Midday Movers: Boeing and GM Advance, Bristol-Myers Squibb Declines

U.S. equities began the Thanksgiving holiday-shortened trading week higher at midday after optimism about slowing inflation buoyed markets last week. The Dow, S&P 500, and Nasdaq all gained.

Boeing (BA) shares rose after Deutsche Bank upgraded the stock and raised the price target, citing higher plane deliveries. Shares of General Motors (GM) also advanced as Kyle Vogt, the Co-founder and CEO of the carmaker’s Cruise autonomous taxi unit, stepped down.

Freeport-McMoran (FCX) shares rose along with the price of copper, which hit their highest level since September. Shares of rival miners were up as well.

Bristol-Myers Squibb (BMY) shares plunged along with partner 2seventy Bio (TSVT) after the Food and Drug Administration (FDA) delayed a decision on expanded use of its blood cancer treatment.

Shares of Starbucks (SBUX) dipped following a report that it lost its top spot as the biggest coffee chain by sales and units in China to Luckin Coffee. United Rentals (URI) shares tumbled after British rival Ashtead Group warned profit would be hurt by reduced demand in the U.S. 

Oil futures advanced and gold prices fell. The yield on the 10-year Treasury note climbed. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded in the green.