Markets Jump at Midday to Begin a Week of Key Corporate Earnings Reports

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Key Takeaways

  • U.S. equities gained at midday on Monday, Oct. 16, 2023, to start a busy week with key corporate earnings reports.
  • Shares of Charles Schwab advanced after the discount brokerage and investment firm reported better-than-expected earnings and said it plans to cut costs.
  • Henry Schein said it was hit with a cyberattack, and shares of the health equipment provider slumped.

U.S. equities advanced at midday to start a busy week filled with key corporate earnings reports. The Dow, S&P 500, and Nasdaq were all 1% higher.

Charles Schwab (SCHW) shares gained as the discount brokerage and investment firm beat profit estimates and indicated it was targeting $1 billion in incremental annual cost cuts.

Shares of Raymond James Financial (RJF) also climbed as the financial firm will team with JPMorgan Chase (JPM) to use JPM’s tax-management technology across its managed accounts platform.

News Corp (NWSA) shares rose following reports activist investor Starboard Value boosted its stake in Rupert Murdoch’s media company and is targeting strategic and governance changes. 

Moderna (MRNA) was the worst-performing stock in the S&P 500 after the drug maker reiterated its guidance for full-year COVID-19 vaccine sales, but warned that it was too early to tell what the vaccine rates will be.

Shares of Henry Schein (HSIC) slumped as the health care equipment company said its manufacturing and distribution businesses were hit with a cyberattack.

Organon (OGN) shares dropped as the healthcare firm will pay Daré Bioscience (DARE) $1.8 billion as part of its partnership agreement following the first commercial sale of Daré Bioscience’s vaginal gel. Daré shares soared.

Oil and gold futures fell. The yield on the 10-year Treasury note was up. The U.S. dollar lost ground to the euro, pound, and yen. Prices for major cryptocurrencies surged amid optimism about a possible new Bitcoin exchange-traded fund (ETF).

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