MicroStrategy, EQT, Bally’s, and More

U.S. equities were mixed at midday Monday after a survey by the Federal Reserve Bank of New York showed consumers’ outlook for long-term inflation remained well above the Federal Reserve’s 2% target. The S&P 500 and Nasdaq declined, while the Dow was little changed and slightly higher.

EQT (EQT) shares slumped after the natural gas producer said it was purchasing midstream infrastructure provider Equitrans Midstream (ETRN) for about $5.5 billion. Equitrans Midstream shares gained.

Eli Lilly (LLY) shares lost ground for a second-straight session after the Food and Drug Administration (FDA) noted it would collect more information about Lilly’s experimental Alzheimer’s treatment, donanemab, which will delay its release.

Bally’s (BALY) shares soared after hedge fund Standard General offered to buy the company for $15 per share. Shares of rival casino operators rose as well.

Shares of MicroStrategy (MSTR), Coinbase Global (COIN), and other crypto-related firms surged as Bitcoin continued its record-setting streak, with the price exceeding $72,000. Most other major cryptocurrencies also traded higher.

Oil futures declined. Gold kept up its record-setting pace. The yield on the 10-year Treasury note was little changed. The U.S. dollar was up against the euro and pound, but dropped versus the yen.