Market Updates
U.S. Movers: Pfizer, Take-Two Interactive, Tesla, Twilio
Scott Peters
13 Dec, 2023
New York City
Stocks edged higher ahead of the Federal Reserve's rate decision later in the day.
Investors widely anticipate the central bank's holding rates, and markets are awaiting comments from Fed Chairman Jerome Powell and the central bank's estimate of inflation, economic growth, and the unemployment rate.
The S&P 500 index gained 0.2% to 4,651.25, and the Nasdaq Composite increased 0.3% to 14,578.05.
The yield on 2-year Treasury notes decreased to 4.72%, 10-year Treasury notes inched lower to 4.18%, and 30-year Treasury bonds increased to 4.28%.
Tesla declined 1.0% to $234.65 after the electric vehicle maker recalled about 2 million vehicles to fix an Autopilot defect.
Pfizer decreased 7.2% to $26.83 after the pharmaceutical company reported a weaker-than-anticipated 2024 revenue outlook.
The company anticipates full-year revenue in the range of $58.5 billion and $61.5 billion and said earnings are likely to be negatively impacted by its recent acquisition of cancer treatment-focused biotech company Seagen.
Take-Two Interactive Software increased by 2.9% to $161.69, and the company is set to be included in the Nasdaq 100 index on December 18.
Twilio edged down a fraction to $71.21, and the company hired investment advisor Qatalyst to defend against activist investors.
Anson Funds and Legion Partners have been pushing the company to divest one of its business units or sell the company.
CNBC first reported that Twilio is working with an investment advisor.
Twilio stock has jumped more than 40% in the year so far, but the stock is still down about 84% from its peak in February 2021.
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