Shares turn between losses and gains

Shares turn between losses and gains

The Dow Jones Industrial Average rose over 90 points giving up the bulk of a 220 point gain. The S&P 500 index was little changed, while the Nasdaq Composite fell 0.36%. 

Tech bellwethers Apple and Amazon declined, along with Tesla ahead of a report on deliveries. 

Dow member Merck remained higher after the company said it will seek emergency approval for its COVID-19 antiviral pill. Atea Pharmaceuticals, a smaller biotech firm that also has a similar pill, rose in tandem. 

Ticker Security Last Change Change % AAPL APPLE, INC. 140.85 -0.65 -0.46%AMZN AMAZON.COM, INC. 3,271.79 -13.25 -0.40%TSLA TESLA, INC. 771.24 -4.24 -0.55%

Story Highlights

  • U.S. stocks gave back most of their gains mid-morning on Friday as investors usher in a new month amid ongoing uncertainty on Capitol Hill.

  • Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 34187.44 +343.52 +1.01%SP500 S&P 500 4337.76 +30.22 +0.70%I:COMP NASDAQ COMPOSITE INDEX 14486.688022 +38.11 +0.26%

Ticker Security Last Change Change % MRK MERCK & CO., INC. 82.10 +6.99 +9.31%AVIR ATEA PHARMACEUTICALS INC. 44.19 +9.13 +26.04%

In other vaccine news, Moderna and Japan’s Takeda disclosed the cause of foreign particles discovered in their COVID-19 vaccine that prompted a recall. 

“This was the result of incorrect assembly and was due to human error,” the companies said in a joint statement following an investigation.  Ticker Security Last Change Change % MRNA MODERNA, INC. 340.76 -44.10 -11.46%

In deal news, Zoom and Five9 scrapped their $15 billion deal.  Ticker Security Last Change Change % ZM ZOOM VIDEO COMMUNICATIONS, INC. 268.46 +6.96 +2.66%FIVN FIVE9, INC. 167.64 +7.90 +4.95%

“At Five9’s special meeting of stockholders held on September 30, 2021, Five9 did not obtain the requisite stockholder support for the merger agreement. As a result, Zoom and Five9 each had the ability to terminate the merger agreement,” according to Zoom.  Shares of Lordstown Motors were also in focus. The company confirmed it will sell the former GM factory in Ohio to Foxconn for $230 million. 

On the economic front, consumer spending rose 0.8% in August, up from a decline of 0.1% in July. Income rose by a smaller 0.2%, according to the Commerce Department. Consumer prices increased 0.4% in August from July, the same increase as the previous month. In the past year, prices rose 4.3%, up slightly from the previous month and the highest in more than three decades. Excluding the volatile food and energy categories, core inflation increased 0.3% in August and 3.6% from a year earlier, the same figures as the previous month. The unchanged readings are a sign inflation could be leveling off, as noted by The Associated Press. 

Ticker Security Last Change Change % RIDE LORDSTOWN MOTORS 6.64 -1.34 -16.77% LORDSTOWN TO SELL OHIO PLANT