Key Takeaways
Cruise lines gained on analysts’ upgrades, with Carnival Corporation (CCL) shares soaring. Bank of America also raised the price targets on Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL), and those shares rose.
Tesla gained for a 12th straight session as several electric vehicle (EV) charging station companies said they would offer equipment compatible with Tesla’s.
U.S. equities gained on growing optimism that the Federal Reserve will announce at this week’s meeting that policymakers will pause their aggressive series of interest rate increases that’s been in effect since March of 2022. The S&P 500 rose to a 13-month high.
It was a big day for cruise line stocks, with Carnival Corporation (CCL) shares soaring as both Bank of America and JPMorgan upgraded the stock and boosted their price targets. Bank of America also raised the price targets on Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL), and those shares rose. Oracle (ORCL) shares jumped on an upgrade from Wolfe Research. Shares of semiconductor companies, including Intel (INTC) and Broadcom (AVGO), advanced.
Tesla (TSLA) shares gained for the 12th session in a row as several electric vehicle (EV) charging station companies said they would offer equipment compatible with Tesla’s. Chinook Therapeutics (KDNY) shares skyrocketed as Novartis (NVS) said it would pay up to $3.5 billion for the biopharma company. After a long delay, Catalent (CTLT) released its fiscal third quarter results, and shares took off as the contract drug manufacturer’s sales were better than estimates.
Regional banks dominated the list of worst-performing stocks in the S&P 500, led by KeyCorp (KEY), whose shares sank almost 5%. However, the worst-performer in the index was Nasdaq (NDAQ), which announced a $10.5 billion purchase of risk management and regulatory software maker Adenza. The news also dragged down shares of International Exchange (ICE), CME Group (CME), Cboe Global Markets (CBOE), and Marketaxess Holdings (MKTX).
The possibility of a Fed rate pause sent oil futures tumbling, and that pulled down shares of Chevron (CVX) and other oil producers. Kellogg (K) shares lost ground on concerns the cereal maker’s involvement at the Tony Awards could cause a consumer boycott. Shares of Target (TGT) dropped for the 15th session of the last 17 because of a marketing controversy.
Gold prices fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained against the pound and yen, but slipped versus the yen. Most major cryptocurrencies traded lower.
