PRISM Market Moves on Monday: Nvidia Reverses Declines, STAAR Surgical Soars; Meta and Boeing Decline
US equities are trading lower at midday on Monday after a mixed performance last week. Semis, software, airlines, machinery, steel, credit cards, homebuilders, and auto suppliers are underperforming. Big tech is mixed with some buoyancy from Nvidia ($NVDA) as the company reversed earlier declines and some drag from Meta Platforms ($META) as the stock loses momentum. Outperformers today include chemicals, biotech, drug stores, food, casinos, telecom, EVs, aluminum and media. Treasuries are weaker, the Dollar index is up +0.2%, Gold is up +0.2%, Bitcoin futures are up +4.6%, and WTI crude is down (0.3%).
Notable gainers at midday are STAAR Surgical ($STAA) which has surged 10.8% after being upgraded to buy from hold at Stifel, MicroStrategy ($MSTR) which is up 9.3% after the company announced it had acquired 12,000 bitcoins for ~$820 million in cash. EchoStar ($SATS) has gained +6.0% after CONX Corp disclosed an agreement with a company subsidiary to purchase commercial real estate property for $26.75 million.
The day’s decliners are Meta Platforms ($META) which is down (5.4%) following former President Trump’s comments to CNBC regarding the TikTok ban that the company is the “enemy of the people”, Boeing ($BA) has dropped (4.0%) after media reports that the US Justice Department has opened a criminal investigation into the January Alaska Air ($ALK) incident. Boeing planes have been involved in multiple emergency events in recent days. Hyatt Hotels ($H)has lost (1.7%) after being downgraded to equal weight from overweight at Morgan Stanley.
