PRISM Market Moves on Monday: US Equities Mixed; Nvidia, Macy’s Strong; Tesla and Apple Tumble
US equities are mixed on Monday at midday after stocks finished mostly higher last week with the S&P notching its 15th record high this year. EVs, auto parts, media, biotech, casinos and food are underperforming, while small caps, regional banks, investment banks, semis, department stores, homebuilders, and beverages are stronger. Big tech is mixed with Nvidia ($NVDA) outperforming and Tesla ($TSLA), Apple ($AAPL) and Alphabet ($GOOGL) lagging. Treasuries are weaker, the Dollar index is down (0.1%), Gold is up +1.4%, Bitcoin futures are up +5.2% and WTI crude has dropped (1.5%).
Notable gainers at midday are Super Micro Computer ($SMCI) which has surged +26.1% on being tapped to join S&P 500. The company’s stock is up nearly 220% year to date. Macy’s ($M) has risen +15.3% after the company received an unsolicited, non-binding acquisition proposal from Arkhouse and Brigade for $24 per share in cash. Lyft ($LYFT) is up +5% after being upgraded to outperform from sector perform at RBC Capital Markets, and DoorDash ($DASH) is up +5% after being upgraded to outperform from sector perform, also at RBC Capital Markets.
The day’s decliners are Spirit Airlines ($SAVE) which has fallen (14.4%) after announcing the termination of a merger agreement with JetBlue ($JBLU). Tesla ($TSLA) has lost (7.3%) on increased incentives in China which are driving further concerns about EV price wars, and Apple ($AAPL) is down (3.2%) after being fined €1.8 billion by the European Commission for abusing its position in the distribution of music streaming app.
