Key Takeaways
- U.S. equities were higher at midday ahead of key inflation data coming this week.
- EchoStar sold some spectrum licenses to Elon Musk's SpaceX, shaking up the wireless sector.
- Canada Goose Holdings was upgraded by TD Cowen as it moved to offer more year-round apparel.
U.S. equities were higher at midday ahead of key inflation data coming this week. The Dow Jones Industrial Average, S&P 500, and Nasdaq all rose.
Shares of EchoStar (SATS) took off after the DISH TV and Boost Mobile operator sold some spectrum licenses to Elon Musk's rocket and satellite company SpaceX for about $17 billion. EchoStar added that it believes the agreement, along with another last month with AT&T (T), will resolve issues it has had with federal regulators over its wireless and satellite rights.
Shares of trading platform Robinhood Markets (HOOD) and mobile marketing provider AppLovin (APP) surged following the announcement by S&P Dow Jones Indices that the two would be added to the S&P 500 later this month.
Canada Goose Holdings (GOOS) shares jumped on an upgrade from TD Cowen, which pointed to the decision by the maker of popular down jackets to add more year-round apparel products.
The EchoStar deal drove down shares of others in the wireless sector, including Verizon Communications (VZ), T-Mobile US (TMUS), SBA Communications (SBAC) and Crown Castle (CCI).
Summit Therapeutics (SMMT) shares sank when the biopharma firm reported a Phase 3 trial of its experimental lung cancer drug was not as effective for European and American patients than Chinese ones.
Oil and gold futures advanced. The yield on the 10-year Treasury note declined. The U.S. dollar gained on the yen, but lost ground to the euro and pound. Prices for most major cryptocurrencies were higher.
