Stock Market Update: Dow and S&P 500 Gain ground while Nvidia Stocks Drop

RXO, a package delivery company, saw a surge in its stock price after acquiring Coyote Logistics, a unit of UPS, for over $1 billion in cash. The deal is expected to make RXO the third largest brokered transportation provider in North America and significantly boost its earnings. The acquisition is predicted to be completed by the end of the year and has led to an increase in RXO’s stock by over 18%.

Nvidia, an AI chip maker, has been in the spotlight after its shares fell from a record high on Thursday. Investors may have taken advantage of a temporary market weakness to engage in profit taking following the company’s remarkable rise this year. Nvidia’s stock has seen significant growth since finding support around the 50-day moving average last year. However, there are concerns of a possible downward trend after an all-time high reversal on Thursday. Shares of Nvidia fell by nearly 4% in early trading on Monday, despite being up more than 145% so far this year.

In pre-market trading, futures contracts related to the Dow Jones Industrial Average rose by 0.2%, while S&P 500 futures remained relatively unchanged. Nasdaq 100 futures, on the other hand, fell by 0.2%.Investors are advised to keep an eye on specific chart levels for Nvidia stock this week to track any further developments in its price movement.

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