Stock Market Today: Live Updates

Akero Therapeutic shares rose nearly 20% after the biopharmaceutical company announced its acquisition by Novo Nordisk for $54 per share, or $4.7 billion, in cash.

Akero makes drugs to treat metabolic dysfunction-associated steatohepatitis, or MASH. Its efruxifermin drug, EFX, is in phase 3 trials.

“If approved, we believe it could become a foundational therapy, alone or with Wegovy (semaglutide), to combat one of the fastest growing metabolic diseases of our time. This acquisition embodies Novo Nordisk’s relentless ambition to go faster, go further and ultimately deliver on our commitment to continued leadership in the field of diabetes, obesity and their associated comorbidities,” said Novo Nordisk CEO. Mike Doustdar said in a statement.

Shares of Novo Nordisk fell almost 2%.

—Fred Imbert

PepsiCo Shares rose in premarket trading after the snack and beverage giant reported third-quarter results that beat analysts’ expectations.

The company earned an adjusted $2.29 per share on revenue of $23.94 billion. Analysts had expected earnings of $2.26 per share on revenue of $23.83 billion.

The stock was last up about 1%.

BCA Research strategists noted that while gold’s rally to record highs appears unstoppable, the metal could still take a hit due to macroeconomic headwinds.

“Gold’s decisive breakout above $4,000 per ounce… reinforces the structural bullish thesis driven by persistent central bank demand and growing fiscal concerns globally,” they said in a note to clients. “These structural forces have overtaken the historically inverse relationship between the yellow metal, real yields and the greenback.”

“However, once adjusted for its long-term appreciating trend, the gold price still exhibits clear inverse sensitivity to real rates and the dollar, confirming that cyclical factors continue to shape short-term volatility. This trend highlights that while gold’s structural uptrend remains intact, tactical corrections are likely when real rates firm or the dollar weakens. strengthens,” they added.

Gold Futures are up more than 53% since the start of the year.

Bassett Furniture Industries fell nearly 2% in extended trading Wednesday despite an improvement in earnings from a year ago.

The company earned 9 cents per share on third-quarter revenue of $80.1 million. During the same period a year ago, Bassett lost 52 cents per share and had revenue of $75.6 million.

Bassett shares rose 5.7% in Wednesday’s session ahead of the report. The stock is up more than 21% in 2025.

-Alex Harring

Futures contracts for the Dow, S&P 500 and Nasdaq 100 were all near flat shortly after 6 p.m. ET.

-Alex Harring