The stock market is trading slightly higher midday before the Fed releases its rate cut decision. The S&P 500 gained 0.12%, and the tech-heavy Nasdaq Composite added 0.16%. The Dow Jones Industrial Average rose 0.06%, while the Russell 2000 Index dropped 0.17%.
Analyst says competitor Eli Lilly's new drug could seriously disrupt ResMed's patient base.ResMed
S&P 500 big stock movers todayFive S&P 500 stocks making big midday moves are:West Pharmaceutical Services (WST) +4.1% General Motors (GM) +2.5% GE Healthcare Technologies (GEHC) +2.2% CH Robinson Worldwide (CHRW) +2.1% Apple (AAPL) +2% The worst-performing five S&P 500 stocks with the largest midday drop are:ResMed (RMD) -5.9% Sysco (SYY) -4.1% Avery Dennison (AVY) -2.8% Incyte (INCY) -2.3% Cencora COR -2.2% Stocks also worth noting include:Microsoft (MSFT) -0.7%Nvidia (NVDA) -0.7%Tesla TSLA +0.9%Boeing (BA) +0.4%Trump Media (DJT) -2%Microsoft stock wobbles on AI investment plan with BlackRockMicrosoft and BlackRock are planning to raise up to $100 billion for AI data centers and energy infrastructure. Microsoft shares lost 0.7% midday, while BlackRock added 0.9%.Microsoft and BlackRock are part of the Global Artificial Intelligence Infrastructure Investment Partnership, according to an announcement. Other members include Global Infrastructure Partners, which BlackRock is in the process of acquiring, and UAE-based tech investor MGX.Related: Analyst revisits Microsoft stock price target after AI reporting changeThe global AI infrastructure investment partnership aims to raise $30 billion in private equity, with a broader goal of $100 billion in total investment. The group works to improve AI supply chains and energy sourcing. Nvidia will support Gaiip with its AI expertise.Microsoft stock added 0.88% yesterday after it announced plans to increase the quarterly dividend by 10% to 83 cents a share, up from 75 cents. Trump Media falls before lockup period endsTrump Media lost another 2% midday. The stock has lost more than 12% this week.Trump Media is the company behind former President Donald Trump’s social media platform, Truth Social. The Republican presidential nominee will soon be able to sell his shares in the company, which is valued at about $2 billion, as the lockup period ends Sept. 25.A lockup period is a common practice in initial public offerings. Trump Media first began trading on the Nasdaq in March 2024. Trump was prohibited from selling his shares in the company for 180 days.ResMed declines after analyst downgradeResMed stock lost 6% and became the biggest S&P 500 decliner midday, following Wolfe Research’s downgrade to underperform from peer perform, with a $180 price target.Wolfe says competitor Eli Lilly's launch of the GLP-1 drug tripeptide for sleep apnea could disrupt ResMed's patient base, according to a note pulled by thefly.com.More Wall Street Analysts:Analyst says Intel should drop a key business to surviveAnalysts adjust Bookings.com stock price target on travel marketAnalysts place bets on Las Vegas strip casino stocksWolfe's analyst sees the risks growing in 2025 after the U.S. Food and Drug Administration is expected to approve the drug for a sleep apnea indication in Q4. The analyst also says that 50% of doctors plan to reduce ResMed’s CPAP machine prescriptions due to the introduction of GLP drugs.ResMed is a medical equipment company specializing in devices for sleep apnea, COPD, and other respiratory conditions.Related: Veteran fund manager sees world of pain coming for stocks
