Top Movers of the Day
AInvestMonday, Mar 18, 2024 5:47 pm ET
2min read
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HCP --
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The stock market saw gains on Monday, with the S&P 500 and Nasdaq Composite both ending higher, breaking their three-day losing streaks. However, the small-cap Russell 2000 Index slightly declined. A surprise uptick in homebuilder sentiment, as indicated by the National Association of Home Builders' Housing Market Index, contributed to the positive market sentiment.

Major market benchmarks ended as follows: the S&P 500 rose 0.6%, the Dow Jones Industrial Average gained 0.2%, and the Nasdaq Composite jumped 0.8%. The 10-year Treasury note yield increased to 4.34%, and the Cboe Volatility Index slightly dipped.

Sector-wise, all but two S&P 500 sectors finished in the green, led by communications, information technology, consumer discretionary, and consumer staples. Health care and real estate sectors saw modest declines.

Crude oil prices reached multi-month highs due to strong industrial production data from China and concerns over potential supply disruptions, including a fire at the Slavyansk refinery in Krasnodar and attacks idling around 7% of Russia's refining capacity this year. Brent Crude Oil futures gained 2% on Monday.

  • Nvidia: Shares rose about 1% due to the company's GTC Conference, which is seen as significant for artificial intelligence developments. Investors are anticipating new product unveilings and updates from Nvidia.

  • Zillow: Shares dipped less than 1%, adding to a 13% decline from the previous Friday. The stock faced pressure after the National Association of Realtors reached a settlement that could lead to lower realtor commissions.

  • Alphabet and Apple: Alphabet's shares surged nearly 5% following a Bloomberg report that Apple is in talks to license Alphabet's Gemini artificial intelligence engine for the iPhone. Apple's shares climbed about 1% in response.

  • HashiCorp: The stock soared more than 8% after a report suggested that the software provider is considering a potential sale with the help of a financial advisor.

  • Taiwan Semiconductor Manufacturing (TSMC): Shares increased 0.2% amid reports that the company is contemplating building a packaging facility in Japan. Additionally, Bank of America raised its price target on TSMC, citing expected strong demand in advanced node technologies driven by AI and other factors.

  • Tesla: Shares jumped over 6% after the company announced plans to raise the price of its Model Y by $1,000 starting in April.

  • PepsiCo: The stock rose more than 4% following an upgrade to overweight from equal weight by Morgan Stanley. The firm expects PepsiCo's business fundamentals to improve in the latter half of the year.

  • Uber Technologies: Shares fell about 1% after Uber agreed to pay over $175 million to Australian taxi drivers to settle a lawsuit alleging that Uber operated illegally in the country before obtaining approval.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.