US Stocks Turn Green Despite Rising Bond Yields
Investing.com — Despite the rise in bond yields, U.S. stocks managed to reverse earlier losses and turn green on Monday. Investors eagerly await the quarterly earnings reports from several tech giants scheduled for this week.
Hess and Chevron Stocks Fall After Bid Announcement
Hess stock (NYSE:) fell 0.9% and Chevron stock (NYSE:) fell 3.1% after the oil major launched a bid to acquire its smaller rival in an all-stock deal valued at $53 billion.
Okta Faces Cybersecurity Breach
Okta stock (NASDAQ:) fell 7.9%, extending Friday’s selloff after the cybersecurity firm disclosed a breach of its customer support system. This breach allowed certain hackers to view files uploaded by specific clients.
Apple Stock Rises Despite Tax Probe
Apple stock (NASDAQ:) rose 0.3% following news that Foxconn, a major supplier of Apple’s iPhones, is facing a tax probe in China. This report comes from the state-backed Global Times newspaper.
Roivant Sciences Stock Drops After Deal Announcement
Roivant Sciences stock (NASDAQ:) fell 4.7% in volatile trading after Roche agreed to pay an initial $7.1 billion to the drug maker, in combination with Pfizer (NYSE:), up 1.7%. This deal grants Roche rights to a new inflammatory bowel disease drug.
Tesla Exceeds Capital Expenditure Target
Tesla stock (NASDAQ:) rose 2.2% after the EV manufacturer announced that its capital expenditure for 2023 would exceed the $7 billion to $9 billion target initially set earlier this year.
Pinterest Receives Upgrade
Pinterest stock (NYSE:) rose 3.2% after Stifel upgraded the image-sharing company to ‘buy’ from ‘hold’, citing substantial growth potential beyond the domestic market.
Walgreens Gets Upgraded by JPMorgan
Walgreens stock (NASDAQ:) rose 4.7% after JPMorgan upgraded the pharmacy chain to ‘overweight’ from ‘neutral’. This upgrade comes as Tim Wentworth assumes the CEO role, marking the beginning of a new phase for the company’s shares.
Salesforce and Unity Software Stocks Downgraded
Salesforce stock (NYSE:) fell 0.3% and Unity Software (NYSE:) dropped 1.3% after Piper Sandler downgraded both software companies to ‘neutral’ from ‘overweight’. Additionally, Asana stock (NYSE:) rose 0.6% after Piper Sandler downgraded it to ‘underweight’ from ‘neutral’.
In conclusion, U.S. stocks managed to turn green despite the rise in bond yields. The market’s focus now turns to the upcoming quarterly earnings reports from various tech giants, which will likely have a significant impact on market sentiment.
