Tech in Wait-and-See Mode Ahead of Apple Event, Financials Rise on Tax Talk
Stocks edged higher in cautious gains after Monday's rally pulled the Dow Jones Industrial Average and S&P 500 to their best gains in six months. Financials rose after the Trump White House talked up tax reform before year's end.
Tech was in wait-and-see mode ahead of an early afternoon Apple Inc. AAPL event. Apple is expected to unveil three new smartphone models. Tech names such as Nvidia Corp. (NVDA) - Get Report and Broadcom Ltd. (AVGO) - Get Report moved lower.
MGM Resorts International (MGM) - Get Report declined after announcing plans to repurchase 10 million shares from its largest shareholder Tracinda. MGM will pay just 1% less than its per-share Monday close.
Alexion Pharmaceuticals Inc. (ALXN) - Get Report was active after announcing plans to cut one-fifth of its global workforce and move its headquarters from Connecticut to Boston. Restructuring efforts should provide savings of around $250 million in adjusted profit by 2019.
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