Midday Movers: Newmont Gains as Gold Prices Jump, Disney Declines as CEO Holds Meeting

Key Takeaways

• U.S. equities advanced at midday on Tuesday, Nov. 28, 2023 after a report showed consumer confidence increased in November after falling for three consecutive months.
• Shares of Newmont Corporation and other mining companies gained as gold continued its rally.
• Disney shares declined as CEO Bob Iger held a meeting with company employees to talk about the future of the entertainment giant.

U.S. equities were higher at midday as a gauge of consumer confidence rose in November for the first time in four months. The Dow, S&P 500, and Nasdaq were all in the green after losing ground in Monday’s session.

The rally in gold continued, and that lifted shares of Newmont Corporation (NEM) and rival mining firms. Boeing (BA) shares gained as RBC upgraded the stock and raised the price target, pointing to expectations of strong demand and improvements in production and supply chains.

Shares of Synchrony Financial (SYF) also gained as the consumer financial services firm announced it was selling its Pets Best pet insurance business to Poodle Holdings and would realize a gain of $750 million.

Micron Technology (MU) shares tumbled as the memory chipmaker warned its current quarter operating expenses will increase. Walt Disney (DIS) shares declined as CEO Bob Iger was holding a town hall-style meeting with employees to discuss plans for the future of the entertainment giant.

GE HealthCare Technologies (GEHC) shares sank for a second straight day following a downgrade and price target cut from UBS. The bank said it anticipates disappointing margins from the medical technology company ahead.

Oil futures advanced and the yield on the 10-year Treasury note fell. The U.S. dollar was down against the euro, pound, and yen. Prices for most major cryptocurrency were up.

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