Wall Street inched modestly higher in holiday-thinned trading Tuesday, while Asian markets mostly advanced and European markets remained closed.
Futures for the S&P 500 rose 0.1% before the bell and futures for the Dow Jones Industrial Average rose less than 0.1% to kick off what’s expected to be a quiet, holiday-shortened week of trading.
Drugmaker Bristol Myers Squibb said Tuesday that it will acquire RayzeBio in a $4.1 billion deal, just days after buying Karuna Therapeutics for $14 billion. Bristol Myers shares were flat before the bell, while RayzeBio shares doubled to $60.99, close to the $62.50 that each share will fetch in its acquisition.
In other trading Tuesday, a barrel of U.S. crude gained $1.14 to $74.70 in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, climbed $1.23 to $80.03 per barrel.
The U.S. dollar was unchanged at 142.33 Japanese yen. The euro inched up to $1.1019 from $1.1017.
On Friday, Wall Street closed its eighth straight winning week with a quiet finish following reports showing inflation is on the decline even as the economy appears stronger than expected. The S&P 500 rose 0.2% Friday. It’s less than 1% below its record set nearly two years ago and is in the midst of its longest winning streak since 2017. The Dow slipped less than 0.1% Friday and the Nasdaq gained 0.2%.
