The S&P 500 Index and Nasdaq Composite Index both reached record levels on Monday, setting the stage for a week of testing with upcoming events such as the latest reading on US inflation, congressional testimony from Federal Reserve Chairman Jerome Powell, and earnings reports from major American banks.
Tesla saw a 0.6% increase in its shares, marking the ninth consecutive session of gains. The stock is now up 1.8% for the year and trading significantly higher than the average analyst target price. Lucid also saw a 7.9% rise after reporting an increase in production for the second quarter.
Corning experienced a 12% increase after raising its financial forecast for the second quarter. Morphic soared 75% after Eli Lilly agreed to acquire the biopharmaceutical company in a $3.2 billion all-cash deal. Intel’s stock rose 6.2%, signaling a potential positive trend for tech stocks like Apple and Advanced Micro Devices in the second half of the year.
Boeing rose 0.6% amid expectations that the company may plead guilty to a criminal fraud charge related to the 737 MAX crashes. Paramount Global fell 5.3% after announcing a merger with Skydance Media. ServiceNow dropped 5% after being downgraded by Guggenheim. SolarEdge’s stock rose 9.3% while Greenbrier Companies saw a 9.1% decline in stock value after its fiscal third-quarter earnings fell short of estimates.
Earnings reports are expected this week from companies like PepsiCo, Delta Air Lines, JPMorgan Chase, Wells Fargo, and Citigroup. Overall, the market is poised for continued volatility as investors react to economic data, corporate earnings, and regulatory developments.
In conclusion, the market experienced a mix of gains and losses in various sectors with notable movements in technology, pharmaceuticals, and aerospace industries. As the week progresses, investors will be closely watching key events and company earnings to gauge the market’s direction.
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https://www.barrons.com/amp/articles/stock-market-movers-46da9868