Intel and Super Micro Computer Surge on AI Boost, Driving S&P 500 Gains and Losses Today

The S&P 500 reached a record high on Monday, July 8, 2024, while the Nasdaq also closed at a record high. The Dow, however, ended the session slightly lower. This week will see the Federal Reserve Chairman Jerome Powell testify before Congress, the release of the latest Consumer Price Index (CPI) Report, and quarterly reports from major banks marking the beginning of earnings season.

Corning shares jumped 12% on Monday, attributed to high demand for its optical connectivity products used in power generation. Supermicro shares surged 6.2% as investor interest in AI-related stocks grew. Intel shares also rose 6.2% after analysts highlighted its potential to catch up with peers in the tech sector.

Paramount Global shares fell by 5.3% after agreeing to merge with Skydance Media, ending months of negotiations. Etsy shares dropped by 5.3% after announcing restrictions on certain products and lower-than-expected first-quarter earnings. Chipotle Mexican Grill shares fell by 5.2%, experiencing volatility following a stock split and criticism over portion sizes.

Overall, the stock market saw a mixture of gains and losses on Monday, with a focus on companies operating in AI-related sectors. This week will be significant with various economic reports and earnings releases shaping market movements. Investors will be closely watching the developments and statements from key figures in the financial world.

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