US stocks have rallied on the first trading day of August, with the Nasdaq up 1.7 per cent, the S&P 500 gaining 1.1 per cent and the Dow rising one per cent, boosted by Big Tech earnings and manufacturing data hitting its highest level since May 2022.
Among the major corporate stories driving markets, the Financial Times is reporting that AstraZeneca has held talks about a potential merger with US pharmaceutical company Bristol Myers Squibb — a deal that could be worth around four hundred billion dollars.
AstraZeneca shares have fallen sharply on the news, while Bristol Myers Squibb's stock has risen.
Mitch Mccann reports from New York.
IN: “The Financial Times...”
OUT: “...about $133 billion.”
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