Equity Indexes Wrap: Chip 💛Stocks Extend Rally; Apple and Tesla Tumble

The Dow

Intel (INTC) was one of several semiconductor stocks thaꦰt so🍸ared Monday, gaining 4.1%.

Boeing (BA) ticked up 0.3% after American Airlines placed an order for 260 planes, including🥃 85 Boeing 737 Max 10s. 

Apple (AAPL) tumbled 2.5% after it was 澳洲幸运5开奖号码历史查询:fined 1.8 billion euros🦹 ($2 billio🤪n) by EU regulators over its App Store practices.

Healthcare stocks lagged, with Merck (MRK) falling 2.3%, UnitedHealth Group (UNH) dropping 1.6%, and Johnson & Johnson (JNJ) slipping 1.4%. 

The S&P 500

Gold miner Newmont Corp. (NEM) rose 5.6% as gold futures surged to a record high.&nbജsp;

Morgan Stanley (MS) gained 4.2% as it🌳 launched a pre-IPO trading service. 

Ford (F) gained🤪 2.2% after it said U.S. vehicle sales increased 10.5% on a year-over-year basis in February. 

American Airlines (AAL) fell 5.4% after ordering 260 planes from Boeing, Airbus, and Embraer. It also forecast that 80% of revenue in 2024 will come from loyalty program members and customers buying premium tickets. 

The Nasdaq 100

Nvidia (NVDA) led the semiconductor rally, rising 3.6% after gaining 4% on Friday. Qualcomm (QCOM) and Advanced Micro Devices (AMD) added 2.1% and 1.3%, respectively. 

Tesla (TSLA) tumbled 7.2% after preliminary data suggested it shipped fewer cars from its Shanghai factory in February than in any month since Dec🦂ember 2022. 

Entertainment companies Warner Bros. Discovery (WBD) and Paramount Global (PARA) fell 6.5% and 5.9%, respectively.

Alphabet (GOOGL) slid 2.8%. 

Tesla Stock Slumps on Falling Shipments in China

Tesla Inc. (TSLA) shares slumped Monday after new sales data showed deliveries from its Shanghai 🐻Gigafactory at their lowest level in a year ♈as domestic competition heated up. 

The automaker delivered 60,365 vehicles from its China factory in February, according to preliminary data from China’s Passenger Car Association (CPCA) on Monday. That marked the lowest level since December 2022 and was 16% lower than in January.

澳洲幸运5开奖号码历史查询:Vehicle sales are prone to a seasonal slowdown in China around the Lunar New Year early each calendar year, but the latest figures come amid a backdrop of slower 澳洲幸运5开奖号码历史查询:electric vehicle (EV) sales and increased competition in the country.

Tesla is also facing stiff competition from domestic EV rivals such as the Warren Buffett-backed BYD (BYDDY) and Xpeng Inc. (XPEV).

Tesla 🐼sha♐res were off 6.7% at $189.06 late in the session on Monday, with the stock now down about 24% year-to-date.

-澳洲幸运5开奖号码历史查询:Kevin George

Nvidia Leads as Semiconductor St♐ock Rꦚally Continues

Shares of semiconductor companies climbed Monday, extending Friday’s rally on the back of Dell’s better-than-expected eaꩵrnings report. 

Nvidia (NVDA) shares were up more than 5% Monday afternoon, while American Depositary Receipts of contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSM) climbed nearly 4%. Advanced Micro Devices (AMD), which g🙈ained 9% last Thursday and 5% on Friday, rose another 2%.

Chip stocks were given a boost last Friday when Dell (DELL) 澳洲幸运5开奖号码历史查询:beat earnings expectations, citing robust demand for A🔥I-optimized servers.&nbs🍒p;

Se🌱a Limited Gets ಌa Boost From Its E-Commerce and Financial Services Units

澳洲幸运5开奖号码历史查询:American Depositary Receipts (ADRs) of Sea Limited (SE) gained Monday after the Southeast As🐈ian consumer internet company posted better💟-than-expected results on higher sales at its e-commerce and digital financial services units.

The Singapore-based firm reported a fourth-quarter loss of $0.19, with revenue increasing 4.8% to $3.62 billion. Both were above forecasts. Full-year net income came in at $162.7 million, its first annual profit since going public in 2017.

Quarterly sales at the company's Shopee online shopping site rose 23.2% to $2.6 billion, and they were up 24.3% to $472.4 million at its SeaMoney financial services platform. Revenue slumped 46.2% to $510.8 million at its Garena digital entertainment business. 

Sea Limited ADRs were up about 5% at $53ജ.54 Monday afternoon but down about 18% over the past year☂.

-澳洲幸运5开奖号码历史查询:Bill McColl

Apple Fined Nearly $2B by EU Over App Stꩲore Practices

The 澳洲幸运5开奖号码历史查询:European Union (EU) fined Apple (AAPL) around $2 billion (1.8 billion euros) for "abusive App store rules for music streaming providers" in a move that the iPhone maker says could bolster Spotify (SPOT).

The European Commission said in a press release Monday that it fined the company for violating EU 澳洲幸运5开奖号码历史查询:antitrust rules and that Apple "abus[ed] its dominant position on the market for the distribution of music streaming apps to iPhone and iPad users (‘iOS users') through its App Store.

The iPhone maker based in Cupertino, California responded that it intends to appeal the EU's decision, which it said would bolster the already dominant position of Swedish company Spotify.

The fine comes ahead of the 澳洲幸运5开奖号码历史查询:Digital Markets Act (DMA) going into effect on March 6. The new law regulates big tech companies to promote competition, consumer choice, and innovation in the EU. Apple, which the Commission has 澳洲幸运5开奖号码历史查询:designated as a "gatekeeper," has already made changes to some of its systems, including the 澳洲幸运5开奖号码历史查询:App Store and 澳洲幸运5开奖号码历史查询:Apple Pay, to comply with the DMA.

Apple shares were down about 3.2% at $173.84 M🍃onday afternoon. Spotify shares, meanwhile, were up 1.8% at $268.36, their highest price since November 2021.

-澳洲幸运5开奖号码历史查询:Naomi Buchanan

BofA Raises♌ S&P 500 Year-End Target to Highest on ꦗWall Street

Bank of America's betting that the good times are ripe to continue for the S&P 500—in the long run, anyway.

The bank on Sunday raised its year-end target for the index to 5,400 ജfrom 5000, implying a 5% upsiꩲde from Friday’s close. 

The new target makes BofA one of the most bullish major international firms on Wall Street. Its target matches that of UBS, which became the Street's most optimistic firm when raised its target last month. 

BofA's U.S. Equity and Quantitative Strategy lead Savita Subramanian said in a note that swings in interest rates and inflation haven't hurt margins, with earnings surprising to the upside. Companies, she said, have shifted their focus to productivity, and as a result, there is an upside to the firm’s 2024 EPS forecast of $235.

In support of BofA’s bullish thesis is the observation that pension fun൩d allocations to public equities are still at 20-year lows. Additionally, the euphoria that typically signals the end of a bull market, analysts say, is currently “thematic and secular.” The bull market has room to “broaden beyond” the themes of artificial intelligence and weight-loss drugs. 

There are caveats, however. A small pullback is likely “after four months with no meaningful drop.” Plus, Subramanian wrote, “our bullish conviction has cooled since publishing our 2024 Outlook [in November] amid improving sentiment across Wall Street."

-澳洲幸运5开奖号码历史查询:Christiana Sciaudone

JetBlue, Spirit Airlines Terminate $3.8 Billion Merger, Spirit༺ Stock Skids

JetBlue (JBLU) and Spirit Airlines (SAVE) have called off their $3♑.8 billion proposed merger after regulators 🐻blocked the deal.

Spirit Airlines stock fell 15%𝔉 Monday morning, while shares in JetBlue were trading almost 4% higher.

The deal, announced in July 2022, would have created the fifth-largest carrier in the United States and that brought antitrust scrutiny from regulators. A 澳洲幸运5开奖号码历史查询:federal judge ruled against the airlines at the beginning of this year.

While the companies said they still believed in the merits of the transaction, they are giving up on the merger since they won't be able to acquire the necessary approvals by the July 2024 deadline. JetBlue will pay Spirit $69 million to settle the termination of the deal.

With Monday's decline, Spirit Airlines shares have lost more than 70% of their value since the merger was first announced.

-澳洲幸运5开奖号码历史查询:Kevin George

🃏Super Micro Computer Stock Jum𝓀ps on S&P 500 Inclusion

Shares in Super Micro Computer (SMCI) jumped more than 20% in premarket trading Monday following 澳洲幸运5开奖号码历史查询:an announcement th🎐at it will be ღincluded in the large-cap 澳洲幸运5开奖号码历史查询:S&P 500 Index.

Super Micro and Deckers Outdoor Corp. (DECK) will nudge out whitegoods maker Whirlpool (WHR) and regional bank Zions Bancorporation (ZION) from the blue-chip index, with the changes taking effect before the start of trading on March 18, according to S&P Global.

The San Jose, California company, whose stock price has more than tripled since the start of the year, has seen its 澳洲幸运5开奖号码历史查询:market capitalization surge t🐬o more than $50 billion amid an AI-🐲fueled buying frenzy.

Super Micro shares have remained in a steady uptrend since the 澳洲幸运5开奖号码历史查询:50-week moving average crossed above the 200-week moving average in May 2020 to generate a 澳洲幸运5开奖号码历史查询:golden cross buy signal. Impressively, the few retracements the stock had in 2023 did♋n’t manage to reach the 50-week moving average, highlighting the uptrend’s strong momentum. 

More recently, gains have accelerated on above-average volume after the price broke above a period of four-month consolidation in the form of an 澳洲幸运5开奖号码历史查询:ascending triangle—a chart pattern that suggests a continuation of the current longer-term trend. If the stock sees a wave of 澳洲幸运5开奖号码历史查询:profit-taking, monitor the $300 to $350 level where a pullback may find support from the triangle’s top 澳洲幸运5开奖号码历史查询:trendline and rising 50-week moving average.

-澳洲幸运5开奖号码历史查询:Timothy Smith

Macy's Buyout Offer Jumps to $6.6B as Arkhouse and Brigade Raise Their Bid

Macy’s (M) shares surged 16% in early trading Monday after the investor group whose previous offer for the embattled department-store chain was rejected 澳洲幸运5开奖号码历史查询:raised its bid by nearly $1 billion.

Real estate-focused Arkhouse Management and asset manager Brigade Capital Management said Sunday that they are now offering to acquire the Macy’s stock they don’t already own for $24 a share, or $6.6 billion—up from December's $21-per-share offer that valued the♔ retailer at around $5.8 billion a💎nd 33% higher than the shares’🍸 $18.01 close on Friday.

Arkhouse remains "open to increasing the purchase price further subject to the customary due diligence," Managing Partners Gavriel Kahane and Jonathon Blackwell said in a statement. Outlining financing plans, Kahane and Blackwell said they were backed by investors Fortress and OneIM.

Macy's board said it will review and evaluate the latest proposal.

-澳洲幸运5开奖号码历史查询:Fatima Attarwala

Stocks Making the Biggest Move Premarket

Gains:

• Super Micro Computer Inc. (SMCI): Shares of the data center company jumped 16% after S&P Dow Jones Indices said it would be added to the S&P 500 effective March 18. Shoe company Deckers Outdoor Corp. (DECK), which was also named to the index, rose about 5%.
• Macy’s Inc. (M): Shares climbed more than 14% after investors Arkhouse Management and Brigade Capital, who offered to buy the department store for $21 per share in December, raised their takeover offer price by nearly $1 billion.  
• Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange jumped 6% as the price of Bitcoin climbed above $65,000 for the first time since 2021. 
  

Losses:

• Li Auto Inc. (LI): Shares of the Chinese carmaker fell more than 7%, extending losses from Friday when it unveiled its first full-electric car with a slightly higher price tag than analysts were expecting.
• Apple Inc. (AAPL): Shares of the iPhone maker slipped nearly 2% after the European Union fined the company 1.8 billion euros ($2 billion) over its treatment of music streaming apps that compete with its Apple Music.
• Zions Bancorp. (ZION): Shares of the regional lender slipped about 1% after it was bumped from the S&P 500 to the mid-cap S&P 400 by Super Micro Computer. Whirlpool (WHR) also slid 1% after getting the boot.

Stock Futures Dip Before Markets Open

Futures contracts connected to the Dow ꧅Jones Indꦆustrial Average were down 0.4% in premarket trading on Monday.

S&P 500 futures slipped about 0.1%.

Nasdaq 100 futures ♒were little changed about an hour before markets opened.