In today’s midday trading session, pharmaceutical stocks bounced back from earlier losses following an executive order aimed at reducing drug prices. Companies like Merck, Pfizer, Bristol-Myers Squibb, and Eli Lilly all saw gains, while CVS Health experienced a decline due to the order’s impact on pharmacy chains.
Tech stocks also saw a rally as the U.S. and China agreed to suspend most tariffs on each other’s goods. Companies like Tesla, Amazon, Apple, and Meta Platforms all saw significant increases in their stock prices. Semiconductor stocks such as Nvidia, Broadcom, and ON Semiconductor also experienced gains.
Educational technology company Chegg announced a 2% increase in its shares after revealing plans to lay off 22% of its workforce. This decision was made in response to declining web traffic as students increasingly turn to artificial intelligence tools for educational purposes.
U.S.-listed shares of Chinese companies surged following the tariff agreement between the two countries. E-commerce giants like PDD Holdings, Alibaba, and JD.com saw significant increases in their stock prices, along with tech giant Baidu.
Health-care company KindlyMD experienced a 300% surge in its stock price after announcing a merger with Nakamoto, a bitcoin investment company founded by cryptocurrency advisor David Bailey. Retail stocks sensitive to Chinese imports also jumped after the tariff agreement, with companies like Five Below, RH, Nike, Lululemon, and Estée Lauder all seeing gains.
Energy company NRG Energy saw a 23% increase in its shares after announcing the acquisition of a power portfolio from LS Power for $12 billion. The deal is expected to close in the first quarter of next year and includes natural gas generation facilities across nine states.
Casino stocks like Las Vegas Sands and Wynn Resorts surged on Monday after the tariff agreement between the U.S. and China. Both companies have significant exposure to the Chinese economy through their properties in Macao.
Overall, it was a day of significant movements in the stock market, driven by various factors such as trade agreements, company announcements, and industry trends. Investors will be closely watching how these developments unfold in the coming days and weeks.
