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MARKETS LIVE BLOG:

STOCKS TRADE MIXED WITH MORE EARNINGS ON TAP

In commodities, gold prices rallied towards a fresh record high

Midday movers: Walt Disney, Lockheed Martin, Exxon Mobil and more

Investing.com
·2 min read

Investing.com -- U.S. stocks are falling on Monday over worries about the intensifying conflict between Israel and Hamas. A week of inflation data and big bank earnings lie ahead.

Here are some of the biggest U.S. stock movers today:

Walt Disney (NYSE:DIS) stock rose 1.4% after reports that Nelson Peltz's Trian Fund Management has increased its stake in the entertainment giant and the activist investor is expected to request multiple board seats, including for himself.

Lockheed Martin (NYSE:LMT) stock rose 8%, Northrop Grumman (NYSE:NOC) stock rose 10.8% and RTX (NYSE:RTX) stock rose 4.6% as these defense stocks gain on the expectation of increased spending given the increased geopolitical tension. Exxon Mobil (NYSE:XOM) stock rose 2.9% and Chevron (NYSE:CVX) stock rose 2.6% after oil prices surged as the escalated conflict in the Middle East raised concerns about future global supply.

Citigroup (NYSE:C) stock fell 0.8% after the banking giant agreed to sell its retail wealth management portfolio in mainland China to HSBC (NYSE:HSBC), down 2.3%.

United Airlines (NASDAQ:UAL) stock fell 5%, American Airlines (NASDAQ:AAL) stock fell 4.7% and Delta Air Lines (NYSE:DAL) stock dropped 4.5%, with several airlines having halted or reined in some flights to Israel following the escalation of violence between the country's forces and Palestinian group Hamas.

Spotify (NYSE:SPOT) stock fell 2.5% after Redburn-Atlantic downgraded its stance on the audio streaming service to ‘neutral’ from ‘buy’, estimating the company’s new audiobook offer will be gross margin dilutive.

Bristol-Myers Squibb (NYSE:BMY) stock fell 0.8% after the pharmaceutical company said it will acquire cancer drugmaker Mirati Therapeutics (NASDAQ:MRTX), down 4.6%, for up to $5.8 billion, diversifying its oncology business.

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