Midday Movers: Best Buy and Lowe's Drop, Newmont and Freeport-McMoRan Gain

U.S. equities were down at midday as a string of retailers warned about consumer spending heading into the key holiday shopping season. The Dow, S&P 500, and Nasdaq all fell.

Best Buy (BBY) shares declined after the electronics retailer said customer demand was “uneven” and hard to predict, as it reduced its full-year forecast. Lowe’s (LOW) also lowered its outlook, as consumers pulled back on do-it-yourself projects.

Shares of Jacobs Solutions (J) plunged after the professional services provider announced it was spinning off its Critical Missions Solutions and Cyber & Intelligence government services businesses and merging them with government and commercial services contractor Amentum into a separate, publicly traded firm. 

Shares of miners Newmont Corporation (NEM) and Freeport-McMoRan (FCX) advanced as the price of gold crossed $2,000 an ounce.

Agilent Technologies (A) shares jumped after the maker of laboratory equipment beat profit and sales estimates as two of its three divisions posted higher revenue despite what CEO Mike McMullen called a “challenging year for the industry.”

Tesla (TSLA) shares gained as the electric vehicle maker started delivering its Cybertruck to showrooms. 

Oil futures declined. The yield on the 10-year Treasury note was down. The U.S. dollar was up on the euro, but lower versus the pound and yen. Most major cryptocurrencies traded in negative territory.