The Latest Stock Market Updates: Paramount Global, Tesla, and More

Key Takeaways

• U.S. equities were mixed at midday Wednesday, July 3, 2024 just ahead of the close of a holiday-shortened session after a report showed private sector job creation slowed in June.
• Paramount Global shares jumped following reports a new deal has been worked out for Skydance Media to buy Paramount Global.
• Shares of Tesla surged for a second-straight session after the electric vehicle (EV) maker exceeded expectations for second quarter deliveries.

U.S. equities were mixed at midday Wednesday just ahead of the close of a holiday-shortened session after a report showed private sector job creation slowed in June. The S&P 500 and Nasdaq rose, while the Dow slid.

Paramount Global (PARA) was the best-performing stock in the S&P 500 following reports majority stakeholder Shari Redstone’s National Amusements and Skydance Media reached a new deal for Skydance to take control of the media giant.

Shares of Tesla (TSLA) rose for a second-straight session after the electric vehicle (EV) maker exceeded expectations for second quarter deliveries.

Shares of mining companies, including Freeport McMoRan (FCX) and Newmont Corporation (NEM), advanced along with the prices of gold, copper, and other metals.

Biogen (BIIB) shares declined after the Food and Drug Administration (FDA) approved Eli Lilly’s (LLY) treatment for Alzheimer’s disease, which will compete with Leqembi, made by Biogen and Japan’s Eisai. Ely Lilly shares were lower as well.

Oil futures rose, while the yield on the 10-year Treasury note tumbled. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies dropped.

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Conclusion

In conclusion, the stock market saw a mix of performances on Wednesday, with some companies like Paramount Global and Tesla experiencing positive gains while others like Biogen faced declines. It will be interesting to see how these trends continue in the coming days and how external factors such as economic reports and regulatory approvals impact the market. Investors should stay informed and make strategic decisions based on the latest developments in the stock market.