The Nasdaq reached a new all-time high during trading on Monday, July 8, 2024, driven by gains in technology stocks. Shares of Intel rose following a suggestion from Melius Research that the stock could benefit from artificial intelligence in the latter part of the year. Corning saw an increase in its shares after the company raised its guidance due to strong demand for its optical connectivity products for generative artificial intelligence applications.
Meanwhile, AMD shares also saw gains on the back of the Melius Research recommendation. IDEAYA Biosciences shares surged after positive results from a phase 2 trial of its oncology drug for bladder and lung cancers. Solar energy stocks also experienced an uptick after Bank of America upgraded SolarEdge Technologies’ rating, deeming the stocks undervalued.
However, Devon Energy shares declined as the company agreed to acquire Grayson Mill Energy for $5 billion, expanding its presence in the Williston Basin. Paramount Global shares also fell after announcing a merger with Skydance Media, concluding months of negotiations.
In the commodities market, oil and gold futures decreased, while the 10-year Treasury yield rose. The US dollar strengthened against the euro but weakened against the pound and yen. Most major cryptocurrencies saw price increases.
Overall, the market witnessed a mix of positive and negative movements across various sectors, with technology and energy companies making notable moves. Investors are keeping an eye on developments in the AI and renewable energy sectors, as well as ongoing mergers and acquisitions.
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