MicroStrategy, EQT, Bally’s, and More

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MicroStrategy, EQT, Bally’s, and More

Key Takeaways

  • U.S. equities were mixed at midday Monday, March 11, 2024 as a survey of consumers found their outlook for long-term inflation remained above the Federal Reserve’s 2% target.
  • Shares of MicroStrategy, Coinbase Global, and other crypto-related firms surged as Bitcoin continued its record-setting streak.
  • EQT said it was buying midstream natural gas infrastructure provider Equitrans Midstream for approximately $5.5 billion. EQT shares lost ground, while Equitrans Midstream shares gained.

U.S. equities were mixed at midday Monday after a survey by the Federal Reserve Bank of New York showed consumers’ outlook for long-term inflation remained well above the Federal Reserve’s 2% target . The S&P 500 and Nasdaq declined, while the Dow was little changed and slightly higher.

EQT ( EQT ) shares slumped after the natural gas producer said it was purchasing midstream infrastructure provider Equitrans Midstream ( ETRN ) for about $5.5 billion. Equitrans Midstream shares gained.

Eli Lilly ( LLY ) shares lost ground for a second-straight session after the Food and Drug Administration (FDA) noted it would collect more information about Lilly’s experimental Alzheimer’s treatment, donanemab, which will delay its release .

Bally’s ( BALY ) shares soared after hedge fund Standard General offered to buy the company for $15 per share. Shares of rival casino operators rose as well.

Shares of MicroStrategy ( MSTR ), Coinbase Global ( COIN ), and other crypto-related firms surged as Bitcoin continued its record-setting streak, with the price exceeding $72,000. Most other major cryptocurrencies also traded higher.

Oil futures declined. Gold kept up its record-setting pace. The yield on the 10-year Treasury note was little changed. The U.S. dollar was up against the euro and pound, but dropped versus the yen.

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