US Stocks Mixed Ahead of Key Inflation Data, Chip Sector Wobbles After China Sales Deal

McKinley Acquisition has priced its $150 million initial public offering (IPO). Equities are down as investors await inflation data for hints on the Federal Reserve's move in September. Wall Street stocks are mixed, with the chip sector wobbling after a China sales deal. XOMA Royalty Corporation has completed the acquisition of Turnstone Biologics Corp. OpenText has appointed James McGourlay as interim CEO.

McKinley Acquisition Corporation (the “Company”) has priced its initial public offering (IPO) at $10.00 per unit, raising $150 million [1]. Each unit consists of one Class A ordinary share and one right, with each right entitling the holder to receive one-tenth (1/10) of one Class A ordinary share upon consummation of the Company’s initial business combination. The units are expected to trade on the Nasdaq Global Market under the symbol “MKLYU” beginning on August 12, 2025 [1].

Equities are down as investors await inflation data for hints on the Federal Reserve's move in September. A top official at the Federal Reserve, Michelle Bowman, expressed her belief that interest rates should be lower, which can help the economy but can also fuel inflation [2]. Bowman, who voted in favor of cutting interest rates, noted that the recent weaker-than-expected job market report strengthens her view that the Fed should cut interest rates three times this year [2].

Wall Street stocks are mixed, with the chip sector wobbling after a China sales deal. XOMA Royalty Corporation has completed the acquisition of Turnstone Biologics Corp. for a price per share of $0.34 in cash, plus a non-tradeable contingent value right [3]. Turnstone Biologics will become a wholly owned subsidiary of XOMA Royalty, and its shares will cease trading on Nasdaq and be delisted [3].

OpenText has appointed James McGourlay as interim CEO. McGourlay will succeed the outgoing CEO, who stepped down after a period of uncertainty and restructuring [4].

References:
[1] https://www.globenewswire.com/news-release/2025/08/11/3131361/0/en/McKinley-Acquisition-Corp-Announces-Pricing-of-150-Million-Initial-Public-Offering.html
[2] https://www.wqad.com/article/news/nation-world/federal-reserve-official-calls-for-rate-cuts/507-f7b2890d-1ae8-47fa-ac88-5f7ddc1ff11f
[3] https://www.globenewswire.com/news-release/2025/08/11/3130961/0/en/XOMA-Royalty-Announces-Closing-of-Tender-Offer-for-Turnstone-Biologics.html
[4] https://www.opentext.com/about-us/press-releases/opentext-appoints-james-mcgourlay-as-interim-ceo/