Markets Mixed Ahead of Key Data; Merus Soars on Buyout, Moonlake Plunges on Results
Markets saw a mixed week as investors awaited key economic data and political developments. Meanwhile, Ukrainian President Volodymyr Zelensky is set to meet with US President Donald Trump, potentially during talks in Turkey. In corporate news, Merus shares surged following a buyout announcement, while Moonlake Immunotherapeutics faced a significant drop due to disappointing study results.
The Nasdaq 100 and S&P 500 closed higher, gaining 0.8 percent and 0.4 percent respectively, with the Nasdaq inching closer to its record high. Tech stocks led the gains, particularly Nvidia and Cisco in the Dow. However, the Dow barely moved, down 0.1 percent.
In corporate news, Merus shares surged after Genmab announced plans to acquire the company for around $8 billion. Meanwhile, Electronic Arts confirmed a $55 billion cash takeover deal with a consortium led by Silver Lake and the Saudi sovereign wealth fund PIF. In contrast, Moonlake Immunotherapeutics shares plummeted by 90 percent following disappointing study results.
Looking ahead, important economic data releases this week include ISM indices for industry and services, and September's employment data. Investors also hope for a meeting between US President Donald Trump and Democrats at the White House to discuss the budget, with a deal needed by Wednesday to prevent a shutdown. Ukrainian President Volodymyr Zelensky intends to meet with US President Donald Trump on Wednesday, possibly during talks in Turkey focused on prisoner exchanges and preparations for a presidential-level meeting regarding the Ukraine conflict.
Markets showed mixed performance this week, with investors keeping an eye on key economic data and political developments. Corporate news saw significant movements, from Merus' buyout to Moonlake's disappointing results. As the week progresses, attention turns to the budget deal and potential US-Ukraine talks.
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