Movers: Amgen, Bristol-Myers, Carvana, Gilead, Twitter

Barry Adams
12 Sep, 2022
New York City

Stocks advanced on Wall Street on the hopes that the consumer inflation has peaked and economic slowdown may be not as deep as earlier estimated. 

Investors are awaiting the inflation report on Tuesday and retail sales and industrial production data on Thursday, last two major economic reports ahead of the rate setting committee's meeting later in the month. 

Benchmark indexes opened higher and retained the upward bias after resource led the gainers. 

APA Corp, Devon Energy, Hess Corp, Marathon Oil and Pioneer Natural Resources led the gainers with a rise between 3% and 4%. 

Energy prices rose after the dollar index declined following the largest rate hike in two decades in the eurozone. 

Crude oil futures increased $1.61 to $88.40 a barrel and natural gas added 25 cents to $8.25 a thermal unit. 

Popular indexes stayed in the positive zone after bond yields eased on the optimism that the inflation data tomorrow may show cooling of consumer price inflation. 

The S&P 500 index increased 0.9% to 4,103.17 and the Nasdaq Composite added 1.02% to 12,236.62. 

With earnings season nearly coming to an end, investors are focused on the possible earnings revisions for the third quarter. 

The yield on 12-year Treasury notes declined to 3.54%, 10-year notes edged down to 3.29%, and 30-year bond fell to 3.44%. 

Amgen, Inc declined 3.6% to $238.76 after the company's drug Otezla may face competition from Bristol-Myers' Sotyktu. 

Over the weekend, the company said in a clinical trial its lung cancer pill Lumakras reduced risk of lung cancer development by 34%. 

Bristol-Myers Squibb increased 5% to $73.69 after the U.S. Food and Drug Administration approved the company's oral treatment for plaque psoriasis branded Sotyktu.  

Carvana Co jumped 11.4% to $40.78 after the broker Piper Sandler lifted stock rating to "overweight" from "neutral" and said in a research note that the stock has a potential to jump to above $75 from its current level. 

Gilead Sciences, Inc added 4.4% to $68.05 after the company said it settled patent case related to HIV treatment with five generic drugmakers. 

The company settled patent challenges with generic manufacturers - Lupin Ltd., Apotex Inc., Macleods Pharma Ltd., Hetero Labs Ltd., and Cipla Ltd associated with drugs Descovy, Vemlidy, and Odefsey. 

The agreements grant the generic manufacturers a non-exclusive license in the U.S. to the company