Biogen and Oracle lead midday stock surge.
Biogen's stock dipped 3% after revamping its board of directors, while Oracle's shares rose 2.7% to an all-time high following a strong earnings report. Norwegian Cruise Line Holdings and Carnival's stock prices rose after Bank of America raised their price targets. Urban Outfitters gained nearly 4% after an upgrade by Morgan Stanley. Goldman Sachs upgraded Devon Energy to buy from neutral, and oil shares rose broadly. Zions Bancorporation lost 12.4% after lowering its net interest income outlook. Chinese internet companies and metals and mining stocks jumped after the People's Bank of China cut a key short-term policy rate to stimulate post-Covid recovery.