Key Takeaways
- Major U.S. indexes were mixed at midday Monday to start the holiday-shortened trading week.
- Chip stocks climbed, led by Broadcom and Advanced Micro Devices after bullish calls from analysts.
- ResMed shares slumped and Eli Lilly shares gained after the FDA approved Eli Lilly’s weight-loss treatment Zepbound for some patients with sleep apnea.
Major U.S. indexes were mixed at midday Monday to start the holiday-shortened trading week. The markets will close early Tuesday for Christmas Eve, and remain closed on Christmas. The Dow was lower, while the S&P 500 and Nasdaq gained.
Chip stocks advanced, led by Broadcom (AVGO) after UBS analysts raised their price target for the stock, citing the chipmaker’s artificial intelligence (AI) revenue growth. Advanced Micro Devices (AMD) shares also surged after Rosenblatt analysts called it a “top pick” on its AI-driven potential.
Tesla (TSLA) shares gained after Barclays analysts suggested the electric vehicle (EV) manufacturer could report better-than-expected deliveries for the fourth quarter.
Shares of Xerox Holdings (XRX) rose after the office products maker purchased rival Lexmark International for $1.5 billion.
Shares of sleep apnea machine maker ResMed (RMD) slumped after the Food and Drug Administration (FDA) approved Eli Lilly’s (LLY) weight-loss treatment Zepbound to treat some sleep apnea patients. Eli Lilly shares climbed.
Shares of Nordstrom (JWN) fell after the retailer announced it is being taken private by its founding family and a Mexican retail group.
Oil and gold futures fell. The yield on the 10-year Treasury note was up. The U.S. dollar was higher versus the euro, pound, and yen. Prices for most major cryptocurrencies were lower.
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