S&P 500 Gains and Losses Today: News Corp Shares Jump on Profit Beat and AI Plans.

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

Key Takeaways

• U.S. equities were mixed, with the S&P 500 losing 0.1% on Friday, Aug. 11, 2023, after a higher-than-expected rise in producer prices.
• News Corp shares gained as the media giant cut costs and said AI would boost future results.
• Freeport-McMoran was hit by a cyberattack, and shares of the mining firm fell.

U.S. equity markets ended the Friday session mixed as wholesale prices in July rose more than economists had estimated. The S&P 500 dropped 0.1%, and was down for the second week in a row.

News Corp (NWSA) was the top-performing stock on the index as shares surged 4.5% after Rupert Murdoch’s media company beat profit forecasts through “stringent cost controls,” and indicated artificial intelligence (AI) would help increase revenue and cut expenses in the future.

Occidental Petroleum (OXY) shares also added 3% when the Department of Energy chose the company to be one of two firms to receive a $1.2 billion grant to take carbon dioxide from the air. Axon Enterprise (AXON) rose 3%, in their third straight day of solid gains following the Taser maker’s strong earnings report and guidance.

Nvidia (NVDA) shares fell 3.6% amid concerns that more U.S. sanctions could impact the Chinese chip market, and just a day after leading both the Dow and S&P 500 on plans to raise prices for its Disney+ streaming service and crack down on password sharing, Walt Disney (DIS) shares dipped 3%.

Freeport-McMoRan (FCX) shares lost 2% as the mining company was hit by a cyberattack. 

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