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Key Takeaways
- U.S. equities were mixed at midday as the Federal Reserve’s favored measure of inflation was lower than anticipated.
- Casino stocks jumped on optimism that the big stimulus package announced by China would boost their Macau properties.
- Gold fell from its all-time high, sending shares of Newmont and other miners lower.
U.S. equities were mixed at midday as the inflation report favored by the Federal Reserve came in lower than expected. The Dow Jones Industrial Average gained, the S&P 500 was little changed, and the Nasdaq declined.
Shares of Wynn Resorts (WYNN), Las Vegas Sands (LVS), and MGM Resorts International (MGM) rose as China’s big stimulus measures are expected to boost business at their casinos in Macau.
Shares of Bristol Myers Squibb (BMY) were up after the Food and Drug Administration (FDA) approved the use of its unique treatment for schizophrenia.
EchoStar (SATS) and AT&T (T) advanced on a report their respective Dish Networks and DirecTV satellite TV operations are in advanced merger talks.
Shares of Newmont (NEM) and rival gold miners fell as the price of gold dropped from an all-time high set yesterday.
Shares of Vail Resorts (MTN) slumped after the ski resort operator announced job cuts and reported a worse-than-expected quarterly loss.
Globe Life (GL) shares slid after U.S. regulators found the life insurer had discriminated against five former sales agents and one current sales agent “on the basis of sex.”
Oil futures rose. The yield on the 10-year Treasury note was down. The U.S. dollar climbed versus the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded in positive territory.
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