US stocks gave up most of their gains by mid-morning Friday as investors usher in another month amid continued uncertainty on Capitol Hill.
The Dow Jones Industrial Average rose more than 90 points, giving up most of a 220 point gain. The S&P 500 index was little changed, while the Nasdaq Composite fell 0.36%.
|Me: DJI||MEDIUM DOW JONES||34058.95||+215.03||+ 0.64%|
|SP500||S&P 500||4321.83||+14.29||+ 0.33%|
|I: COMP||NASDAQ COMPOSITE INDEX||14445.56822||-3.01||-0.02%|
Apple and Amazon technology indicators declined, as did Tesla ahead of a report on shipments.
The Dow Merck member remained higher after the company said it would seek emergency approval for its COVID-19 antiviral pill. Atea Pharmaceuticals, a small biotech company that also has a similar pill, has grown in tandem.
|MRK||MERCK & CO., INC.||81.91||+6.80||+ 9.05%|
|AVIR||ATEA PHARMACEUTICAL PRODUCTS INC.||41.81||+6.75||+ 19.25%|
In other vaccine news, Moderna and Japan’s Takeda revealed the cause of the foreign particles found in their COVID-19 vaccine that triggered a booster.
“This was the result of incorrect assembly and was due to human error,” the companies said in a joint statement following an investigation.
In the news of the deals, Zoom and Five9 canceled their $ 15 billion deal.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||268.40||+6.91||+ 2.64%|
|FIVN||FIVE9, INC.||161.96||+2.22||+ 1.39%|
“At Five9’s special meeting of shareholders held on September 30, 2021, Five9 did not secure the shareholder support required for the merger agreement. As a result, Zoom and Five9 each had the option to terminate the agreement. fusion, ”according to Zoom.
The actions of Lordstown Motors were also in the spotlight. The company has confirmed that it will sell the old GM plant in Ohio to Foxconn for $ 230 million.
LORDSTOWN TO SELL OHIO FACTORY
Economically, consumer spending rose 0.8% in August, following a 0.1% decline in July. Revenue increased a smaller 0.2%, according to the Commerce Department.
Consumer prices rose 0.4% in August from July, the same increase as the month before. In the past year, prices rose 4.3%, up slightly from the previous month and the highest in more than three decades. Excluding the volatile food and energy categories, core inflation rose 0.3% in August and 3.6% from a year earlier, the same figures as the month before . The unchanged readings are a sign that inflation may stabilize, as the Associated Press noted.