Stock Market Today: QCOM & AMZN Deal, NVS Sells, GLW Rallies

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Stock slumped to begin the week as oil approached $100 a barrel before retreating. The Dow fell more than 1%, the S&P 500 dropped 0.6% and the NASDAQ fell slightly. Energy and utilities led the sectors, while healthcare fell 2.5% and financials dropped 1.4%.

As we look at stocks that were on the move today, Qualcomm gaining 3% after issuing warrants allowing Amazon to acquire $4 billion in Qualcomm's stock as a part of an AI infrastructure deal. Qualcomm said the two companies are working together on multiple generations of customized silicon for Amazon's AWS infrastructure buildout. Novartis shares falling 14% after the company suffered its third clinical setback of the month. Phase 3 results showed that its Del Deseron drug did not lead to significant improvement in patients. Novartis paid $12 billion in February for Avity Biosciences, which developed that drug. Fellow healthcare names AMZN and Stryker also saw large declines during the session. Corning rose more than 7% though after announcing a supply deal with Verizon to support the telecommunications company's broadband expansion and next generation AI infrastructure. Corning will provide 80 million miles of fiber as a part of this multi-billion dollar deal. As we look ahead at what to watch for tomorrow, we've got Chewy and Signet Jewelers reporting before the open. American Eagle reports after the close. Apple will also hold its Surprise and Shine event at 1 p.m. Eastern, where it is expected to unveil the first foldable iPhone. That is going to do it for the wrap. I'm Marley Kayden. Remember, you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.