December S&P 500 futures (ESZ23) are trending up +0.09% this morning as market participants refrained from big bets ahead of a key U.S. consumer inflation report later in the day and the Fed’s last interest rate decision of the year on Wednesday.
In Monday’s trading session, Wall Street’s major indexes closed higher, with the benchmark S&P 500 rising to a 20-month high and the blue-chip Dow and tech-heavy Nasdaq 100 climbing to 1-3/4 year highs. Cigna Corp (CI) surged over +16% and was the top percentage gainer on the S&P 500 after the health insurer ended talks on acquiring Humana and bumped up its share buyback by an additional $10 billion. Also, Macy’s Inc (M) soared more than +19% following a report from the Wall Street Journal indicating that the company received a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management. In addition, Broadcom Inc (AVGO) climbed +9% after Citigroup restarted coverage of the stock with a Buy rating and a price target of $1,100. On the bearish side, Paramount Global (PARA) fell more than -3% after Loop Capital Markets downgraded the stock to Sell from Hold with a price target of $12.
