- The S&P 500 gained 0.7% on Monday, Nov. 20, 2023, adding to last week’s gains amid optimism that slowing inflation will keep the Federal Reserve from raising interest rates.
- Deutsche Bank upgraded Boeing and raised its price target for the stock, and shares of the plane maker jumped.
- Bristol-Myers Squibb shares declined as the U.S. Food and Drug Administration (FDA) delayed a decision on expanding the use of the pharmacutical company’s blood cancer drug.
U.S. equities kicked off the Thanksgiving-shortened trading week on a positive note, continuing last week’s momentum fueled by optimism that easing inflation will lead the Federal Reserve to stop raising interest rates. The S&P 500 added 0.7% on Monday.
Paramount Global (PARA) shares jumped 5.6% after the entertainment conglomerate sold its Bellator mixed martial arts unit to the Professional Fighters League as it moves to shut its sports operations at Showtime.
Bristol-Myers Squibb (BMY) shares sank 3.8%, and shares of its partner 2seventy Bio (TSVT) lost 18.3% as the Food and Drug Administration (FDA) delayed a planned December decision on the drug makers’ request for expanded use of their blood cancer treatment.
United Rentals (URI) shares slipped 1.9% when British rival Ashtead Group warned that its profit would be negatively affected by reduced demand in the U.S.
NRG Energy (NRG) shares slumped 1.6% after CEO Mauricio Gutierrez stepped down and the power provider added new members to the board as it faced pressure to make changes from activist investor Elliot Investment Management.