Stocks are making big moves midday, with Paramount Global shedding 2% after agreeing to merge with Skydance Media. Meanwhile, Morphic Holding shares rallied 75% on news of a $3.2 billion acquisition by Eli Lilly. Ideaya Biosciences also surged 19% after positive trial results for its cancer treatment.
In other news, the energy sector is poised for a comeback after a recent pullback, with Wolfe Research predicting a rise in crude oil prices. Former Dallas Fed leader Robert Kaplan expects a rate cut in September, while inflation expectations have decreased according to a New York Fed survey.
Looking ahead, UBS forecasts a 7.4% growth in S&P 500 earnings for the second quarter, and U.S. crude oil fell 1% as Hurricane Beryl impacts the Gulf Coast. Stocks opened higher today, with the S&P 500 and Nasdaq Composite advancing.
French stocks rose after a left-wing coalition won a surprise election, and Boeing agreed to plead guilty to a criminal fraud charge. European stocks also opened higher this morning. Stay tuned for more updates on the market.
