Stocks traded mixed Monday as Wall Street looked ahead to this week’s decision on interest rates from the Federal Reserve and the latest data on U.S. inflation.
started trading on a split-adjusted basis Monday. The 10-for-1 stock split in shares of
Nvidia
,
the leader in artificial-intelligence chips, took effect Friday after the close of trading. The stock finished Friday at $1,208.88. In trading Monday, shares were up 0.6% to $121.56. Coming into Monday’s session, Nvidia has risen 144% in 2024, and has gained 27% since the stock split announcement was made on May 22.
fell 2.1% to $164.36 after shares of the chip maker were downgraded to Equal Weight from Overweight at
and the price target was maintained at $176.
rose 7% after activist Elliott Investment Management built a sizable stake of in the carrier. Elliott said Monday it has built a stake worth around $1.9 billion in Southwest, making it one of the airline’s largest shareholders..
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was down 3.6%. Shares of the video game retailer closed down 39% on Friday for their worst day since Feb. 4, 2021, even after Keith Gill, the meme trader known as Roaring Kitty, used a livestream on Friday to reiterate his bullish position on the stock.
fell 0.7% ahead of the start of the company’s Worldwide Developers Conference on Monday. The event, which runs through Friday, will kick off with a keynote speech from CEO Tim Cook in Cupertino, Calif. The iPhone maker is expected to outline its strategy around artificial-intelligence software.
Elon Musk, the chief executive of
Tesla
,
said over the weekend that “roughly 90%” of retail shareholders voted in favor of his compensation package at the electric-car company. Shareholders will vote Thursday on Musk’s $56 billion pay deal. The package awarding Musk about 300 million incentive-laden stock options was approved in 2018 with more than 70% support. A Delaware judge, however, voided it in January, citing inadequate disclosures made to
investors. The company’s board put the same package up for another vote with new disclosures. Bernstein analyst Toni Sacconaghi wrote Monday that shareholders were unlikely to approve the pay package. Tesla was down 0.6%.
was up 9.3% to $15.23 after agreeing to be acquired for about $1.6 billion in a cash-and-stock deal by
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shares were valued at $15.52 a share in the agreement when using Friday’s closing price.
rose 10%,
was up 9.4%, and
gained 2.3% after it was announced Friday that the three companies will join the S&P 500 later this month. They will replace
and
Illumina
.
fell 6.5% after the bank said it expects full-year net interest income to fall by 1% to 4% this year, down for previous guidance ranging from down 2% to up 2%.
Earnings reports are expected this week from
Oracle
,
Broadcom
,
Adobe
,
Rubrik
,
Dave & Buster’s Entertainment
,
RH
,
and
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Write to Joe Woelfel at joseph.woelfel@barrons.com
