Key Takeaways
- U.S. equities gained at midday on news of a new trade deal between the U.S. and the European Union.
- Nike stock was upgraded by JPMorgan, whose analysts said to “Just Buy It!”
- Cisco Systems was downgraded by Evercore, which said any upside in the stock was already baked in.
U.S. equities were mhigher at midday after President Donald Trump and European Commission President Ursula von der Leyen announced a new trade agreement between the U.S. and the European Union. The Dow Jones Industrial Average, Nasdaq, and S&P 500 all rose.
Nike (NKE) was the best-performing stock in the Dow when JPMorgan upgraded the stock, telling clients to “Just Buy It!” on optimism about the athletic shoe and apparel maker's turnaround strategy.
The U.S.-EU agreement lifted shares of liquified natural gas (LNG) provider Cheniere Energy (LNG), as one of the provisions will have the 27-member nation group purchase more LNG and other energy sources from American suppliers.
Celcuity (CELC) shares skyrocketed to a record high when the biotech company reported positive results in a Phase 3 trial of its experimental treatment for adults with two kinds of breast cancer.
Revvity (RVTY) shares tumbled when the medical equipment maker lowered its adjusted earnings guidance on falling demand for its diagnostic products overseas, especially in China.
Shares of Charter Communications (CHTR) continued to slide following an 18% plunge on Friday after the cable and internet provider reported worse-than-expected profit and had a net loss of 117,000 broadband customers in the second quarter.
Cisco Systems (CSCO) shares declined on a downgrade from Evercore, which argued any upside in the stock is already reflected in the price.
Oil futures rose. Gold prices fell. The yield on the 10-year Treasury note gained. The U.S. dollar was up on the euro, pound, and yen. Most major cryptocurrencies traded lower.
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