Key Takeaways
- The Dow, S&P 500, and Nasdaq were little changed at midday Tuesday, May 21, 2024 as the market reacted to the latest corporate earnings news and comments from Federal Reserve officials about the future of interest rates.
- Shares of Eli Lilly gained as the drug maker’s approved medicine for ulcerative colitis met late-stage trial endpoints for treating Crohn’s disease as well.
- Peloton shares dropped after the company announced it would sell notes and take out a $1 billion loan as it reworks its debt.
The Dow, S&P 500, and Nasdaq were little changed at midday as the market reacted to the latest corporate earnings reports and comments from Federal Reserve Governor Christopher Waller, who said he would need to see several improved inflation readings before he could vote to lower interest rates.
Shares of Eli Lilly (LLY) gained as the drug maker’s approved medicine for ulcerative colitis met late-stage trial endpoints for treating Crohn’s disease as well.
IBM (IBM) shares advanced as the tech giant unveiled several artificial intelligence (AI) updates, including strengthening collaborations with Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META), and expanded offerings through its partnership with Saudi Arabia.
XPeng (XPEV) American depositary receipts (ADRs) rose after the Chinese electric vehicle (EV) maker reported a big rise in revenue as deliveries increased.
Peloton (PTON) shares slumped as the fitness equipment and exercise program provider announced plans to begin a global refinancing program of its debt that includes selling convertible senior notes and taking out a $1 billion loan.
Shares of restaurant payment services company Toast (TOST) declined as Baird downgraded the stock, suggesting it could be overvalued after soaring more than 40% since the start of the year.
Palo Alto Networks (PANW) tumbled after the network security firm issued a lackluster current-quarter and full-year outlook.
Oil futures fell and gold prices were down slightly. The yield on the 10-year Treasury note was lower. The U.S. dollar rose versus the euro but lost ground to the pound and yen. Most major cryptocurrencies traded higher, especially Ether, on optimism that an Ether exchange traded fund (ETF) could be approved by the Securities and Exchange Commission.
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