U.S. stocks are hanging at the edge of their record heights. Most stocks were falling on Wall Street, but Warner Bros. Discovery jumped to one of the market’s biggest gains.
U.S. stocks are hanging near the edge of their record heights on Monday as Wall Street waits to hear from the Federal Reserve later this week on what it will do with interest rates.
The S&P 500 edged down by 0.1% in morning trading but remains just 0.4% below its all-time high, which was set in October. The Dow Jones Industrial Average was down 158 points, or 0.3%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was virtually unchanged.
Warner Bros. Discovery helped lead the market and rallied 6.8% after Paramount took its offer to buy the entertainment giant directly to shareholders. Paramount said it’s offering $30 in cash for each Warner Bros. Discovery share, as well as a quicker and easier way for investors to get their payout.
Paramount wants investors to take its all-cash bid for the whole company instead of Netflix’s offer of cash and stock for just Warner Bros. The board of directors for Warner Bros. Discovery had agreed to Netflix’s offer last week.
The Netflix deal is already facing a potentially tough time getting through federal regulators because of worries about too much industry power sitting at one company.
