Nvidia Shines Amid Broader Gains in Tech and Auto Stocks, Tesla Rises as Musk Visits China
Nvidia, Tesla, Ford, and Coinbase stocks advanced, while energy stocks struggled amid falling oil and natural gas prices.
Nvidia Reaches $1 Trillion Market Cap After Successful Quarter
Shares of Nvidia rose 3%, briefly pushing the company’s market value above $1 trillion, following a strong quarterly performance. Other AI-related chipmakers also experienced gains, though Broadcom’s shares closed 1.2% lower.
Elon Musk’s China Visit Boosts Tesla Shares by 4.1%
Tesla shares surged after a Reuters report revealed that CEO Elon Musk had arrived in China for the first time in three years. Musk is expected to meet with senior Chinese officials and visit Tesla’s Shanghai plant.
Jefferies Upgrade Lifts Ford Shares by 4.1%
Ford shares gained after Jefferies upgraded the automaker to a buy from a hold, citing increased confidence in Ford’s plan and management after an investor event.
Coinbase Rallies 7.5% on Atlantic Equities Upgrade
Coinbase shares rose sharply following an upgrade by Atlantic Equities, which called the company the “best expression of crypto.” The analyst maintained his price target on the stock, implying a potential 23% rally from Friday’s close.
Paramount Global Shares Jump 6.4% on Wolfe Research Upgrade
Paramount Global shares advanced after Wolfe Research upgraded the media stock to peer perform from underperform. This followed last week’s announcement that Paramount’s majority shareholder, National Amusements, had secured a $125 million preferred equity investment from BDT Capital Partners. Wolfe suggested that the likelihood of Paramount selling off assets is increasing, while the stock is depressed and positioning is short.
ChargePoint Surges 14.1% as Bank of America Upgrades Stock
ChargePoint shares soared as Bank of America upgraded the electric vehicle charging station stock to buy, describing it as a best-in-class play in the EV landscape.
Energy Stocks Feel Pressure Amid Declining Oil and Natural Gas Prices
Energy stocks, including Devon Energy, Diamondback, Chevron, and ExxonMobil, faced headwinds as oil and natural gas prices fell. Devon Energy and Diamondback Energy experienced share declines of 2.3% and over 1%, respectively, while Chevron and Exxon each fell by nearly 1%.
C3.ai Shares Soar 33.4% as AI Companies Receive Boost
C3.ai shares skyrocketed, with other AI-connected companies such as UiPath also gaining, as shares rose by 6.1%. C3.ai is set to report its results on Wednesday.
Iovance Biotherapeutics Jumps 17% on FDA Acceptance
Iovance Biotherapeutics shares leaped after the U.S. Food and Drug Administration accepted the company’s license application for an advanced skin cancer treatment.
