Stocks that posted gains:
Becton Dickinson (BDX): Shares rose 5% after U.S. regulators cleared the medical device maker's updated infusion system.
Chevron (CVX): Shares gained 2% as the oil giant's second-quarter earnings beat analysts' estimates on record production in the Permian Basin, and the retirement age rule for CEO Michael Wirth was waived.
Mattel (MAT): Shares rose 2% due to the success of the blockbuster movie "Barbie," based on the company's doll, with a record-setting opening weekend at the box office.
Johnson & Johnson (JNJ): Shares increased 0.5% after the pharmaceutical and medical device maker announced a share exchange offer with consumer products spinoff Kenvue (KVUE).
Boeing (BA): Shares added 2% as the aircraft maker pledged almost $1 million in scholarships to train new commercial pilots.
Stocks that posted losses:
Gilead Sciences (GILD): Shares tumbled 3% after the pharmaceutical company halted a Phase 3 study of its experimental blood cancer treatment, stating it wouldn't be effective.
American Airlines (AAL): Shares dropped 3% after the carrier indicated it boosted its contract offer to pilots by more than $1 billion.
American Express (AXP): Shares sank 1.5% after Piper Sandler downgraded the stock and cut the target price due to student debt headwinds.
Estee Lauder (EL): Shares dipped 1.5% after Piper Sandler reduced its rating and target price on the stock as Chinese consumer spending declined.
ON Semiconductor (ON): Shares lost 1% as Rosenblatt downgraded the stock, expressing concerns about demand for products using its chips.
Additionally, Twitter underwent a rebranding, with Elon Musk changing the name of the social platform to "X" and replacing the iconic blue bird logo with a stylized version of the letter "X." This decision was met with mixed reactions from users and industry experts.
In the financial markets, stocks rose as investors awaited a crucial week of earnings reports and the Federal Reserve's policy decision. The Dow Jones Industrial Average led the gains, rising over 175 points for its 11th consecutive day of gains.
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