Key takeaways
- The S&P 500 gained 0.7% on Monday, November 20, 2023, adding to last week’s gains amid optimism that slowing inflation will prevent the Federal Reserve from raising interest rates.
- Deutsche Bank upgraded Boeing and raised its price target for the stock, and the plane maker’s shares rose.
- Shares of Bristol-Myers Squibb fell as the U.S. Food and Drug Administration (FDA) delayed a decision on expanding the use of the pharmaceutical company’s blood cancer drug.
U.S. stocks began the Thanksgiving-shortened trading week on a positive note, continuing last week’s momentum driven by optimism that slowing inflation will lead the Federal Reserve to stop raising rates. of interest. The S&P 500 rose 0.7% on Monday.
Boeing (BA) shares rose 4.7% as Deutsche Bank upgraded its stock and raised its price target based on the company’s increased aircraft deliveries.
Paramount Global (PARA) shares rose 5.6% after the entertainment conglomerate sold its Bellator mixed martial arts unit to the Professional Fighters League as it attempts to wind down its sports operations at Showtime.
General Motors (GM) shares gained 1.8% following a restructuring at its Cruise self-driving taxi unit, with the resignation of co-founder and CEO Kyle Vogt.
Shares of Microsoft (MSFT) advanced 2.1% on Monday after the software company hired former OpenAI CEO Sam Altman to lead Microsoft’s artificial intelligence research team.
Shares of Bristol-Myers Squibb (BMY) sank 3.8% and shares of its partner 2seventy Bio (TSVT) lost 18.3% as the Food and Drug Administration (FDA) delayed a decision scheduled for December on drug makers’ request to expand the use of their blood cancer treatments.
United Rentals (URI) shares fell 1.9% as British rival Ashtead Group warned its profits would be negatively affected by reduced demand in the US.
NRG Energy (NRG) shares fell 1.6% after CEO Mauricio Gutierrez resigned and the energy provider added new board members as it faces pressure to make changes from activist investor Elliot Investment Management.
