Key Takeaways
- Major U.S. equities indexes climbed in recent trading as tech stocks gained.
- Electronic Arts agreed to go private in a $55 billion deal with a consortium of investors, sending shares higher.
- Shares of oil companies lost ground as OPEC+ announced plans to increase oil output.
Major U.S. equities climbed in recent trading, with tech stocks helping lift the Dow, S&P 500, and Nasdaq.
Electronic Arts (EA) shares took off as it agreed to be taken private for $55 billion by a consortium of investors, including the Saudi Public Investment Fund, Jared Kushner’s Affinity Partners, and Silver Lake.
Shares of hard drive makers Western Digital (WDC) and Seagate Technology (STX) jumped as Morgan Stanley and Rosenblatt Securities raised their price targets for the stocks. The analysts said they expect the firms to benefit from AI-driven demand.
Mining giant Freeport McMoRan (FCX) saw its shares climb as the price of gold hit an all-time high and copper futures rose to their highest level since plunging at the end of July.
Shares of oil companies, including ConocoPhillips (COP), Diamondback Energy (FANG) and Devon Energy (DVN), slid along with the price of crude after OPEC+ announced plans for a hike in output.
Intel (INTC) shares fell as TSMC (TSM) denied reports that it was in discussions with Intel about a partnership. TSMC shares edged higher.
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 traded higher.
