From CNBC: 2024-07-08 16:40:00

Paramount Global declined 2% after agreeing to merge with Skydance Media, while Morphic Holding surged 75% as Eli Lilly announced it will acquire the biopharmaceutical company in a $3.2 billion deal.

The S&P 500 and Nasdaq reached fresh record closing highs, with the S&P 500 closing at 5,572.85, the Nasdaq at 18,403.74, and the Dow Jones Industrial Average at 39,344.79.

Apple is set to close at a fifth consecutive record high, touching an intraday peak of $227.70 on Monday, surpassing its prior all-time high of $226.34.

Morgan Stanley predicts a bright outlook for M&A, regardless of the U.S. election outcome, citing robust M&A cycles driven by various market conditions. Wells Fargo is anticipated to see upside earnings ahead of its quarterly report, with Goldman Sachs analysts bullish on the bank.

Investor Richard Bernstein warns that the “Mag 7” tech stocks may overshadow other market opportunities, such as industrials, energy, and materials sectors. Only 21% of S&P 500 companies have outperformed the market this year, suggesting a narrowing market trend.

Seventeen S&P 500 stocks hit new highs by midday on Monday, including Amazon, Apple, Goldman Sachs, and others. The market saw a rebound in consumer-oriented companies like TJX Companies and Costco, with stocks like Corning up 12%.

Large pharmaceutical firms are increasingly teaming up with AI drug discovery companies to develop new therapies. The collaboration is driving more investment into the AI sector, with over $4 billion raised by top private AI drug discovery firms recently.

The VanEck Semiconductor ETF rose 2% on Monday, marking the sixth consecutive positive day since April. Companies like Intel, Taiwan Semiconductor Manufacturing Co., and Nvidia led gains, pushing the ETF up around 57% year to date.



Read more at CNBC: Stock market news for July 8, 2024