On 10-06-2023, major market indices including the S&P 500, Dow Jones Industrial Average, and the Nasdaq Composite rallied, with the S&P 500 advancing by 1.17%, the Dow Jones finishing 0.86% higher, and the Nasdaq Composite rising by 1.57%. The 10-year Treasury yield also saw an increase, rising 1.82% to 4.801.
Next week's market action is expected to be influenced by several key events. Short interest levels are elevated on Fisker (FSR, Financial), Theravance Biopharma (TBPH, Financial), Novavax (NVAX, Financial), Bowlero Corp. (BOWL, Financial), and Bicycle Therapeutics plc (BCYC, Financial). Options trading volume has also moved higher recently on Virgin Galactic (SPCE, Financial) and Replimune Group (REPL, Financial). The G2E Global Gaming Expo in Las Vegas will also be a key event to watch, with keynote speakers from Churchill Downs (CHDN, Financial), Entain (GMVHF, Financial), MGM Resorts International (MGM, Financial), FanDuel (DUEL, Financial), and DraftKings (DKNG, Financial).
Alphabet's Google (GOOG, Financial) (GOOGL, Financial) is facing potential regulatory issues in Canada, as the tech giant rejected regulations meant to address concerns over an upcoming law. The Canadian government is attempting to compel Google (GOOG) (GOOGL) and Meta Platforms (META, Financial) to pay local publishers under an act set to go into effect on December 19.
AT&T (T, Financial) and Verizon (VZ, Financial) saw declines in the Communication Services sector due to potential government pressure and their ex-dividend date. The Biden administration is pushing to tighten a broadband coverage divide by shoring up communities that have lacked equal access to broadband Internet.
In other news, the Department of Justice's trial to block JetBlue's (JBLU, Financial) planned purchase of Spirit Airlines (SAVE, Financial) has been delayed by a week. The trial in Boston has been delayed until Oct. 23 from Oct. 16 due to criminal trials to be held prior to the start of the SAVE/JBLU trial.
Exxon Mobil (XOM, Financial) is reportedly in advanced talks to buy Pioneer Natural Resources (PXD, Financial) in a deal valued at ~$60B. For Exxon (XOM), a deal would add valuable acreage near some of its own fields and make it the dominant producer in the Permian Basin.
