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Sectors

Sector Update: Healthcare Stocks Advance Late Afternoon

Healthcare stocks were higher late Monday afternoon, with the NYSE Healthcare Index rising 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.8%.The iShares Biotechnology ETF (IBB) advanced 0.7%.In corporate news, Forte Biosciences (FBRX) shares soared 39% after it agreed to be acquired by Argenx (ARGX) in a deal worth about $2.2 billion. Argenx shares were down 2.5%.AstraZeneca (AZN) shares were up 0.8% after it posted higher Q2 core earnings and revenue, and raised its interim dividend.Ensign (ENSG) shares climbed nearly 3% after it reported higher Q2 adjusted earnings and revenue, and raised its 2026 outlook.Veru (VERU) said Monday it has completed enrollment in a phase 2 trial evaluating its experimental drug enobosam in combination with semaglutide, in about 200 adults aged 65 and older with obesity. Veru shares gained 3.1%.

$ARGX$AZN$ENSG$FBRX$VERU
Wire

Top Midday Gainers

Forte Biosciences (FBRX) shares surged 40% after the company agreed to be acquired by Belgian-Dutch immunology firm Argenx (ARGX) in a deal worth about $2.2 billion, according to an announcement Monday.More than 14 million shares of the company traded intraday compared with a daily average of about 505,000.Entera Bio (ENTX) entered into a securities purchase agreement for an oversubscribed private placement financing, and expects gross proceeds of about $275 million, it said Monday.Shares surged 80% as intraday trading volume climbed to over 74 million from a daily average of about 1.04 million.Axe Compute (AGPU) shares jumped 17% amid heavy trading after the company said it secured a five-year $1.5 billion contract to deploy an Nvidia (NVDA) Blackwell-based dedicated artificial intelligence infrastructure cluster in the US.Over 3.0 million shares traded intraday versus the stock's daily average of roughly 383,000.Price: $76.44, Change: $+21.66, Percent Change: +39.54%

$AGPU$ENTX$FBRX
Asia Markets

Update: US Equity Indexes Mixed as Tech Heads Lower, Crude Oil Sinks on Pause in Iran Strikes

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as investor concerns grew over circular investments in the artificial intelligence industry and as crude oil prices plunged after a pause in Iran strikes entered its third day.The Dow Jones Industrial Average climbed 0.2% to 52,022.2 after midday Monday. The Nasdaq Composite retreated 0.7% to 24,809.9, and the S&P 500 declined 0.4% to 7,385.5.Energy and technology led decliners while communication services and consumer staples topped the gainers.Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative valued at more than $500 billion. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. Nvidia's shares dropped 5.1%, the Dow's steepest decliner. The SK Hynix stock plummeted 9.6%.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, slumped 3.7%.In geopolitical news, the US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, according to a Commerzbank note. Meanwhile, Oman and Iran continued discussions on a transit arrangement for the Strait of Hormuz, with diplomats describing the negotiations as "moving in the right direction." Iranian officials likewise characterized the talks as "constructive."Mediators have achieved progress in getting the US and Iran back to negotiations, the Associated Press reported, citing regional officials. The two regional officials said mediators led by Qatar and Pakistan were working to bridge the gap between Washington and Tehran to return to an interim ceasefire deal that had collapsed after the exchanges of fire, the news report said.The front-month US West Texas Intermediate sank 7.4% to $82.72 a barrel, and global benchmark North Sea Brent plunged 8% to $89.06 a barrel.Most US Treasury yields fell, with the 10-year down 3.4 basis points to 4.65% and the two-year lower by 1.9 basis points to 4.31%.In precious metal markets, gold futures rose 0.4% to $4,087.1, and silver futures edged up 0.2% to $59.05.Further in company news, Forte Biosciences (FBRX) shares surged 40% after the company agreed to be acquired by Belgian-Dutch immunology firm argenx (ARGX) in a deal worth about $2.2 billion.Baker Hughes (BKR) shares jumped 6.6% after the company posted Q2 adjusted earnings and revenue that topped analysts' expectations.In economic news, new orders for US durable goods rose by 0.3% in June following a decline of 4.0% in May compared with the expectations for a larger increase of 1.8% in a survey compiled by Bloomberg. Excluding a 0.2% decrease in transportation orders, new orders would have been up 0.6% in June after a 1.8% increase in May. Expectations were for a 0.8% gain.The Dallas Fed's monthly manufacturing index rose to 1.3 in July from zero in June, below expectations for a 2.0 print.

Dow JonesNasdaq CompositeS&P 500$ARGX$BKR$FBRX$NVDA$SKHY$SMH
Sectors

Sector Update: Healthcare Stocks Advance Monday Afternoon

Healthcare stocks were higher Monday afternoon, with the NYSE Healthcare Index rising 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.9%.The iShares Biotechnology ETF (IBB) advanced 0.5%.In corporate news, Forte Biosciences (FBRX) shares soared 39% after it agreed to be acquired by Argenx (ARGX) in a deal worth about $2.2 billion. Argenx shares were down 2.2%.AstraZeneca (AZN) shares were up marginally after it posted higher Q2 core earnings and revenue, and raised its interim dividend.Ensign (ENSG) shares climbed 4% after it reported higher Q2 adjusted earnings and revenue, and raised its 2026 outlook.

$ARGX$AZN$ENSG$FBRX
Sectors

Sector Update: Healthcare

Healthcare stocks were higher Monday afternoon, with the NYSE Healthcare Index rising 0.7% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.9%.The iShares Biotechnology ETF (IBB) advanced 0.7%.In corporate news, Forte Biosciences (FBRX) shares soared 39% after it agreed to be acquired by Argenx (ARGX) in a deal worth about $2.2 billion. Argenx shares were down 2%.

$ARGX$FBRX
Sectors

Sector Update: Healthcare Stocks Edge Higher Premarket Monday

Healthcare stocks were edging higher premarket Monday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.4% and the iShares Biotechnology ETF (IBB) advancing by 0.5%.AstraZeneca (AZN) stock was up 0.8% after the company posted higher Q2 core earnings and revenue, and raised its interim dividend.Ensign Group (ENSG) shares were up nearly 11% after the company reported higher Q2 adjusted earnings and revenue, and raised its 2026 outlook.Argenx (ARGX) has agreed to buy Forte Biosciences (FBRX) for $77 per share in cash. Shares of Forte Biosciences were up more than 39% pre-bell.

$ARGX$AZN$ENSG$FBRX$IBB$XLV
Stocks Rise Pre-Bell as US, Iran Pause Strikes; Fed Policy Decision, Inflation Report on Deck
US Markets

Stocks Rise Pre-Bell as US, Iran Pause Strikes; Fed Policy Decision, Inflation Report on Deck

The benchmark US stock measures were pointing higher before the opening bell Monday after the US and Iran halted strikes over the weekend, while traders gear up for a busy week that includes a major policy decision by the Federal Reserve, a key inflation report and earnings.The S&P 500 and the Dow Jones Industrial Average rose 0.8% each in premarket activity, while the Nasdaq increased 1.4%. The S&P 500 and the Dow finished Friday's trading session in the green, while the Nasdaq closed lower.After 13 consecutive nights of strikes against Iran, no US attacks against Tehran were officially announced over the weekend. Iran said it will also halt its attacks as long as the US does the same, a senior Iranian official told Reuters on Sunday.West Texas Intermediate crude oil dropped 6.4% to $83.56 a barrel before the open, while Brent fell 8% to $89.06.The US ambassador to the United Nations Mike Waltz reportedly told Fox News on Sunday that President Donald Trump has paused strikes against Iran to give talks "some space."Iranian Foreign Ministry spokesman Esmail Baghaei said technical talks with Oman on the Strait of Hormuz continued over the weekend, CNBC reported.Meanwhile, Iran summoned Ukraine's charge d'affaires in Tehran on Sunday over an attack on an Iranian commercial vessel in the Caspian Sea, calling it a "hostile and criminal act," according to a separate CNBC report.The Fed's monetary policy committee is scheduled to meet on Tuesday, with a decision on interest rates due the following day. The probability the central bank will leave its benchmark lending rate unchanged currently stands at 69%, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.Traders also await the personal income and outlays report for June later in the week. The report includes the personal consumption expenditure core price index, the Fed's preferred inflation metric.Treasury yields were down in premarket action, with the two-year rate retreating 2.6 basis points to 4.31% and the 10-year rate off 3.8 basis points to 5.12%.Monday's economic calendar has the durable goods orders report for last month at 8:30 am ET, followed by the Dallas Fed manufacturing survey for July at 10:30 am.Tech giants Microsoft (MSFT), Apple (AAPL), Amazon (AMZN) and Meta Platforms (META) are scheduled to release their latest financial results later this week, along with Visa (V), Mastercard (MA), ExxonMobil (XOM), Coca Cola (KO), Procter & Gamble (PG), Qualcomm (QCOM) and Boeing (BA).Shares of Forte Biosciences (FBRX) jumped 39% pre-bell after it agreed to be acquired by Belgian-Dutch immunology firm argenx (ARGX) in a deal worth roughly $2.2 billion. AstraZeneca's (AZN) US-listed stock gained 1.4% after the company reported its latest quarterly results.Gold inclined 0.7% to $4,098 per troy ounce, while bitcoin advanced 1.1% to $65,350.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$ARGX$AZN$BA$FBRX$KO$MA$META$MSFT$PG$QCOM$V$XOM
Forte Biosciences Agrees to Be Acquired by Argenx in $2.2 Billion Deal
US Markets

Forte Biosciences Agrees to Be Acquired by Argenx in $2.2 Billion Deal

Forte Biosciences (FBRX) shares surged early Monday after the company agreed to be acquired by Belgian-Dutch immunology firm argenx (ARGX) in a deal worth about $2.2 billion.A wholly owned subsidiary of argenx will launch a cash tender offer to purchase all Forte Biosciences shares at $77 apiece, the companies said in a joint statement. The tender offer will be followed by a merger, with shares not tendered converted into the right to receive the same $77 per share in cash.The consideration represents a premium of about 86% to Forte Biosciences' volume-weighted average price as of July 9, according to the firms. Forte Biosciences' stock jumped 39% in the most recent premarket activity, while argenx's Nasdaq-listed shares were down 0.7%.The acquisition is expected to give argenx access to Forte Biosciences' lead program, FB102, for vitiligo and celiac disease, expanding its immunology portfolio. A Phase 1b clinical trial in vitiligo showed the candidate demonstrated statistically "significant treatment benefit," the statement said. The company also reported positive Phase 1b data for FB102 in celiac disease last year, with Phase 2 results expected in the second half of this year.The program also has the potential to address alopecia areata and additional autoimmune diseases, the companies added."The addition of FB102 to our portfolio aligns perfectly with the argenx playbook: compelling biology, strong clinical validation and broad potential to address patient need," argenx Chief Executive Karen Massey said. "Together, we look forward to unlocking the full potential of FB102 and accelerating its impact for patients."The transaction is anticipated to complete in the third quarter."By combining FB102's promising clinical profile with argenx's proven development expertise, global reach and commercial capabilities, we have a unique opportunity to accelerate its development and maximize its impact for patients," Forte Biosciences CEO Paul Wagner said.In May, Forte Biosciences reported a first-quarter net loss of $1.24 a share, compared with a net loss of $1.37 the year before.

$ARGX$FBRX
Research

Barclays Initiates Forte Biosciences at Overweight With $74 Price Target

Forte Biosciences (FBRX) has an average rating of buy and mean price target of $66.60, according to analysts polled by FactSet.

$FBRX
Wire

Top Midday Gainers

Micron Technology (MU) shares jumped nearly 8% after the firm said Thursday it plans to invest up to $3 billion in the US semiconductor supply chain.Intraday trading volume stood at around 26.5 million versus a daily average of about 51.5 million.Forte Biosciences (FBRX) reported "positive" results from a double-blind, placebo-controlled phase 1b study in vitiligo.Shares soared 58% as intraday trading volume surged to over 3.18 million from a daily average of about 324,000.Wedbush raised its price target for the shares of Sandisk (SNDK) to $2,000 from $1,200 while keeping its outperform rating.Shares advanced 12%, with intraday trading volume hovering around 8.38 million compared with a daily average of about 13.4 million.Price: $1023.83, Change: $+75.03, Percent Change: +7.91%

$FBRX$MU$SNDK

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