CFOTO / Future Publishing via Getty Images Tesla shares lost ground when China’s Xiaomi announced that its new electric SUV that looks to challenge Tesla's Model Y will be launched in China on Thursday.

Key Takeaways

A downgrade of the U.S. debt rating by Moody's sent U.S. equities lower and Treasury yields higher at midday. Tesla's Chinese rival Xiaomi announced its electric SUV set to compete with Tesla's Model Y will be launched Thursday. TXNM Energy agreed to be purchased by Blackstone's infrastructure division for $11.5 billion in cash and debt.

U.S. equities were down at midday, while the yield on the 10-year Treasury jumped, as the market reacted to Moody's downgrading the U.S. debt rating. The Dow Jones Industrial Average, S&P 500, and Nasdaq all slid.

Tesla (TSLA) shares lost ground when Chinese rival Xiaomi announced that its new electric SUV that looks to challenge Tesla's Model Y will be launched in China on Thursday.

Higher bond yields sent shares of Builders FirstSource (BLDR) and those of others in the homebuilding sector tumbling on worries about higher borrowing costs.

Bath & Body Works (BBWI) shares declined when the personal care and home fragrance retailer replaced its CEO, reported preliminary first-quarter profit and sales, and reiterated its 2025 outlook.

AutoZone (AZO) shares advanced when Evercore added the auto parts retailer to its "Tactical Outperform" list, pointing to the company's focus on expanding its mega-hub stores and boosting inventory.

Shares of Novavax (NVAX) soared after the Food and Drug Administration (FDA) approved its new, protein-based COVID-19 vaccine.

TXNM Energy (TXNM) shares were trading at a record high when the power provider for New Mexico and Texas agreed to be acquired by the infrastructure unit of Blackstone (BX) for $11.5 billion in cash and debt.

Oil and gold prices gained. The U.S. dollar lost ground on the euro, pound, and yen. Most major cryptocurrencies traded higher.  TradingView

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