Stock Indexes Wrap: C🎃hip Sell-Ofಌf Continues; Energy Stocks Charge Higher

The Dow

Chevron (CVX) rose 2.6% as energy stocks led the market’s gainers.&🥂nbsp;

Apple (AAPL) ticked up 0.3% despite becoming 澳洲幸运5开奖号码历史查询:the first company to be charged under the EU’s new Digital Markets Act. 

Most of the index’s tech stocks lagged—including Salesforce (CRM), down 2.1%, and Amazon (AMZN), down 1.9%—as the AI sell-off that began last week hastened. 

S&P 500

Nearly all of the index’s top performers Monday were oil and gas companies. SLB (SLB) gained 4%, while Occidental Petroleum (OXY) rose 3.8% and ConocoPhillips (COP) climbed 3.4%. Energy stocks have l𝓀agged the broader market for months𒆙 as AI has dominated investor interest.

Target (TGT) rose 2.4% after it announced 澳洲幸运5开奖号码历史查询:a partnership with Shopify to expand its third-party d🍷igital marketplace, Target Plus.

ResMed (RMD) slumped 11.4% after Eli Lilly (LLY) 澳洲幸运5开奖号码历史查询:published research on Friday suggesting its weightless drug Zepbound could reduce the severity of patients’ sleep apnea, thus threatening ResMed’s sleep mask sales. Eli Lilly shares ticked up 0.8%. Dexcom (DXCM), anoth🔜er medical device maker threatened by the rise of weight-loss d🌄rugs, slid 5.3%.

Super Micro Computer (SMCI) tumbled 8.7% as last week’s AI sell-off continued. Nvidia (NVDA) dropped 6.7%, making Monday its second-worst day since the beginning of its AI rally in late 2022. Qualcomm (QCOM) shed 5.5%.

Netflix (NFLX) fell 2.5% amid reports of internal talks about offering a free, ad-supported tier to boost advertising revenue. 

Nasdaq 100

Food stocks gained as investors shunned high-growth AI stocks in favor of staples. Mondelez International (MDLZ) advanced 2.9% and Kraft Heinz (KHC) rose 0.8%. 

Chip stocks led the index lower. Arm Holdings (ARM) fell 5.8% and Broadcom (AVGO) declined 3.7%. The companies that sell the equipment required to make the most sophisticated chips, including ASML Holding (ASML) and KLA Corp (KLA), also fell.

Chipotle Stock Price—One of the Highest𓆏 on Record—Holds Steady Ahead of Split

Chipotle Mexican Grill (CMG) investors will soon see a much larger number of shares in their portfolios after Chipotle stock undergoes a 50-for-1 split after markets close Tuesday, w💞ith investors gaining 49 new shares for each one they owned before the split.

The fast-casual chain 澳洲幸运5开奖号码历史查询:announced plans for a split in 🃏March, and the move was approved by shareholders at its annual meeting earlier this month.

Chipotle shares have climbed steadily since the company's public debut in 2006 at an 澳洲幸运5开奖号码历史查询:initial public offering (IPO) price of $22 per share. Shares are up more than 57% over the last year after first cl🎶osing above the $2,000 mark in April 2023.

The new shares will be distributed after markets close Tuesday, resulting in 50 times as many shares at a lower price per share, without changing the total value of investors' Chipotle holdings or the company's market capitalization. The first day of Chipotle's split-adjusted trading will be on Wednesday.

Chipotle shares were 0.3% lower at $3,199 late in the session Monday, though they've gained nearly 40% since the start of the year, and last Tuesday closed at a record high of $3,427.61, one of the 澳洲幸运5开奖号码历史查询:highest stock prices in history.

-澳洲幸运5开奖号码历史查询:Aaron McDade

Affirm Holdings Surges as It Gets a 'Buy' Rating From Goldman Sachs

Shares of Affirm Holdings (AFRM) jumped in intraday trading Monday as Goldman Sachs initiated coverage of the 澳洲幸运5开奖号码历史查询:buy now, pay later (BNPL) loan service with a "buy" rating, calling it “the le🍷ading provider of modern credit solutions for consumers.”

Goldman also set a price target of $42, a♍ 41% premium to the closing price F🌜riday.

The analysts noted that Affirm had “a diverse portfolio of products for point of sale financing, and every day spending,” and that they were particularly impressed with the sophistication of its underwriting compared with other 澳洲幸运5开奖号码历史查询:financial technology (fintech) companies.

Solid underwriting, the analysts said, should allow i⛦t to increase its reach with subprime and near-prime borrowers, a market that’s been hard for many lenders to “sustainably participate in.”

Affirm Holdings shares jumped more than 10% 🌃Monday but remained m🍷ore than 30% lower year-to-date. 

-澳洲幸运5开奖号码历史查询:Bill McColl

Target Teams With Shopify To Boost Online Sales

Target (TGT) shares advanced in intraday trading Monday after the retailer announced a partnership with the e-commerce platform Shopify (SHOP) to boost its online sales.

Target said the deal will expand Target Plus, its third-party digital marketplace, “through a hand-selected assortment of new and on-trend products."

Merchants who use Shopify can apply to sell online o🌸n Target Plus through Shopify’s Marketplace Connect app, while some select ones will also be able to make their products available in Target’s physical stores.

Target shaꦛres were up more than 2% Monday afternoon, and are up about 5% year-to-date. Shares of Shopify were down 2% and have ✃declined roughly 18% in 2024.

-澳洲幸运5开奖号码历史查询:Bill McColl

ResMed Shares Plummet on Eli Lilly's Sleep Apnea Trials

Shares of medical device maker ResMed (RMD) tumbled in intraday trading Monday as markets reacted to the results of a pair of 澳洲幸运5开奖号码历史查询:Phase 3 clinical trials from drugmaker Eli Lilly (LLY) that could spell troubl💟e for ResMed's core business.

Friday afternoon, Eli Lilly released data from two clinical studies that showed the capability of one of the company's 澳洲幸运5开奖号码历史查询:popular weight-loss drugs, Zepbound, to reduce the severity of sleep apnea without the need for a mask that is typically used to treat the disorder.

The company said in Friday's release that it has submitted the drug to the 澳洲幸运5开奖号码历史查询:Food and Drug Administration (FDA) to get sleep apnea added to theಌ label as a condition Zepbound can treat, and said it expects "regulatory action" as early as the end of 2024.

Sleep apnea is ResMed's primary area of treatment, according to its own earnings materials. The company sells medical devices like sleep apnea masks, and generated about $1.2 billion in revenue, mostly from device sales, in its most recent quarter.

ResMed stock was down more than 11% Monday afternoo𓆏n. Eli Lilly shares were up 2%.

-澳洲幸运5开奖号码历史查询:Aaron McDade

Alnylam Stock Soars on Strong Res𒁃ults in Heart Drug 🏅Study

Shares of Alnylam Pharmaceuticals (ALNY) skyrocketed after the biopharma firm 澳洲幸运5开奖号码历史查询:announced strong results from a l♊ate-stage study of its RNA interference drug for a rare heart condition.

The company reported a Phase-3 trial of its vutrisiran showed “a statistically significant reduction in the composite of all-cause mortality and recurrent cardiovascular (CV) events” in patients suffering from transthyretin amyloidosis with cardiomyopathy, or ATTR-CM. That’s a condition which causes the heart to stiffen and reduces its ability to pump blood. Alnylam added that vutrisiran also produced significant improvements across all secondary endpoints for those treated.

Alnylam said it would be moving ahead with submissions to health officials starting later this year, including asking the 澳洲幸运5开奖号码历史查询:Food and Drug Administration (FDA) for a Priority Review Voucher.

Vutrisiran, which goes under the brand name Amvuttra, has already been ꦬapproved to treat nerve damage in those with hereditary transthyretin amyloidosis.

Alnylam shares jumped 38%, bringing 🦹their year-to-date gain to 20%.

-澳洲幸运5开奖号码历史查询:Bill McColl

Apple and Meta in Focus 🧜After Reportedly ൩Discussing Generative AI Partnership

iPhone maker Apple (AAPL) has held discussions with its big tech rival Meta Platforms (META) to integrate the Facebook parent’s 澳洲幸运5开奖号码历史查询:generat🌌ive artificial intelligence🐬 (AI) model 澳洲幸运5开奖号码历史查询:into its recently announced personalized AI system, 澳洲幸运5开奖号码历史查询:Apple Intelligence, The Wall Street Journal reported on Sunday.

Such a deal would allow Meta to leverage Apple’s vast distribution of users through its iPhones, similar to how software companies gain exposure to millions of potential customers through the tech behemoth’s 澳洲幸运5开奖号码历史查询:App Store.

Apple, which recently 澳洲幸运5开奖号码历史查询:partnered with ChatGPT owner OpenAI and said it wants to integrate with Google’s Gemini, has also discussed adding generative AI technology developed by startups Anthropic and Perplexity into Apple Intelligence, people familiar with the discussion told the Journal, 💛adding that talks held with Meta haven’t been finalized and could fall through.

While the 50-day 澳洲幸运5开奖号码历史查询:moving average crossed above the 200-day MA to form a bullish 澳洲幸运5开奖号码历史查询:golden cross pattern around the same time Apple shares broke out to a new record high earlier this month, the price h🔯as 🀅recently retraced, increasing the likelihood for further weakness this week.

Looking ahead, investors should monitor the key $197 level, an area where the price finds support from a 澳洲幸运5开奖号码历史查询:horizontal line linking several prominent peaks♊ over the past eleven months.

Since gapping more than 10% lower after issuing 澳洲幸运5开奖号码历史查询:weak revenue guidance in late April, Meta shares have continued to trend mostly higher, closing the gap and 🀅climbing back above the 50-day MA.&nbs♏p;

If the stock moves lower, investors should keep an eye on the $446 level, an area where the price may find buying interest around a multi-month horizontal line. Conversely, an upside move may run into selling pressure near the stock’s 澳洲幸运5开奖号码历史查询:all-time high (ATH) set in early April at $531.49.

Apple shares rose almost 2% and are up around 10% this year; Meta's stock is 1% higher, bringing its year-to-date gain to more than 40%.

-澳洲幸运5开奖号码历史查询:Tim Smith

RXO Surges After Buying Coyote Logistics ꦛUnit From UPS for More Than $1 Billi🦩on

RXO (RXO) shares soared in intraday trading Monday, a day after the package delivery firm 澳洲幸运5开奖号码历史查询:purchased Coyote Logistics, the third-party asset-light freight brokerage unit of United Parcel Service (UPS), for $1.025 billion in cash. 

RXO said the addition of Coyote will create the third-largest provider of brokered transportation in North America. The company noted that the deal will be “immediately and significantly accretive to RXO’s adjusted diluted earnings per share and adjusted 澳洲幸运5开奖号码历史查询:free cash flow.”

澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Drew𒀰 Wilkerson explained that the acquisition “will increase the number of customers that do more than $1 million in business with us by approximately 80%.” He added that RXO would get “both immediate and long-term opꦕportunities for revenue and earnings growth.”

The tr🦂ansaction is expected to b🐻e completed by the end of the year.

The news sent shares of RXO up more than 18%, although they are just up 😼3% in 2024. UPS shares rose 1%.

-澳洲幸运5开奖号码历史查询:Bill McColl

Nvidia Stock in Sp♒otlight Aft🦹er Drop From Record High

澳洲幸运5开奖号码历史查询:Artificial intelligence (AI) chipmaker Nvidia (NVDA) 澳洲幸运5开奖号码历史查询:remains in the spotlight after shares dropped from their record high on Thursday.

Despite little in the way of company-specific announcements late last week, investors may have used a rare moment of broad market weakness for 澳洲幸运5开奖号码历史查询:profit-taking following the stock’s 澳洲幸运5开奖号码历史查询:meteoric rise this year amid the AI boom.

Since finding support around the 50-day moving average in April last year, Nvidia shares have tracked sharply higher, with investors viewing any dips as buying opportunities. However, Thursday’s intraday reversal from their 澳洲幸运5开奖号码历史查询:all-time high (ATH) created a 澳洲幸运5开奖号码历史查询:bearish engulfing pattern🎶, a candlestick formation that warns of a potential downside reversal, especially after a significant price advance.

If Nvidia’s price continues to retrace this week amid a shift in 澳洲幸运5开奖号码历史查询:sentiment, investors may keep an eye on chart levels around $119 and $110, both areas where the stock could find support from minor 澳洲幸运5开奖号码历史查询:pullbacks over the past three weeks. A failure to hold these key regions c♓ould see the shares revisit a horizontal line near $97 that connects several prior record highs.

ꩲNvidia shares fell almost 4% in early trading on Monday, but remain up more t💛han 145% so far this year.

-澳洲幸运5开奖号码历史查询:Tim Smith

Stock Futures Mixed in Premarket Trading

Futures contracts connected to the Dow Jones Industrial Ave⛎rage were up 0.2% in premarket trading on Monday.

S&P 500 futures were little changed.

Nasdaq 100 futures fell 0.2%.