Consumer stocks were lower Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) shedding 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 2.1%.
In corporate news, MGM Resorts International (MGM) shares jumped past 15% after the firm confirmed that it has received an offer from People Inc. to acquire all MGM shares that it does not already own for $48.30 per share in cash.
Tech stocks were mixed Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.4% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.4%.The Philadelphia Semiconductor index rose 1.4%.In corporate news, Nvidia (NVDA) has launched RTX Spark, a new AI chip that will be used in Microsoft (MSFT) Windows laptops and desktops. Nvidia's shares climbed 4.8%, and Microsoft added 2.6%.
Iran will halt talks with the US in protest of Israel's military operations in Lebanon, media outlets reported Monday, citing a report by Iran's state-affiliated news outlet Tasnim.
(Corrects to reflect enterprise value of $8.5 billion in second paragraph.)Consumer stocks were leaning lower pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining by 0.4%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total enterprise value of about $8.5 billion, the companies said. Taylor Morrison Home shares were up more than 22% in recent premarket activity.