Key Takeaways
- Major U.S. indexes were little changed at midday Wednesday, ahead of the Federal Reserve’s decision on interest rates.
- U.S. Steel shares gained following a report Nippon Steel has been granted more time by U.S. regulators to put together its plan for the purchase of the steelmaker.
- Shares of Intuitive Machines surged after the space travel support firm received a contract worth up to $4.82 billion from the National Aeronautics and Space Administration (NASA).
Major U.S. indexes were little changed at midday Wednesday, ahead of the Federal Reserve’s decision on interest rates, with the central bank widely expected to deliver its first interest rate cut since 2020.
U.S. Steel (X) shares gained following reports Nippon Steel has been allowed by Biden administration officials to refile its plans to purchase U.S. Steel, pushing the review period for the $14.9 billion deal past the November elections.
Shares of Intuitive Machines (LUNR) skyrocketed after the space communications and navigation services provider received a contract worth up to $4.82 billion from the National Aeronautics and Space Administration (NASA) to assist in moon exploration.
VF Corporation (VFC) shares jumped as Barclays upgraded the stock, pointing to a turnaround in its Vans brand.
ResMed (RMD) shares tumbled zs Wolfe Research downgraded the stock amid concerns the sleep apnea device maker’s revenue could be hurt by competition from weight-loss medicines.
Shares of Cencora (COR) dropped on a report the drug distributor paid $75 million to hackers in what could reportedly be the biggest cyberattack ransom payoff ever.
Ebay (EBAY) shares declined when the online retailer’s CFO sold more than $1.9 million in the company’s stock.
Oil futures fell, and gold prices rose. The yield on the 10-year Treasury note advanced. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.
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