Key Takeaways
- U.S. equities were little changed at midday with the market awaiting the key earnings report from Nvidia tomorrow.
- Nvidia shares advanced after Truist raised its price target on the stock.
- Edgar Bronfman Jr. dropped his bid for Paramount Global, sending shares down.
U.S. equities were little changed at midday as the market looked ahead to the earnings report from what has become a bellwether of the recent stock rally, Nvidia (NVDA). The Dow was down from its record high set yesterday, while the S&P 500 and Nasdaq were essentially flat.
Nvidia shares gained after Truist boosted its price target, citing improving fundamentals and “sentimental” factors.
Shares of Insulet (PODD) jumped when the Food and Drug Administration (FDA) approved the firm’s Omnipod 5 automated insulin pump for people with type 2 diabetes.
Eli Lilly (LLY) shares traded near an all-time high after the drug maker announced it would be selling its popular weight-loss treatment Zepbound in single-dose vials that would be half the regular price of pre-filled ones. That news sent shares of copycat drug provider Hims & Hers Health (HIMS) sinking.
Paramount Global (PARA) shares slumped after billionaire Edgar Bronfman Jr. decided to end his effort to buy the entertainment giant.
Shares of Cava Group (CAVA) tumbled when its major shareholder and several executives slashed their stakes of the Mediterranean fast-casual restaurant chain, whose shares soared last week on strong earnings.
Oil and gold futures declined. The yield on the 10-year Treasury note was up. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies dropped.
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