The major averages close higher after opening mixed today led by tech, financials, industrials and Eli Lilly. The Dow Jones Industrial Average rose 135 points, or 0.3%. The S&P 500 rose 26 points or 0.4% while the Nasdaq rose 94 points or 0.44%.

In corporate news today, EchoStar Corp jumped 70% after agreeing to sell their wireless sir spectrum business for $23 billion in cash to AT&T.  AT&T was modestly lower. In the drug space, Eli Lilly rose 5% as a new Phase 3 study showed their obesity and diabetes drug helped parents lose 10% of their body weight verse just 2% for the placebo drug. The better than expected trial study news moves the drug that much closer to final approval. Rivals, Viking Therapeutics and Novo Nordisk are lower on this news.  

Chip giant Nvidia rose a percent ahead of earnings as they try to work with the administration to sell more powerful chips to China. All the chip stocks were higher except for Intel.

Financial and Industrials performed well.

The treasury yield curve steepened today with short-term yields falling and long-term yields rising after U.S. President Donald Trump moved to fire Federal Reserve Governor Lisa Cook from the central bank’s board. The 2-year yield fell over 4 basis points to 3.68%. The 30-year yield added 2 basis points to 4.91%. The 10-year Treasury yield was down 2 basis points to 4.26%

In the commodity space, oil fell 2%. Gold was modestly higher while bitcoin was quiet.

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