Stock Market Today: Live Updates

S&P 500 tech stocks rose 1.7% on Monday, recouping last week’s big losses. The gains put tech stocks on track for their best daily performance since June 25, when they rose nearly 1.8%.

The top performers in the sector on the day were Nvidia, Lam Research and On Semiconductor.

The stocks that changed at noon were as follows:

Ryanair — Shares fell 16% after the low-cost carrier reported weaker-than-expected first-quarter results. The company said it expects quarterly profit after tax to fall 46% and that summer fares will be lower than expected. Crowdstrike — Cybersecurity stocks plunged 12% as investors digested Friday’s massive outage, which led to the cancellation of thousands of flights. Guggenheim downgraded Crowdstrike shares to “neutral” from “buy” on Sunday, saying the company is likely to experience delays in new business, at least in the short term. Nvidia — Shares rose 4%. Reuters reported on Monday, citing people familiar with the matter, that the company is developing a version of Blackwell’s chips for the Chinese market. The report added that the new version would comply with current U.S. export restrictions.

See the complete list here.

Sean Conlon

Mattel shares rose nearly 19 percent after Reuters reported that buyout firm L. Catterton & Co. had made a takeover bid for the toy maker.

If that prediction comes true, Monday would be Mattel’s best day since February 2019, when shares soared more than 23% in a single session. Mattel shares are now up about 2% this year.

The broad shift from big tech stocks to interest-rate sensitive sectors such as industrials, real estate and regional banks is a “surprising reversal across the stock market,” said Jason Draho, head of asset allocation at UBS.

“Leaders from the first half of the year became relative losers this month, while previous laggards surged,” Draho wrote in a note on Monday.

The S&P 500 is up just 0.8% so far this month, while regional banks and the Russell 2000 are up 14.5% and 7.6%, respectively.

But Draho believes the previous leaders of the market rally will soon regain their winning positions.

“The overall evidence supports a reversal of the inversion,” Draho said.

Draho noted that an ideal macro environment needs to remain in place for interest-rate sensitive sectors to continue to thrive.

But “there’s a fine line between good macro data and the ideal conditions needed for the rotation trade to sustain. In particular, investors may be getting too ahead of themselves in expecting a Fed rate cut,” Draho said.

— Kim Hagyeong

Nine stocks in the S&P 500 index hit new 52-week highs during Monday’s trading session.

Six of these stocks hit new all-time highs. The stocks that reached this milestone are:

KKR & Co. is trading at its all-time high since it began trading in October 2099. Intuitive Surgical is trading at its all-time high since its initial public offering in June 2000. Vertex Pharmaceuticals is trading at its all-time high since its IPO in July 1991. Fair Isaac is trading at its all-time high when it listed on the New York Stock Exchange in 1986. Roper is trading at levels not seen since its IPO in 1992. Welltower is trading at its all-time high since it was founded in 1985 as a healthcare REIT.

Meanwhile, three stocks in the S&P 500 were trading at new 52-week lows, including ZoomInfo Technologies Inc., Teradata Inc. and Amer Sports Inc.

— Lisa Kayi-Hung and Christopher Hayes

According to Deutsche Bank, the shift in investment from big technology companies to smaller stocks that occurred last week is likely not just a short-term phenomenon.

Strategist Parag Thatte said in a client note over the weekend that the market is still pricing in too much optimism about the growth sectors that have driven much of the bull market.

“While overall equity positioning remains high, there has been a rapid shift in positioning with capital flowing out of (high growth) mega caps & tech into other sectors and small caps, which in our view have ample growth potential over the medium term. MCG & tech positioning remains consistent with very strong earnings growth and continued upgrades, but we see growth slowing as it catches up to trend rates of the past 20 years,” the note said.

Jesse Pound

Medical technology company IQVIA’s shares rose more than 5% in morning trading after the company reported second-quarter profit that beat Wall Street expectations.

IQVIA reported earnings per share, excluding items, of $2.64 on revenue of $3.81 billion, beating analysts surveyed by FactSet’s expectations of $2.56 per share on revenue of $3.79 billion.

The stock has risen about 10% over the past month.

Sean Conlon

CrowdStrike continued to weigh on the S&P 500 on Monday after a software update last week caused a global IT outage.

The software stock was down about 11% in morning trading, the worst performing index. Overall, the S&P 500 was up about 1% during the trading session.

CrowdStrike’s share price decline follows a more than 11% drop on Friday as investors sold off during the outage.

Alex Harring

The stock price started higher at the start of the trading week.

The Dow Jones Industrial Average rose 125 points, or 0.3%, while the S&P 500 rose 0.65%. The Nasdaq Composite Index rose 1%.

Samantha Sabin

Let’s take a look at some of the companies that are garnering attention before the bell rings.

CrowdStrike — The cybersecurity stock fell 4% after Guggenheim downgraded CrowdStrike to neutral from buy, saying the company is unlikely to emerge from the global outage unscathed. Nvidia — Shares rose 2% after Reuters reported, citing people familiar with the matter, that Nvidia is preparing new Blackwell chips for the Chinese market. The paper said the chips comply with current U.S. export controls. Bank of America — Warren Buffett’s Berkshire Hathaway’s shares fell more than 1% in premarket trading after a filing showed that the company sold 33.9 million shares of Bank of America for about $1.5 billion last week. Berkshire remains Bank of America’s largest shareholder with a 10.8% stake after the sale. Bank stocks have risen 27.4% so far this year, so Berkshire may be booking profits.

See the complete list here.

Sarah Min

Nvidia shares rose about 2% in early trading after Reuters reported, citing people familiar with the matter, that the company is working on developing a version of its artificial intelligence chip for the Chinese market. Additionally, several analysts raised their price targets on the company’s shares, predicting further gains in the future.

The company’s shares have risen 138% since the beginning of the year but fell 8.8% last week due to a strong market rotation from large tech companies to smaller tech companies.

Berkshire Hathaway sold about $1.48 billion in Bank of America shares, according to a regulatory filing late Friday, sending the bank’s shares down more than 1% in morning trading.

Overall, Berkshire sold 33.9 million shares of Bank of America at an average price of $43.56 per share, reducing its holding by 3.3%. Despite the sales, Bank of America remains Berkshire’s second-largest holding.

Fred Imbert

U.S. gold futures rose 0.5% to $2,411.10 on Sunday after falling more than 2% on Friday.

Spot gold rose 0.4% to $2,409.37.

Meanwhile, the US Dollar Index fell 0.1%.

— Kim Hagyeong

U.S. stock futures were slightly higher Sunday night.

Futures tracking the S&P 500 rose 0.1%. Dow Jones Industrial Average and Nasdaq 100 futures both rose about 0.1%.

— Kim Hagyeong