Wall Street mixed as GameStop soars and Incyte buys back stock
U.S. stocks drifted with the S&P 500 barely changed while GameStop surged 74 percent amid volatile trading. Incyte rose 8.6 percent after announcing a buyback up to 2 billion dollars, and Fortrea Holdings fell nearly 15 percent on weaker quarterly results. Investors await the latest inflation update and Fed rate chatter as hopes grow for a softer path on prices.
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Airlines sue to block new upfront fee disclosures rule
American Delta United and three other carriers along with Airlines for America sue the Transport Department in the 5th Circuit, arguing the rule to disclose baggage and change or cancel fees upfront will confuse consumers and exceeds authority. Southwest notes minimal impact as it already offers free bags and no change fees. The department says the rule will save more than 500 million dollars annually and defend protections against hidden junk fees.
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Archegos Capital founders go on trial in fraud case
The trial of Bill Hwang and former CFO Patrick Halligan opens in New York over Archegos Capital Management collapse. Prosecutors say Hwang used secret derivatives trading to inflate stock prices and grow a $10 billion portfolio to $160 billion, triggering over $100 billion in market losses.
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