The Club's top 10 things to watch in the stock market Wednesday
Two insiders at Nike bought stock, while initial jobless claims came in lower than expected.
TL;DR
- Wall Street anticipates a muted opening for the holiday-shortened trading session, coinciding with the start of the Santa Claus rally period.
- Initial jobless claims fell to 214,000, but continuing claims rose to 1.923 million.
- Nike shares rose 2% after CEO Tim Cook and former Intel CEO Bob Swan disclosed significant stock purchases.
- Intel shares fell nearly 3% following a report that Nvidia stopped testing Intel's manufacturing process.
- Analysts remain optimistic about AI stocks like Nvidia and Broadcom, expecting outperformance in the new year.
- Barclays cut its price target on Honeywell but maintained a buy rating, citing potential upside from an upcoming aerospace division spin-off.
- BP agreed to sell its 65% stake in Castrol lubricants to Stonepeak for approximately $6 billion in net proceeds.
- The Trump administration introduced a voluntary test for a payment model for GLP-1 weight-loss drugs under Medicare and Medicaid.
- President Donald Trump expressed expectations for the next Federal Reserve chair to lower interest rates.
- Sanofi announced an agreement to acquire vaccine maker Dynavax Technologies for $2.2 billion, adding a hepatitis B vaccine to its portfolio.