May 31, 2024
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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