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Key Takeaways
- U.S. equities were little changed, with the S&P 500 Index adding 0.07% on Sept. 18, 2023 ahead of Wednesday’s announcement from the Fed about interest rates.
- Shares of Apple gained as Morgan Stanley made positive comments about demand for the new iPhone 15.
- Moderna and Pfizer shares declined when Pfizer’s CFO said the drugmaker expects a U.S. COVID-19 vaccination rate of 24% this year.
U.S. equities were little changed, with the S&P 500 up 0.07%%, as investors focused on this week’s Federal Reserve meeting, when it’s expected policymakers will pause raising interest rates as inflation slows.
Shares of Apple (AAPL) advanced 1.7% after Morgan Stanley indicated lead time and preorders for the new iPhone 15 were encouraging.
Lennar (LEN) added 2% as RBC Capital Markets boosted the price target after the home builder reported better-than-expected quarterly results last week.
Valero Energy Corporation (VLO) doubled its stock buyback plan by up to another $2.5 billion, and shares of the gas station operator and petroleum refiner rose 1.8%.
Ralph Lauren (RL) shares picked up 0.8% as Guggenheim upgraded the stock, saying the high-end clothing retailer had significant growth potential.
Shares of Moderna (MRNA) lost 9%, and Pfizer (PFE) shares dropped 1%, when Pfizer CFO David Denton said his firm believes the COVID-19 vaccination rate in the U.S. will be 24% this year.
Tesla (TSLA) shares dipped 3% after Goldman Sachs predicted the electric vehicle maker’s profit will be hurt by Tesla’s recent price cuts.
Incyte (INCY) shares fell 5% following Food and Drug Administration (FDA) approval of rival GSK’s (GSK) competing treatment for blood cancer.
Caesars Entertainment (CZR) shares dipped 3.6% as the hotel and casino operator was hit with a cyberattack just days after the same fate befell rival MGM Resorts International (MGM).