By Liz Moyer
Investing.com -- U.S. stocks fell after Federal Reserve Chair Jerome Powell's pledge to pursue more interest rate hikes. Here are the midday movers for Aug. 26:
- Dell Technologies Inc (NYSE:DELL) stock fell 11% after the personal computer maker said it witnessed a softening in demand as consumers pull back on making more purchases.
- Affirm Holdings Inc (NASDAQ:AFRM) shares fell 20% after the buy-now-pay-later fintech lowered its full year revenue outlook, also highlighting economic challenges ahead.
- Moderna Inc (NASDAQ:MRNA) shares fell 2% after it sued Covid-19 vaccine rivals Pfizer Inc (NYSE:PFE) and BioNTech SE (NASDAQ:BNTX), accusing them of infringing on its mRNA technology patents from 2010 to 2016. Shares of Pfizer fell 1% and shares of BioNTech fell 2%.
- Lennar Corporation (NYSE:LEN) shares fell nearly 6% as it and other homebuilders are under pressure from rising interest rates, which are throwing a wet towel on demand for new housing. Shares of DR Horton Inc (NYSE:DHI) also fell 5%.
- Electronic Arts Inc (NASDAQ:EA) shares jumped 4.8% on an earlier report of a possible tie up with Amazon.com Inc (NASDAQ:AMZN). The report cited its source as rumors, and CNBC later reported Amazon was unlikely to bid.