Key Takeaways
- U.S. equities mostly rose at midday on optimism about U.S.-China trade and TikTok’s future.
- Tesla CEO Elon Musk purchased about $1 billion in the electric vehicle maker’s stock.
- Chinese regulators are investigating U.S. chipmakers for alleged dumping of analog integrated circuit semiconductors.
U.S. equities were higher at midday on positive comments about China trade and the future of TikTok from President Trump, as well as Tesla (TSLA) news. S&P 500 and Nasdaq gained, while the Dow Jones Industrial Average was little changed.
Tesla shares jumped as a regulatory filing showed CEO Elon Musk purchased 2.57 million shares of the electric vehicle’s stock valued at about $1 billion.
Shares of Seagate Technology Holdings (STX) traded above $200 for the first time on continued excitement over the company’s new hard disk drive for artificial intelligence data centers.
Intel (INTC) shares climbed after the struggling semiconductor maker reduced its target for full-year non-GAAP operating expenses after completing the $3.3 billion sale of a majority stake in its Altera programmable chip business to private equity firm Silver Lake.
Alphabet (GOOGL) shares were up for a third straight session, making the parent of Google the fourth company with a $3 trillion market capitalization.
Corteva (CTVA) was among the worst-performing stocks in the S&P 500 following a report that the manufacturer of crop seeds and pesticides is looking into splitting itself into two separate companies.
Some chipmakers, including Nvidia (NVDA) and Texas Instruments (TXN), fell as Chinese regulators were investigating potential dumping of analog integrated circuit semiconductors from the U.S.
U.S.-listed shares of AstraZeneca (AZN) declined after a report the drugmaker had paused a planned $272 million investment in Britain, and received a downgrade from Europe’s Handelsbanken.
Oil and gold futures rose. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies dipped.