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Health care stocks fell Tuesday afternoon with the NYSE Health Care Index dropping 1.4% and the Health Care Select Sector SPDR Fund (XLV) declining 1.1%.
The iShares Biotechnology ETF (IBB) eased 0.2%.
In corporate news, Moderna shares rose 4.4% after the company received Health Canada's approval for its updated Spikevax COVID-19 vaccine targeting the KP.2 sub-lineage of SARS-CoV-2 in people six months of age and older.
Cigna said its Express Scripts by Evernorth unit sued the Federal Trade Commission in Missouri federal court, demanding a retraction of the agency's July 2024 drug pricing report on the pharmacy benefit manager industry. Cigna shares fell 2.7%.
Talkspace shares surged 20% after the company said it's launching a partnership with Amazon.com's Amazon Health Services to raise awareness of its mental health care services on Amazon.
Tech stocks were mixed Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.2% and the SPDR S&P Semiconductor ETF (XSD) adding 0.3%.
The Philadelphia Semiconductor index was easing 0.3%.
In corporate news, Intel shares popped nearly 3% as the chipmaker disclosed plans to turn its manufacturing business into an independent subsidiary and expand its partnership with Amazon.com's cloud computing unit to make custom artificial intelligence chips. Amazon shares rose 1.1%.
Hewlett Packard Enterprise shares jumped 4.3% as BofA Securities upgraded the company to buy from neutral while raising its price target to $24 from $21.
Meta said Tuesday it has rolled out Instagram Teen Accounts with built-in protections that limit who can contact teens, what content teens see and the amount of time they spend on the app. Meta shares were marginally lower.
Sam’s Club, the $86 billion division of Walmart Inc , introduced a fresh workforce compensation plan, which boosted pay for close to 100,000 frontline associates and provided guidance for longer-term financial futures.
More engaged workers proved productive, offered better service, and were more likely to stay, especially as competition heated up in the retail space.
Sam’s Club’s new plan proposes increasing associate hourly wages by 3%—6% based on years of service. The plan sets predictable pay increase milestones.
Also Read: Evaluating Walmart Against Peers In Consumer Staples Distribution & Retail Industry
With these new compensation investments, the average hourly rate for Sam’s Club associates will likely exceed $19, with the potential to earn thousands of dollars annually in bonuses. In the last five years alone, Sam’s Club raised the average hourly wage by close to 30%.
In July, Walmart Canada raised the hourly wage for close to 40,000 of its store associates amid easing inflation and rising unemployment in Canada. In June, the company announced bonuses for U.S. hourly store workers benefiting 700,000 front-line staff.
Amazon.Com Inc is aggressively chasing Walmart’s U.S. grocery market share by expanding Prime benefits, including discounts on over 3,000 grocery items. Walmart led the U.S. grocery market with a 23.6% market share in 2023, as per Statista.
Walmart reported second-quarter sales growth of 4.8% to $169.34 billion, beating the analyst consensus of $168.57 billion. At Sam’s Club, same-store sales rose 5.2% year over year, excluding fuel.
Walmart stock is up 46% in the last 12 months. Investors can gain exposure to the stock through iShares Russell 1000 Value ETF and Vanguard Consumer Staples ETF .
Price Action: WMT stock is down 2.53% at $78.52 at last check Tuesday.
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Health care stocks were lower Tuesday afternoon, with the NYSE Health Care Index shedding 1.2% and the Health Care Select Sector SPDR Fund (XLV) falling 1.3%.
The iShares Biotechnology ETF (IBB) eased 0.4%.
In corporate news, Moderna shares jumped more than 4% after the company said Tuesday it has received Health Canada's approval for its updated Spikevax COVID-19 vaccine targeting the KP.2 sub-lineage of SARS-CoV-2 in people six months of age and older.
Wall Street experienced a slightly positive session Tuesday, supported by investor optimism as the Federal Open Market Committee (FOMC) kicked off its two-day meeting, expected to deliver the first interest rate cut in over four years on Wednesday.
The session’s notable performers were small caps, with the Russell 2000 index surging about 1.3%, targeting its highest close since early August and outperforming larger-cap indices.
Among industries, solar, clean energy and regional banks led gains as traders eyed pockets of the markets that would benefit from lower interest rates.
On the macro front, August retail sales provided an upside surprise, growing by 0.1% month-over-month compared to the expected 0.2% decline. This stronger-than-anticipated data slightly reduced the likelihood of a more aggressive 50-basis-point rate cut, with market-implied probabilities for such a move slipping from 67% to 63%, according to the CME FedWatch Tool.
Short-dated Treasury yields rose as expectations for a substantial rate cut moderated. Meanwhile, the dollar strengthened, gaining 0.2%.
In the commodities market, gold retreated 0.7% from Monday’s record-high close. Oil prices increased by 1.3% following escalating geopolitical tensions in the Middle East.
Reports indicate a coordinated attack in Lebanon led to thousands of pagers linked to Hezbollah militants being detonated, resulting in numerous casualties within the Iran-backed organization.
Additionally, Iran’s ambassador to Lebanon is reportedly injured, though the official responsibility for the attack remains unclaimed.
Bitcoin jumped over 4%, buoyed by positive ETF inflows, signaling renewed investor interest in the digital asset space as interest rates shift.
Tuesday’s Performance In Major US Indices, ETFs
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,220.44 | 1.3% |
S&P 500 | 5,642.79 | 0.2% |
Nasdaq 100 | 19,441.83 | 0.1% |
Dow Jones | 41,636.05 | 0.0% |
According to Benzinga Pro platform:
Tuesday’s Stock Movers
Read Now:
The image was created using artificial intelligence MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Moderna, Inc. shares are moving higher on Tuesday after the company announced that Health Canada approved its updated COVID-19 vaccine.
What Happened: Moderna announced on Tuesday that Health Canada approved its vaccine, SPIKEVAX, which aids in preventing COVID-19 in people six months of age or older.
The vaccine targets the KP.2 variant of COVID-19. The company plans to begin delivery of the vaccine to the Public Health Agency of Canada shortly.
The approval by Health Canada relies on a blend of manufacturing data, pre-clinical findings and earlier clinical, non-clinical and real-world evidence validating the efficacy and safety of Moderna’s mRNA vaccines for COVID-19.
“With the recent increase in COVID-19-infections, staying up to date with your COVID-19 vaccination remains one of the best ways to help protect yourself from severe illness,” said Dr. Shehzad Iqbal, country medical director, Moderna Canada.
How To Buy Moderna Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Moderna 's case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
See Also: Clearmind Medicine Files International Patent For Ibogaine Combination Therapy
MRNA Price Action: At the time of publication, Moderna stock is moving 5.74% higher at $73.14 per data from Benzinga Pro.
Image: Photo via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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