the fifth straight session.The Fed's monetary policy committee will announce its latest decision on interest rates at 2 pm ET. The probability of the central bank leaving its benchmark lending rate unchanged stood at about 66% on Wednesday, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.Fed Chair Kevin Warsh is expected to hold a press conference at 2:30 pm."The doves are optimistic that inflation could cool further into year-end as the impact of tariffs rolls off and energy prices stabilize," Stifel said in a report Tuesday. "The recent rise in tensions overseas, however, coupled with (artificial intelligence)-sector price pressures suggest further upside inflationary risks remain, shifting the pendulum back into the hawk's camp."Treasury yields were up in premarket action, with the two-year rate increasing 2.9 basis points to 4.31% and the 10-year rate adding 1.6 basis points to 4.62%.Iran's Islamic Revolutionary Guard Corps launched multiple ballistic missiles in "an attempted surprise attack" on US forces based in the Middle East, the US Central Command said in a Tuesday post on the X platform. "All Iranian missiles were successfully intercepted," according to CENTCOM.In a separate statement, CENTCOM said it launched joint strikes with the Saudi Arabian armed forces against "Iran-aligned terrorists" in Iraq on Tuesday.West Texas Intermediate crude oil inclined 3.7% to $82.03 a barrel before the open, while Brent advanced 3.7% to $87.16.Microsoft (MSFT) and Meta Platforms (META) are scheduled to release their latest financial results after the markets close, along with Arm Holdings (ARM), Qualcomm (QCOM) and Starbucks (SBUX).Procter & Gamble (PG), Amphenol (APH), General Dynamics (GD), Johnson Controls (JCI), Boston Scientific (BSX), Humana (HUM) and GE HealthCare Technologies (GEHC) post their earnings before the bell, among others.Shares of Visa (V) decreased 0.8% pre-bell after the payments company reported its fiscal third-quarter results. Ford Motor (F) gained 4.3% as the automaker lifted its full-year core profit outlook. Lucid Group (LCID) was down 0.8% following a 21% jump at the close of Tuesday as Saudi Prince Alwaleed Bin Talal Al Saud disclosed a 5% stake in the company.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the EIA domestic petroleum inventories report at 10:30 am.Gold slipped 0.2% to $4,032 per troy ounce, while bitcoin rose 1.4% to $64,588.

Dow JonesNasdaq CompositeS&P 500$APH$ARM$BSX$F$GD$GEHC$HUM$JCI$LCID$META$MSFT$PG$QCOM$SBUX$V
Sectors

Sector Update: Consumer Stocks Rise Tuesday Afternoon

Consumer stocks gained Tuesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 2.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.3%.Redbook US same-store sales last week rose 8.3% from a year earlier after a 7.8% increase in the previous week. Redbook said retailers have been clearing summer stock to bring in back-to-school items.US consumer confidence unexpectedly fell in July, with "little improvement" in business conditions expected over the next six months, a survey by the Conference Board showed. The consumer confidence index dropped to 90.8 from June's upwardly revised 92.2. The consensus was for 92.4 in a Bloomberg survey.In corporate news, Coca-Cola (KO) shares jumped 4.3%. The company raised its full-year earnings growth outlook after reporting stronger-than-expected fiscal Q2 results.United Parcel Service (UPS) lifted its full-year revenue outlook after delivering Q2 results above consensus estimates. The company expects Q3 domestic revenue to be flat as operations with Amazon (AMZN) shrink. UPS shares fell 5.9%.Lucid Group (LCID) shares surged 10% after Saudi Prince Alwaleed bin Talal Al Saud disclosed a 5% stake in the company, according to a Schedule 13G filing.

$KO$LCID$UPS
Wire

Lucid Group Shares Rise After HRH Prince Alwaleed Discloses 5% Stake

Lucid Group (LCID) shares rose nearly 2.4% on Tuesday after HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud disclosed a 5% stake in the company, according to a Schedule 13G filing.He owns about 19.5 million Class A common shares, with sole voting and dispositive power over all of them, the filing added.The 5% ownership figure was calculated based on nearly 390.3 million Class A shares outstanding as of April 29, the filing said.Price: $6.69, Change: $+0.19, Percent Change: +2.92%

$LCID
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Amid Economic Reports

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.4% in Wednesday's premarket activity, amid economic data releases.US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures slipping 0.02%, and Nasdaq futures gaining 0.4% before the start of regular trading.Mortgage applications fell by 2.7% in the week ended July 10 as higher 30-year mortgage rates depressed new home applications, while refinancing activity improved, according to Mortgage Bankers Association data released Wednesday.The New York Federal Reserve's Empire State manufacturing index rose to 15.6 in July from 5.7 in June, compared with a smaller expected increase to a reading of 9.2 in a survey compiled by Bloomberg.US producer prices fell 0.3% in June, compared with expectations for no change, while core producer prices rose 0.2%, below forecasts for a 0.3% increase.Fed Chair Kevin Warsh begins his second day of testimony at 10:00 am ET.Weekly crude oil stocks data are set for release at 10:30 am ET, followed by an appearance byNew York Fed President John Williams and Fed Governor Lisa Cook are slated to speak on Wednesday.The Fed's Beige Book report will be released at 2:00 pm ET.In premarket action, bitcoin was up by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% higher, Ether ETF (EETH) advanced 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated 0.01%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.6%, the Vanguard Industrials Index Fund (VIS) rose 1%, while the iShares US Industrials ETF (IYJ) was inactive.Pentair (PNR) stock fell more than 21% before the opening bell after the water treatment company reported preliminary Q2 results below market estimates and lowered its full-year outlook amid headwinds related to its pool segment.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% lower.BlackRock (BLK) shares traded up more than 4% in early hours activity after Bloomberg reported the company is in discussions over providing about $45 million in private credit to Indian e-commerce platform Udaan as part of a proposed $160 million funding package.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.6%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 1.1%, while the iShares Semiconductor ETF (SOXX) rose by 1.4%.ASML (ASML) shares were up more than 3% in premarket activity after the company reported year-over-year growth in Q2 earnings and sales and raised revenue guidance for the full-year 2026.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) retreated 0.01%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was up 1.2%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Lucid (LCID) shares were down more than 2% pre-bell after dropping more than 16% in Tuesday's regular session following rumors of a potential bankruptcy filing that the company quashed.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) declined 0.6%, the Vanguard Health Care Index Fund (VHT) was down 0.3%, while the iShares US Healthcare ETF (IYH) slipped 0.3%. The iShares Biotechnology ETF (IBB) was up 0.2%.Merck (MRK) stock was up more than 1% premarket after the company said a phase 3 trial of its therapy, Keytruda, met the primary endpoint of progression-free survival in patients with mismatch repair-deficient advanced or recurrent endometrial cancer.EnergyThe iShares US Energy ETF (IYE) was down 2.5%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.1%.Oceaneering International (OII) stock was up nearly 1% before market open after the company and Kongsberg were selected by the US Department of War's Defense Innovation Unit to support the US Navy's vision for scalable uncrewed undersea platforms.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.6% to $79.82 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.2% to $2.90 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 0.1%, while the United States Natural Gas Fund (UNG) was 0.9% lower.Gold futures for July gained 0.8% to $4,035.90 an ounce on the Comex. Silver futures retreated by 1.4% to $58.28 an ounce. SPDR Gold Shares (GLD) decreased 0.4%, and the iShares Silver Trust (SLV) was 1.2% lower.

Dow JonesNasdaq CompositeS&P 500$ASML$BETH$BITO$BLK$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LCID$MRK$OII$PMR$PNR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Wire

Lucid Shares Extend Decline in Premarket After Potential Bankruptcy Filing Rumors Strenuously Denied

Lucid (LCID) shares were down more than 4% in Wednesday's premarket activity after dropping more than 16% in Tuesday's regular session following rumors of a potential bankruptcy filing that the company quashed."The rumors are completely false," the electric vehicle manufacturer said in an emailed statement to. Lucid has "sufficient liquidity to carry its operations well into next year" and has not created a special board committee to assess the scenarios reported, the firm said.Restructuring adviser AlixPartners is assisting the company with liquidity management "and nothing else" and "has not recommended bankruptcy to management or the board," Lucid added.In June, Lucid disclosed plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability. In the same month, the company announced the appointment of Silvio Napoli as its chief executive officer. Most recently, Napoli served as chairman and CEO of Schindler Group.In May, the automaker announced that its Q1 adjusted loss widened, and while revenue rose from the year-ago period, it missed market expectations.Price: $4.39, Change: $-0.23, Percent Change: -4.98%

$LCID
Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.1%.Redbook US same-store sales rose by 8.2% from a year earlier in the week ended July 11 after an 11.5% year-over-year increase in the previous week. "Discounts continue to drive sales performance and often vary weekly based on store promotions and product availability," Redbook said.In corporate news, Lucid (LCID) on Tuesday denied rumors of exploring a potential bankruptcy filing. "The rumors are completely false," the company said in an emailed statement to. Lucid said it has "sufficient liquidity to carry its operations well into next year" and has not created a special board committee to assess the scenarios reported. Lucid shares were down past 15%.Yum! Brands' (YUM) Taco Bell has stopped serving lettuce and cilantro at some restaurants in the Detroit metro area amid a growing cyclosporiasis outbreak in Michigan, multiple news outlets reported Tuesday. Yum! Brands shares were shedding 2.5%.Uber (UBER) is in advanced talks with Delivery Hero regarding a potential takeover of the German food-delivery company, Delivery Hero said on Tuesday. Uber shares were down 2.8%.Thomson Reuters (TRI) said Tuesday it has agreed to sell a 51% stake in its global print unit to KKR (KKR) for roughly $500 million in a joint venture transaction expected to close in Q4. Thomson Reuters shares were shedding 1.5%.

$LCID$TRI$UBER$YUM
Sectors

Sector Update: Consumer

Consumer stocks were lower late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.1%.In corporate news, Lucid (LCID) confirmed it is working with restructuring adviser AlixPartners but that industry rumors of a possible bankruptcy are "completely false," Bloomberg reported. Lucid shares fell 13%.

$LCID
Wire

Update: Lucid Denies Rumors of Exploring Bankruptcy Filing

(Updates with Lucid statement in the headline and in the first to third paragraphs, and stock move in the last paragraph.)Lucid Group (LCID) on Tuesday denied rumors of exploring a potential bankruptcy filing."The rumors are completely false," the company said in an emailed statement to. Lucid said it has "sufficient liquidity to carry its operations well into next year" and has not created a special board committee to assess the scenarios reported.Lucid added that restructuring adviser AlixPartners is assisting with liquidity management "and nothing else" and "has not recommended bankruptcy to management or the board."EV earlier reported, citing two people familiar with the matter, that AlixPartners was evaluating strategic options, including taking Lucid private or pursuing Chapter 11 bankruptcy protection, and would present its findings to the company's board before its next meeting.Shares of Lucid fell 13% in Tuesday afternoon trading.Price: $4.59, Change: $-0.92, Percent Change: -16.70%

$LCID
Wire

Market Chatter: Lucid Says Rumors of Possible Bankruptcy 'Completely False'

Lucid Group (LCID) confirmed it is working with restructuring adviser AlixPartners but that industry rumors of a possible bankruptcy are "completely false," Bloomberg reported Tuesday, citing a company statement.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $4.72, Change: $-0.80, Percent Change: -14.43%

$LCID
Wire

Lucid Says Rumors of Possible Bankruptcy 'Completely False,' Bloomberg Reports

Lucid Says Rumors of Possible Bankruptcy 'Completely False,' Bloomberg Reports

$LCID
Wire

Lucid Group Shares Fall Tuesday

Lucid Group (LCID) shares fell past 45% on Tuesday after EV reported that restructuring adviser AlixPartners is evaluating strategic options including taking the electric vehicle maker private or filing for Chapter 11 bankruptcy protection.The news publication, citing two people familiar with the matter, reported that AlixPartners has been asked to present its findings to Lucid's board before its next meeting.Lucid and AlixPartners did not immediately respond to' request for comment.Price: $2.99, Change: $-2.52, Percent Change: -45.74%

$LCID
Wire

Lucid Shares Halted for Volatility After Falling 49%, Bloomberg Reports

Lucid Shares Halted for Volatility After Falling 49%, Bloomberg Reports

$LCID
Wire

Top Midday Stories: June Jobs Report Comes in Well Below Expectations; Tesla Q2 Deliveries Jump 25% Year Over Year to 480,126 Vehicles

Wall Street's major market averages were mixed in late-morning trading Thursday, as investors reacted to the latest jobs report that came in well below expectations.The June employment report showed nonfarm payrolls rose by 57,000, significantly below the 113,000-job increase expected in a survey compiled by Bloomberg as of 7:40 a.m. ET, while May payrolls were revised down to 129,000 jobs from 172,000. The unemployment rate fell to 4.2% in June from 4.3% in May, while the labor force participation rate fell to 61.5% from 61.8% in May.In company news, Tesla (TSLA) said Thursday it delivered 480,126 vehicles in Q2, a 25% jump from a year earlier. The electric-vehicle maker said it delivered 467,762 Model 3/Y vehicles during the period, up from 373,728 a year ago. Tesla shares were down 6.8% around midday.Two Blue Owl (OWL) private credit funds received large redemption requests for the second consecutive quarter, Bloomberg reported Thursday, citing an investor letter. Blue Owl Credit Income, or OCIC, received requests amounting to 18.8% of shares, or $3.6 billion, while Blue Owl Technology Income received shareholder requests totaling 38.1%, or $1.1 billion, the report said. The company said it has satisfied over 43% of the original demand from shareholders with repeat withdrawal requests and that OCIC doesn't need to sell a single private loan to satisfy the tender offer, according to the report. Blue Owl shares were up 5.6%.Anthropic has begun early-stage work on developing its own AI chip and has held talks with Samsung as a potential manufacturing partner, The Information reported Thursday, citing people familiar with the matter.OpenAI is in preliminary talks to give a 5% stake to the US government, the Financial Times reported Thursday, citing two people familiar with the matter.Meta Platforms' (META) WhatsApp has been directed by the Indian government to halt the rollout of its planned username feature and justify its implementation, Reuters reported Thursday, citing a government letter it reviewed. Meta shares were down 4.1%.Rivian Automotive (RIVN) said Thursday it raised its full-year 2026 delivery outlook to a range of 65,000 to 70,000 vehicles, from a prior range of 62,000 to 67,000, following stronger-than-expected Q2 deliveries. The company said it produced 12,613 units and delivered 12,194 vehicles in the quarter ended June 30, exceeding its guidance for 9,000 to 11,000 deliveries, driven by growth in its EDV and R1 lines and early contributions from R2 deliveries. Rivian shares were up 10.0%.Lucid Group (LCID) said Thursday that it produced 4,774 vehicles and delivered 3,953 vehicles in Q2. The EV maker also named Alexander De Bock as its new chief financial officer, succeeding Taoufiq Boussaid, who is leaving the company. Lucid shares were down 7.2%.Ford Motor (F) said Thursday it recorded Q2 US sales of 549,200, down 10.3% from the year-ago period's total of 612,095 vehicles. Ford shares were down 2.1%.Nvidia (NVDA) said it is expanding access to its AI infrastructure by introducing a revenue-sharing model that grants token credits to developers in exchange for a portion of the recurring earnings from the cloud networks. Nvidia shares were down 1.2%.Price: $9.11, Change: $+0.47, Percent Change: +5.38%

$F$LCID$META$NVDA$OWL$RIVN$TSLA
Wire

Lucid Reports Q2 Production of 4,774 Vehicles; Names New CFO

Lucid Group (LCID) said Thursday that it produced 4,774 vehicles and delivered 3,953 vehicles in Q2.The electric vehicle maker also named Alexander De Bock as its new chief financial officer, succeeding Taoufiq Boussaid, who is leaving the company.Lucid also announced other management appointments, including Raja Ramana Macha as chief technology officer, Billy Hayes as chief customer officer, Hugo Martinho as chief transformation officer, and Kay Stepper as president of Lucid Technologies and chief digital officer.The changes are expected to reduce the number of executives reporting directly to Chief Executive Silvio Napoli by half as part of an effort to improve execution and accountability, the company said.Lucid shares were 1.1% lower in Thursday trading.Price: $6.62, Change: $-0.01, Percent Change: -0.23%

$LCID
Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.6%.In corporate news, Carnival (CCL) is under investigation following an April data breach that compromised personal information of about 6 million people, Texas Attorney General Ken Paxton said in a statement Monday. Carnival shares fell 2.8%.Uber (UBER) was sued Monday by shareholders who accused the ride-sharing company's board of ignoring warnings about compliance failures that allegedly contributed to thousands of sexual assault and harassment lawsuits, Reuters reported. Separately, Uber is expected to invest a "meaningful" amount and be named as an anchor investor for Lime's IPO, The Information reported. Uber shares were down 0.3%.Lucid (LCID) shares fell 3.9% after the company said Monday it plans to cut 18% of its workforce as part of a plan to streamline its structure and boost profitability.Walt Disney's (DIS) ABC broadcast network launched an on-air commercial campaign urging viewers to submit comments to the Federal Communications Commission as the agency reviews ABC's petition regarding "The View," its daily talk show. Disney shares shed 1.7%.

$CCL$DIS$LCID$UBER
Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance
US Markets

Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday, while oil prices fell as markets reacted to progress in fresh talks between Washington and Iran.The Nasdaq Composite was down 1.2% at 26,209.5 after midday Monday, while the S&P 500 fell 0.3% to 7,477.4. The Dow Jones Industrial Average rose 0.4% to 51,762. Among sectors, communication services saw the biggest drop, while real estate paced the gainers.US markets were closed Friday for the Juneteenth National Independence Day holiday.Brent crude oil was down 3.6% at $77.71 a barrel intraday Monday, while West Texas Intermediate fell 2.3% to $73.60.Iran has agreed to admit inspectors from the International Atomic Energy Agency in the country, news outlets reported, citing US Vice President JD Vance."That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance reportedly said."Everybody is fully aware that Iran will agree to have major weapons inspections in order to ensure 'nuclear honesty' long into the future," US President Donald Trump said in a social media post Monday.On the status of the Strait of Hormuz, Vance said the crucial waterway is open, and negotiations with Iran are focused on setting up a "coordination mechanism" for demining and resuming trade, CNN reported.Earlier, Trump threatened further strikes on Iran, if Hezbollah in Lebanon continued attacking Israel."Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire," ING Bank said in a report. "For energy markets, the key factor is still whether oil and LNG flows from the Persian Gulf continue to recover, despite all the rhetoric."US Treasury yields were higher intraday, with the 10-year rate up 5.4 basis points at 4.51% and the two-year rate rising 4.7 basis points to 4.23%.In company news, Space Exploration Technologies (SPCX) agreed to grant Reflection AI access to the rocket and satellite company's computing infrastructure for up to $6.3 billion, CNBC reported.Separately, SpaceX said it launched its first offering of senior unsecured notes to repay outstanding bridge loan debt and cover general corporate expenses.SpaceX shares were down 9.9% intraday.Lucid Group (LCID) outlined plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability. The electric vehicle manufacturer's shares were down 4.5%.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal worth about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment.AbbVie shares were up 7%, among the top performers on the S&P 500, while Apogee surged 47%.Gold was down 1.2% at $4,195.80 per troy ounce, while silver decreased 1.4% to $65.91 per ounce.

Dow JonesNasdaq CompositeS&P 500$ABBV$APGE$LCID$SPCX
Sectors

Sector Update: Consumer Stocks Decline in Afternoon Trading

Consumer stocks were lower Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.3%.In corporate news, Lucid (LCID) shares fell 5.2% after the company said Monday it plans to cut 18% of its workforce as part of a plan to streamline its structure and boost profitability.Walt Disney's (DIS) ABC broadcast network launched an on-air commercial campaign urging viewers to submit comments to the Federal Communications Commission as the agency reviews ABC's petition regarding "The View," its daily talk show. Disney shares were down 2.2%.Getty Images (GETY) said Sunday it has entered into a display agreement with OpenAI under which Getty content will be displayed within ChatGPT. Getty shares surged almost 105%.

$DIS$GETY$LCID
Sectors

Sector Update: Consumer

Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.2%.In corporate news, Lucid (LCID) shares fell 4.6% after the company on Monday disclosed plans to cut 18% of its workforce, as part of a plan to streamline its structure and boost profitability.

$LCID
Lucid Lays Off 18% of Overall Workforce as Part of Profitability Push
US Markets

Lucid Lays Off 18% of Overall Workforce as Part of Profitability Push

Lucid Group (LCID) on Monday disclosed plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability.The layoffs include full-time employees, contractors and hourly production workers in manufacturing, the electric vehicle manufacturer said in a regulatory filing with the Securities and Exchange Commission. The plan also includes terminating the second production shift at its AMP-1 factory and aligning output plans with expected demand, according to the company.Lucid had about 9,000 employees around the world as of Dec. 31, it said in its annual report. In February, the company reportedly reduced its US workforce by 12%.Lucid anticipates the restructuring plan, which is projected to be substantially complete by the end of the third quarter, to save roughly $158 million in annual costs. It estimates to incur cash charges of around $32 million related to severance, employee benefits and employee transition costs from the job cuts.Shares of the automaker were down 3.6% in midday trading, with the stock having lost more than 50% so far this year.Chief Operating Officer Marc Winterhoff has also departed the company, effective immediately, after the company eliminated the post, Lucid said in the Monday filing. Winterhoff previously served as the company's interim chief executive and returned to the COO post as Silvio Napoli assumed the top role on a permanent basis in the beginning of June.In May, Lucid reported a first-quarter adjusted loss of $2.82 per share, compared with a loss of $2.04 a year earlier. Revenue improved to $282.5 million from $235.0 million in the prior-year quarter.For the three month period ended March, the company produced 5,500 vehicles and delivered 3,093 units, it said in April.Price: $5.18, Change: $-0.19, Percent Change: -3.45%

$LCID
Wire

Lucid to Cut US Workforce by 18%

Lucid (LCID) said Monday it plans to reduce its US workforce by about 18% to optimize operating expenses and streamline its organizational structure.The company said the plan includes eliminating the second production shift at its AMP-1 factory and aligning production plans with anticipated demand. Lucid expects the measures to generate roughly $158 million in annualized cost savings.The automaker estimates it will incur about $32 million in cash charges related to severance, employee benefits and employee transition costs, and expects to substantially complete the plan by the end of Q3.Lucid also said Chief Operating Officer Marc Winterhoff departed effective immediately following the elimination of the position.Price: $5.22, Change: $-0.15, Percent Change: -2.71%

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