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Key Takeaways
- U.S. equities were little changed at midday as the market had little news that would move stocks very much either way.
- Eli Lilly said its weight-loss pill met primary and key secondary endpoints in a Phase 3 study.
- Constellation Brands was downgraded by Bank of America on concerns about beer sales.
U.S. equities were little changed at midday on limited market-driving corporate earnings news and economic data. The Dow Jones Industrial Average, S&P 500, and Nasdaq all moved by small amounts.
Eli Lilly (LLY) was the best-performing stock in the S&P 500 when the drugmaker announced positive results from a late-stage study of its experimental weight-loss pill.
Shares of EchoStar (SATS) soared after the satellite TV provider sold spectrum allocations to AT&T (T) for about $23 billion. AT&T shares declined.
Boeing (BA) shares advanced when Korean Air ordered 103 of the planemaker’s passenger jets.
Constellation Brands (STZ) shares declined on a downgrade from Bank of America, which said the alcoholic beverage maker’s results could be hurt by falling beer demand.
Shares of Keurig Dr Pepper (KDP) slid for a second straight session after the coffee and soft drink company said it was buying coffee rival JDE Peet’s for $18 billion, and would split in two.
CSX (CSX) shares were down on word Warren Buffett told the freight rail carrier his Berkshire Hathaway (BRK.A, BRK.B), which owns BNSF, wouldn’t be buying any more railroads.
Oil futures fell. Gold prices climbed. The yield on the 10-year Treasury note was little changed. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies were up, although bitcoin traded lower.
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