Key Takeaways
- U.S. equities were little changed Monday afternoopn on the last day of what has been a strong month of September and third quarter for stocks.
- CVS Health shares advanced on reports hedge fund Glenview Capital Management was meeting with the firm to discuss ways to boost its lagging performance.
- Stellantis cut its guidance on a weak market and Chinese competition.
U.S. equities were little changed Monday afternoon, with the stock market set to wrap up a winning month and quarter. The Nasdaq posted a slight gain, while the Dow was edging lower and the S&P 500 was about flat.
CVS Health (CVS) shares jumped on reports hedge fund Glenview Capital Management was meeting with the pharmacy and health care chain’s leadership to discuss a shakeup. Shares of FedEx (FDX) and UPS (UPS) advanced on expectations air freight demand will jump if longshoremen on the East and Gulf Coasts go on strike tomorrow. Apple (AAPL) shares gained on indications the tech giant will release an iPad-like smart home device next year.
Stellantis (STLA) shares plunged after the Jeep maker slashed its guidance on deteriorating market dynamics and competition from China. The news dragged down shares of rivals General Motors (GM) and Ford Motor (F). Shares of Coinbase Global (COIN) and MicroStrategy (MSTR) were down along with the prices of Bitcoin and other major cryptocurrencies. Carnival Corporation (CCL) shares dropped after the cruise line gave weaker-than-expected net yields guidance.
Oil futures gained. Gold prices fell. The yield on the 10-year Treasury note was up. The U.S. dollar was higher against a basket of currencies.
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