Closing Bell: Medtronic Gains, Merck Rises on Trial, Nvidia Faces Tech Weakness
Description
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Tim Stenovec and Carol Massar.
On this episode of Stock Movers:
- Medtronic (MDT) gained 4.6%, the biggest gainer in the S&P today. The rise came after the medical device maker lifted the bottom end of its range for adjusted profit forecast for the year. The company also boosted its organic revenue outlook following better-than-expected results in the second quarter.
- Merck (MRK) shares rose to their highest level since March after the drugmaker said a mid-stage trial of its drug for a rare form of high blood pressure met its main goal. Analysts see the trial win as a potential for an expanded market for the drug, Winrevair.
- Nvidia closed 2.8% lower. Tech weakness is persisting ahead of Nvidia's earnings report. The company, along with Microsoft, is committing to invest up to a combined $15 billion in Anthropic in a move that ties the AI developer closer to two of the biggest backers for its rival OpenAI.
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