U.S. equities fell, with the S&P 500 down 0.8%, after minutes from the latest Federal Reserve meeting showed policymakers indicated additional interest rate hikes may be needed to bring down inflation.
Jack Henry & Associates (JKHY) led losses as shares declined 7% after the payment processing company warned of near-term headwinds to profits, and gave a full-year outlook that missed forecasts.
Intel (INTC) shares also slipped 3.6% as the chipmaker called off its planned $5.4 billion purchase of Tower Semiconductor when Chinese regulators didn’t approve the merger by the deadline set by the companies.
Shares of Agilent Technologies (A) tumbled 3.4% after the medical equipment maker cut its full-year forecast because of soft demand in China.
The top-performing stock on the index was Progressive Corporation (PGR), as shares rose 8.9% after the insurance provider said it had an almost 21% jump in premiums written in July. The news lifted shares of rivals Allstate (ALL) and The Travelers Companies (TRV) as well.
TJX Companies (TJX) shares gained 4%, reaching an all-time high, after the discount retail chain operator exceeded earnings and revenue estimates and boosted its guidance on strong customer traffic.
Target (TGT) shares added 3% as the retailer overcame a drop in sales and posted better-than-expected profit by reducing inventories and cutting costs.
Originally published on Investopedia.com