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The stock market continued its upward trend at midday, with the S&P 500 and Nasdaq both experiencing slight gains. Dov also saw a slight increase in performance, while shares of Autodesk rose after an activist investor revealed a significant stake in the software company, looking for potential upside. Shares of Micron hit new highs after Bank of America raised its price target, attributing the success to demand for AI semiconductors.
On the other hand, some companies experienced losses. Best Buy’s shares were boosted by an upgrade from UBS, citing potential benefits from new products and consumer trends. However, AMC Networks shares fell after announcing the sale of $125 million in debt. Shares of Louisiana-Pacific fell on a Goldman Sachs downgrade, warning of stiff competition in the building materials industry. Similarly, shares of Freeport-McMoRan and other mining companies were lower as gold and copper prices fell.
In addition to stocks, oil futures also rose at midday. However, the yield on the 10-year Treasury note also rose. The US dollar performed well against the yen but fell against the euro and pound. Major cryptocurrencies traded negatively in the market during midday trading hours.