U.S. equities were little changed at midday a day after the S&P 500 entered bull market territory amind optimism the Fed may pause its inflation-fighting rate hikes when policymakers hold their meeting next week. The S&P 500 surpassed 4,300 for the first time since August, but then lost ground.
Tesla (TSLA) was the best-performing stock in the S&P 500 after the electric vehicle (EV) maker struck a deal with General Motors (GM) allowing GM EVs to use Tesla’s fast charging stations. GM shares are rising as well. Ford (F) recently signed a similar deal with Tesla, and its shares are also in the green.
Netflix (NFLX) shares gained on a report that its crackdown on password sharing boosted subscriptions. Shares of Adobe (ADBE) and Corning (GLW) both advanced on analyst upgrades. Salesforce (CRM) led the Dow higher, with shares up 2.5%.
DISH Network (DISH) shares sank following a report the struggling satellite company is desperately trying to raise funds and may not have enough to complete its plan to supply 70% of the U.S. with 5G coverage by the end of the month. Intel (INTC) was the biggest drag on the Dow, as its shares fell 2%. Shares of Comerica (CMA) dropped more than 2%, and shares of other regional banks were lower as well.
Oil and gold futures were little changed. The yield on the 10-year Treasury note increased. The U.S. dollar was up versus the euro and yen, but down against the pound. Prices for most major cryptocurrencies were mixed.