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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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The end has come for the Covid-19-era federal Affordable Connectivity Program, which some critics say will make telehealth access challenging for millions in rural and tribal areas. (NPR/KFF Health News)

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Here’s where the major benchmarks ended yesterday:

• The S&P 500 index rose 13.80 points (0.3%) to 5,360.79; the Dow Jones Industrial Average^® ($DJI) gained 69.05 points (0.2%) to 38,868.04; the NASDAQ Composite added 59.40 points (0.4%) to 17,192.53.
• The 10-year Treasury note yield (TNX) rose almost 4 basis points to 4.467%.
• The CBOE Volatility Index^® (VIX) rose 0.52 to 12.74.

What’s up

• Diamond Offshore Drilling rose 10.91% after fellow offshore drilling company Noble Corp. announced it would acquire Diamond in a cash and stock deal worth $1.6 billion total. Noble shares rose 6.08% on the news as well.
• Crowdstrike, GoDaddy, and KKR will be added to the S&P 500 when the index rebalances at the end of the quarter. Crowdstrike rose 7.29%, GoDaddy rose 1.94%, and KKR was up 11.22% on the news.
• Texas Pacific Land Corporation shares also rose 24.57% on the news that the company will be inducted into the S&P MidCap 400.

What’s down

• Advanced Micro Devices fell 4.49% after Morgan Stanley analysts issued a rare downgrade for an AI-related stock.
• Moderna shares dropped 1.60% today, as its recent selloff continues despite the news that its combination Covid/flu vaccine is more effective than expected.
• GameStop shares fell 12.04% today, after plummeting about 40% last Friday when the company announced earnings early and hundreds of thousands of people watched Roaring Kitty ramble about the stock.
• Trump Media & Technology Group fell 5.61% after the company filed an amended S-1 with the SEC to sell shares.
• French stocks sagged today on the news that pressure from the far-right opposition party have forced a snap national parliamentary election on June 30. Societe Generale fell 7.46%, and BNP Paribas fell 4.76%.

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Stat: 42. That’s how many healthcare industry companies were named on the latest Fortune 500, which lists the largest corporations in the US based on revenue for fiscal year 2023. (Advisory Board)

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