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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.
Key Takeaways
- U.S. equities rose at midday on Monday, Sept. 11, 2023, amid expectations Fed policymakers might not raise interest rates at their meeting next week.
- Tesla shares soared as Morgan Stanley said its artificial intelligence (AI) supercomputer could push the electric vehicle (EV) maker's value up by $500 million.
- J.M. Smucker bought Hostess Brands for $5.6 billion, and its shares sank while Hostess shares hit a record high.
U.S. equities opened the week higher at midday amid expectations Fed policymakers might not raise interest rates at their meeting starting Sept. 19, with traders pricing in a greater than 90% chance rates will remain stable, according to CME Group's FedWatch tool. The Dow, S&P 500, and Nasdaq were all in positive territory.
Tesla (TSLA) led gains on the S&P 500 as the car maker's shares soared after Morgan Stanley upgraded the stock and raised the price target to $400, the highest among Wall Street analysts, on optimism the electric vehicle giant’s new artificial intelligence (AI) supercomputer could boost the company’s value by half a billion dollars.
Qualcomm (QCOM) shares also gained as the semiconductor firm indicated it will supply Apple (AAPL) iPhones with 5G chips through 2026. Shares of Walt Disney (DIS) and Charter Communications (CHTR) jumped on a report that the companies agreed to a deal that would end Disney’s blackout of programming to Charter cable customers over a fee dispute.
J.M. Smucker (SJM) shares slumped after the maker of jellies, coffee, and other food products agreed to buy Twinkies maker Hostess Brands (TWNK) for $5.6 billion, and shares of RTX (RTX) tumbled as the jet engine producer warned it will take a $3 billion charge this quarter because it must pull some of its Pratt & Whitney engines out of service to inspect them for a possible manufacturing flaw.
Moderna (MRNA) shares lost ground after the vaccine maker said it would pay $120 million to collaborate with German cancer drug developer Immatics to work on cancer vaccines and therapies.
Oil futures were down. Gold prices rose. The yield on the 10-year Treasury note advanced. The U.S. dollar lost ground to the euro, pound, and yen. Major cryptocurrencies traded lower.
