PayPal shares surge after reports of a potential $53 billion bid by Stripe and Advent, while US equities edge lower on inflation data.
PayPal Holdings (PYPL) rallied midday Wednesday following reports that payments rival Stripe and private equity firm Advent are preparing a $53 billion takeover offer. The news lifted PYPL shares sharply amid broader market weakness.
The Dow Jones Industrial Average and S&P 500 each slipped 0.1% as investors assessed softer-than-expected inflation figures. The Nasdaq Composite also declined, extending losses in the tech sector. Aehr Test Systems (AEHR) was another standout gainer, rising on strong volume.
The market reaction underscored a mixed session, with individual stocks moving on deal speculation while broader indices reflected cautious sentiment over economic data.