S&P 500 Gains and Losses Today: Cigna Leads Index's Advance After Calling Off Humana Deal

U.S. equities posted gains, with the S&P 500 advancing 0.4% ahead of this week's key report on consumer prices and the final Federal Reserve policy meeting of 2023.

Cigna (CI) shares jumped 16.7% and led gains on the index following reports that the health insurance provider will no longer pursue a merger with rival Humana (HUM) and will instead implement a $10 billion stock buyback. Humana shares fell 1%.

Intel (INTC) shares added 4.3%, and shares of others in the semiconductor sector advanced, after the White House announced the first grant under the CHIPS and Science Act of 2022 for companies to build chips in the U.S.

Nike (NKE) shares rose 2.3% after Citi upgraded the stock and raised its price target. The bank called the athletic apparel retailer an attractive margin recovery story even while it faces a choppy economy.

Eli Lilly (LLY) shares dropped 2.3% following a study that found patients who lost weight while on the drug maker's Zepbound gained weight when they stopped taking the treatment.

Walgreens Boots Alliance (WBA) shares lost 0.7% as Moody's slashed its credit rating, highlighting risks relating to the company's push to add more health care services.

After skyrocketing Friday amid rumors that the entertainment giant could be sold, shares of Paramount Global (PARA) sank 3.6% on Monday.