Key Takeaways
- The S&P 500 rose 1.1% on Monday, Oct. 16, 2023, posting solid gains as the markets kick off a week of noteworthy earnings reports.
- Shares of Charles Schwab jumped as earnings at the discount brokerage exceeded estimates and the firm said that it would slash expenses.
- Moderna shares slumped as the drug maker warned that it couldn't yet determine demand for COVID-19 vaccines in the U.S. this year.
U.S. equities began the week in strong fashion, as the S&P 500 added 1.1% in Monday's session, with key earnings reports set to come out over the next few days.&n💙bsp;The Dow and Nasdaq also climbed about ﷺ1%.
In the financial sector, 澳洲幸运5官方开奖结果体彩网:better-than-expected earnings and a major cost-cutting plan lifted shares of discount brokerage Charles Schwab (SCHW) 4.7%. Raymond James Financial (RJF) shares rose 2.5% as the firm struck a deal to use tax-management technology provided by JPMorgan Chase (JPM) for its 澳洲幸运5官方开奖结果体彩网:managed accounts.
News Corp. (NWSA) shares gained 4.7% following reports that 澳洲幸运5官方开奖结果体彩网:activist investor Starboard Value increased its stake in 澳洲幸运5官方开奖结果体彩网:Rupert Murdoch's media company, seeking strategic and governance changes. Among the proposed changes is ending the 澳洲幸运5官方开奖结果体彩网:dual-class stock structure that has allowed the Murdo꧑ch family to control an almost 40% voting bloc.
Moderna (MRNA) shares sank 6.5% as the drug maker said it was comfortable with its full-year COVID-19 vaccine sales outlook but warned that it was 澳洲幸运5官方开奖结果体彩网:too early to tell what the vaccine rates in the U.S. will be.
Moderna made the announcement after rival Pfizer (PFE) cut its full-year guidance, with the lower expectations "solely due to COVID products." However, Pfizer shares increased 3.6% as Jefferies upgraded the stock, calling it🐓 attractive following the change in forecast.
Henry Schein (HSIC) shares tumbled 2.1% after word that the health care equipment firm's manufacturing and distri♏bution businesses were victims of a cyberattack.
Organon (OGN) shares lost 2.7% after Daré Bioscience (DARE) said the health care firm will pay $1.8 million as part of a partnership deal following the first commercial sale of Daré Bioscience's vaginal gel. Daré shares skyroc✨keted 14.3%.
Correction—Oct. 17, 2023: A previous version of this article incorrectly s🥀tated that Organon would pay Daré Bioscience $1.8 billion as part of a part💫nership deal. The correct figure is $1.8 million.