Stock Market Update

[BRIEFING.COM] The major averages continue to chart new session lows at midday.

Corporate news flow is relatively light today, though GlaxoSmithKline (GSK 50.94, +0.30, +0.59%) is trading modestly higher after agreeing to acquire Nuvalent (NUVL 123.26, +34.76, +39.29%) for $124 per share in cash, a $10.6 billion deal that adds a late-stage lung cancer pipeline, including ROS1 inhibitor zidesamtinib, ALK inhibitor neladalkib, and an earlier-stage HER2-mutant NSCLC program. While GSK reaffirmed its 2026 guidance and dividend policy, the main offset is that the debt-and cash-funded deal carries a sizable roughly 40% premium and is expected to be dilutive to core EPS before becoming accretive in 2029.