Stocks were mixed on Monday as investors turned their attention to U.S. inflation data in the coming days.
Nvidia dipped 0.2% after the chip maker shed $128 billion in market cap on Friday, the company’s largest drop on record. Nvidia closed down 5.6% on Friday, the largest percentage decrease for the shares since May 31, 2023, when they fell 5.7%. The company was sued Friday over allegedly using copyrighted works in training artificial-intelligence systems.
Boeing fell 3% after The Wall Street Journal reported the Justice Department has opened a criminal investigation into the Boeing 737 MAX jet that experienced a blowout on an Alaska Airlines flight in early January. The Journal, citing documents and people familiar with the matter, said investigators have contacted some passengers and crew on the Jan. 5 flight. The Federal Aviation Administration grounded all MAX 9 jets after the incident. They returned to service after all required repairs were made and the planes were inspected.
Coinbase fell 1% and MicroStrategy rose 4.1% as the crypto-related companies reacted to Bitcoin’s moves. The world’s largest cryptocurrency at last check was at $72,171.63, up 3.8% over the past 24 hours. It set a record high of $72,716 earlier.
U.S.-listed shares of PDD Holdings, the Chinese e-commerce company, rose 1.4% after Jefferies upgraded the stock to Buy from Hold. Analysts at Goldman Sachs, however, downgraded PDD to Neutral From Buy.
EQT declined 7.8% after the company confirmed it reached a deal to buy back Equitrans Midstream, its former unit. The company will have an initial enterprise value of more than $35 billion.
Wyndham Hotels & Resorts rose 2.4% after Choice Hotels said it was ending its attempted takeover of the rival hotel chain. Choice Hotels said its exchange offer to buy Wyndham shares has expired and it was withdrawing its nominations to Wyndham’s board. Choice Hotels also said its board approved an increase to its buyback program of five million shares. Choice Hotels was up 5.4%.
Duolingo gained 4.3% to $222.64 after shares of the language learning company were initiated with a Buy recommendation at J.P. Morgan and price target of $270. Analyst Bryan Smilek thinks Duolingo can boost revenue at a compounded average growth rate of 27% through 2026.
Analysts forecast Oracle will post fiscal third-quarter earnings of $1.38 a share on revenue of $13.28 billion, up 7.2% from a year earlier. The enterprise software company earned $1.22 a share in last year’s third quarter. Oracle’s cloud computing business has been growing faster than its rivals but capacity issues have constrained that growth. Oracle shares were up 1.5% ahead of the report, scheduled for after the closing bell Monday.