Markets Fall at Midday Ahead of the Release of the Fed’s Latest Meeting Minutes

U.S. equities were lower at midday following the July 4th holiday ahead of the release of meeting minutes from the Fed’s June policy meeting. The Dow, S&P 500, and Nasdaq were all down.

Generac Holdings (GNRC) shares slumped after hitting a 2023 high on Monday following a boom in demand for generators amid storm and heat-related power outages. Shares of United Parcel Service (UPS) slipped after contract negotiations between the delivery company and the Teamsters Union stalled. 

An analyst downgrade weighed on shares of Coinbase Global (COIN). Copper prices fell amid concerns about demand from China, and that sent shares of Freeport-McMoRan (FCX) and other miners tumbling.

Meta Platforms (META) shares took off as the social media site gave a preview of its so-called “Twitter Killer,” called “Threads,” which is set for release tomorrow. Alphabet (GOOGL) shares rose as Piper Sandler raised its price target on the stock.

Moderna (MRNA) shares gained after the vaccine maker agreed to a deal to develop mRNA drugs in China. Shares of Transocean (RIG) advanced after an analyst upgrade. Wolfspeed (WOLF) shares jumped after the firm signed a 10-year agreement with Japan’s Renesas Electronics Corporation to provide silicon carbide wafers. 

Oil futures moved higher. The yield on the 10-year Treasury note increased. The U.S. dollar climbed versus the euro and yen, but lost ground to the pound. Major cryptocurrencies traded in negative territory.