The stock market is buzzing with activity as various companies make notable moves midday. Spotify, the music streaming company, saw a 4% climb following its announcement of premium subscription price increases in the U.S. in July. Paramount Global, the media company, advanced more than 7% after reports of a merger with Skydance. On the flip side, Cava shares shed about 5% after being downgraded at JPMorgan.
In other news, the Consolidated Tape Association reported a technical issue related to new software that affected 49 tickers. U.S. crude oil fell more than 3% as OPEC+ announced plans to phase out voluntary production cuts. Structure Therapeutics stock skyrocketed more than 60% on hopes for its weight loss pill, while Stericycle soared following news of its acquisition by Waste Management.
GameStop shares rallied 74% after posts from ‘Roaring Kitty,’ and South Korean energy stocks rose after the government greenlit exploration plans. India stocks hit record highs as exit polls showed Modi’s BJP-led alliance projected to win a majority. Additionally, China’s May factory activity expanded at the fastest pace in nearly two years, and South Korea’s May manufacturing PMI expanded at the fastest pace in nearly three years.
Nvidia announced its latest AI chip model, Rubin, and stock futures opened little changed. The market is still in the early phases of a bull market, according to Ed Yardeni, president of Yardeni Research. With so much happening in the stock market, investors are keeping a close eye on these developments.
