Stocks Close Mixed But Nvidia Falls Into Correction Territory | Wall Street Today
U.S. stock indices were mixed, while Nvidia's stock falls into correction territory with an almost $400 billion plunge. Meanwhile, investors are awaiting May's personal consumption expenditure data and the Federal Reserve's preferred inflation gague this week.
The Dow advanced 0.67%. The S&P 500 traded down 0.31%, while the tech-heavy Nasdaq Composite declined 1.09%.
MACRO
San Francisco Federal Reserve President Mary Daly sees more work for higher interest rates to do to reduce demand and control inflation in the U.S. economy. For now, interest rates aren't going anywhere, Daly said in remarks before the Commonwealth Club World Affairs of California on Monday.
However, Federal Reserve Bank of Chicago President Austan Goolsbee on Monday laid out a dovish case for considering potential cuts in interest rates in coming months.
SECTORS
Oil prices rose on Monday, extending gains from the past two weeks. Traders were watching developments in the Middle East and signs of increasing energy demand. Prices were recovering from a slump in early June when they hit their lowest point since February. West Texas Intermediate tops above $81 a barrel, rebounding from Friday's decline.
MOVERS
$NVIDIA (NVDA.US)$ stock was in correction territory Monday, falling 6%, trading down more than 11% from its record high last week, when it briefly became the most valuable company in the world.
$Trump Media & Technology (DJT.US)$ shares were charging 20% higher Monday after the parent company of former President Donald Trump's Truth Social Platform it anticipates proceeds of more than $69.4 million from the exercise of warrants last Thursday and Friday.
$IBM Corp (IBM.US)$ stock headed higher Monday on a bullish call by Goldman Sachs analyst James Schneider, who picked up coverage of the software, services and mainframe company with a Buy rating and $200 price target, about 16% above Friday's closing level.
$RXO Inc (RXO.US)$ stock soars 22% to record high on $1 billion deal to buy Coyote Logistics from United Parcel Service.
$Affirm Holdings (AFRM.US)$ shares were surging 12% as Goldman Sachs analyst Mike Ng upgrades the stock to a buy rating, and adjusts the target price from $20 to $42.
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