Fed chair nominee Kevin Warsh in prepared remarks before the Senate Banking Committee said the central bank must remain largely independent of political influence while staying focused on its core mandate. Warsh signaled a clear inflation-first priority, with only a passing mention of the labor market: “Simply stated, Fed independence is largely up to the Fed,” he noted.
Eli Lilly (NYSE: LLY) is writing a $3.25 billion check for Kelonia Therapeutics and up to $7 billion if the privately held biotech company hits certain milestones, according to a company announcement. Kelonia is developing a next-generation treatment for multiple myeloma, positioning Lilly to expand its footprint in the blood-cancer segment of the $240 billion global cancer-drug market.
The second-largest hoagie chain in America is heading to Wall Street. Jersey Mike’s has confidentially filed for an IPO, roughly a year after Blackstone took a majority stake in the company at an approximately $8 billion valuation. The chain now counts more than 3,000 locations across the country.
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The markets are retreating in early morning treading after last week’s record run. With tech stocks pushing the Nasdaq Composite to fresh all-time intraday highs las week, the index is modestly lower to start this week. Over the weekend, the U.S. and Iran ceasefire agreement hit a snag, resulting in the subsequent closure of the Strait of Hormuz. This send oil prices rising, with WTI Crude and Brent Crude both up about 4% as they approach the $100/barrel level once again. With a few exceptions, Big Tech stocks are under pressure, including the likes of Intel (Nasdaq: INTC) and Amazon (Nasdaq: AMZN). Meanwhile, Apple (Nasdaq: AAPL) stock is up 1%, buoying the company’s market cap to the $4 trillion level.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 49,406 Down 0.08%
Nasdaq Composite: 24,359 Down 0.44%
S&P 500: 7,110 Down 0.21%
Stifel hiked its AMD (Nasdaq: AMD) price target by roughly 14%, moving from $280 to $320, while reaffirming its Buy rating on the chipmaker.
Adobe (Nasdaq: ADBE) is making its biggest AI push yet. According to a report in the WSJ, Adobe is launching a fleet of AI agents designed to automate digital marketing for enterprise clients while locking in partnerships with more than 30 of the most powerful names in tech, including AWS, Microsoft, Anthropic, OpenAI, and Nvidia.
SanDisk makes its Nasdaq 100 debut today, bumping Atlassian from the index. The addition triggers automatic inclusion in all Nasdaq 100-tracking ETFs. ETFs that follow the Nasdaq 100 like QQQ now include SanDisk as a member.
Strategy dropped $2.54 billion on Bitcoin last week, picking up 34,164 coins at approximately $74,395 each. That brings Michael Saylor’s total haul to 815,061 BTC, purchased at a blended average of around $75,527. To put the stockpile in perspective: Strategy now holds 3.88% of every Bitcoin that can ever be mined.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
This article will be updated throughout the day, so check back often for more daily updates. The markets are hunting direction this morning as technology stocks continue their downward descent. Software names are under…
This article will be updated throughout the day, so check back often for more daily updates. Oil markets are surging as fears of an imminent closure of the Strait of Hormuz ripple through global…
This article will be updated throughout the day, so check back often for more daily updates. Now that the U.S. has entered into war with Iran, the markets have entered their latest phase of…
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This article will be updated throughout the day, so check back often for more daily updates. On the heels of yesterday’s record-setting session, the Nasdaq Composite came out of the gate strong but is…
This article will be updated throughout the day, so check back often for more daily updates. The markets came out of the gate mixed this morning, with the Nasdaq Composite lagging behind the broader…
This article will be updated throughout the day, so check back often for more daily updates. The markets are celebrating a potential peace plan sent by the White House to Iran. Despite Iran’s insistence…
This article will be updated throughout the day, so check back often for more daily updates. The markets are pulling back today with the U.S.-Iran conflict showing no signs of cooling in sight. All…
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