US stocks closed lower on Monday as investors girded for a week where Federal Reserve Chair Jerome Powell's testimony and the monthly jobs report could put equity gains to the test.
The S&P 500 (^GSPC) fell just below the flatline after ending Friday with its 16th weekly win in 18 weeks. The Dow Jones Industrial Average (^DJI) declined 0.2%. The Nasdaq Composite (^IXIC) fell 0.4% as a drop in both Apple (AAPL) and Tesla (TSLA) shares weighed on the tech heavy index.
Stocks have racked up gains amid a relentless AI-spurred run-up in techs, which helped the Nasdaq Composite (^IXIC) finally nail a fresh all-time high after a years long wait last week.
Gold futures (GC=F) gained as April contracts settled at a record $2126.3 per ounce.
A dose of reality could lie ahead for the high hopes and the hype, when the Fed's Powell steps up to speak and the February jobs data arrives. Both will play into calculations for interest rate cuts and shed light on whether the US economy is headed for a "soft landing" or stagflation. Powell is set to give testimony to Congress on Wednesday, while the labor data is due on Friday.
In a shot across the bows for Big Tech, EU antitrust regulators fined Apple about $2 billion over App Store restrictions on Spotify (SPOT) and other music streaming services. Apple shares slipped 2.5% after the news.
Among big movers, shares in Super Micro Computer (SMCI) popped as much as 25% to a new all-time high on Monday ahead of the AI server maker's entry on the S&P 500.
Macy's (M) stock jumped about 14% after bidders Arkhouse and Brigade raised their buyout offer to $6.6 billion, a 33% premium to the closing price on Friday.
Spirit Airlines (SAVE) shares fell more than 10% and JetBlue stock (JBLU) rose as much as 5% after the low-cost carriers announced the termination of their $3.8 billion merger agreement. A federal judge blocked the deal back in January.
DER LIVE-BERICHT IST ZU ENDE15 Aktualisierungen
Ines Ferré
S&P 500, Nasdaq dip, bitcoin approaches new highs
The major averages retreated from last week's record closes while bitcoin inched closer to new highs on Monday.
The S&P 500 (^GSPC) fell just below the flatline while the Dow Jones Industrial Average (^DJI) declined 0.3%. The Nasdaq Composite (^IXIC) fell 0.4%, weighed by a drop in shares of Apple (AAPL) and Tesla (TSLA).
The EV maker's stock dropped to new multi-week lows as slowing China shipments and new price cuts hint at troubles for the EV stalwart in the world’s largest car market.
Apple shares slid about 3% after the iPhone maker was hit with a $2 billion European Commission (EC) fine for allegedly breaking competition laws overseas. The tech giant is also bracing for a sweeping lawsuit from the Justice Department in the US.
Nvidia (NVDA) stock touched new highs amid continued enthusiasm for semiconductors and artificial intelligence. Advanced Micro Devices (AMD) shares also rose more than 1%.
Meanwhile Super Micro Computer (SMCI) stock popped 18% after surging more than 26% during trading ahead of the AI server maker's entry on the S&P 500.
Investors were keeping a close eye on bitcoin (BTC-US) on Monday as the cryptocurrency rose as much as 7% to hover above $67,000 per token, inching closer to all-time highs.
Ines Ferré
Tesla stock falls amid shipment slump, new price cuts in China
Tesla (TSLA) shares dropped to new multi-week lows as slowing China shipments and new price cuts there hint at troubles for the EV stalwart in the world’s largest car market.
Tesla shipped 60,365 vehicles from its Giga Shanghai factory in February, according to preliminary data from China’s PCA (Passenger Car Association) via Bloomberg. The February shipments represent a 16% drop from a month ago, and about a 19% drop from a year ago.
Tesla shares are down roughly 7% in late afternoon trading, hitting levels not seen since late January.
Nvidia stock (NVDA) hit new all-time highs on Monday amid continued enthusiasm for semiconductors and artificial intelligence. The chipmaker was presenting at a Morgan Stanley conference on Monday. Shares gained more than 6% to touch an intraday record of $876.95 each.
Advanced Micro Devices (AMD) also rose more than 4% to touch record levels of $211.01.
Meanwhile, Super Micro Computer (SMCI) popped as much as 26% to hit new highs ahead of the AI server maker's entry on the S&P 500. Super Micro Computer shares have surged more than 290% since the start of the year amid an ongoing craze over artificial intelligence.
Gains in the semiconductor space helped maintain the Nasdaq Composite (^IXIC) around the flatline in afternoon trading.
Ines Ferré
Apple gets squeezed by antitrust regulators on both sides of the Atlantic
Apple is getting squeezed by antitrust regulators on both sides of the Atlantic.
Yahoo Finance's Alexis Keenan reports the iPhone maker was hit Monday with a $2 billion European Commission (EC) fine for allegedly breaking competition laws overseas — just as it was bracing for a sweeping lawsuit from the Justice Department in the US.
Apple intends to fight the decision from the European Union’s antitrust regulator. It also has been trying to convince Justice Department officials not to file their suit, according to media reports.
Gas prices: 'Stark increases' expected amid 'stunted' refineries, higher oil
Gasoline prices have seen sharp increases amid recent refinery constraints and higher oil prices.
The national average at the pump sat at $3.35 per gallon on Monday, up $0.09 from a week ago, but still $0.05 lower from exactly one year ago, according to AAA data.
"US refining has been stunted by severe weather and some power losses at key plants. We may in the next few days see US retail gas prices at a higher number than year-ago," Tom Kloza, global head of energy analysis at OPIS, told Yahoo Finance.
West Texas Intermediate (CL=F) futures were trading just below the $79 level on Monday while Brent (BZ=F) fell to trade below $83 per barrel.
Investors were keeping a close eye on Bitcoin (BTC-US) on Monday as the cryptocurrency rose as much as 7% in the past 24 hours, inching closer to all-time highs.
The token was trading at just around $54,000 one week ago. It has rallied more than 20% since then to hover above $66,500 on Monday afternoon.
Bitcoin's all-time record high of $68,789.63 was reached in November 2021.
Other corners of the crypto market have also rallied. Ethereum (ETH-USD) was up more than 2% on Monday to trade above $3,500.
Ines Ferré
Ford stock rises as US sales jump 10.5% in February
Ford (F) stock rose more than 3% on Monday after a rise in the automaker's February sales, making the Dearborn-based automaker the No. 1 seller in America for the second straight month.
As Yahoo Finance's Pras Subramanian reports, Ford also noted hybrid and EV sales gains, highlighting the importance of its electrified powertrains.
Interestingly, hybrid sales jumped 31.5%, to slightly over 12,000 units, powered by record sales of the Maverick hybrid compact pickup and the Ford Escape small SUV hybrid.
Shares of Tesla slid roughly 6% on Monday following a decline in the EV maker's February vehicle shipments out of its Shanghai factory along with recent reports of an escalating price war in China. Tesla shares are down 23% year to date.
Super Micro Computer stock popped as much as 26% on Monday ahead of the AI server maker's entry on the S&P 500. Shares of San Jose, Calif.-based IT company have surged more than 290% since the start of the year amid an ongoing AI craze.
The token topped $67,000 on Monday as it inched closer to all-time highs. Bitcoin has rallied more than 20% in just one week.
The cryptocurrency is less than a few percentage points away from reaching its November 2021 all-time high of $68,789.63.
Ines Ferré
Bitcoin hovers above $66,000, inches towards record high
Bitcoin (BTC-USD) topped $66,000 on Monday as the cryptocurrency inches closer towards a record high. The token has rallied roughly 50% since the start of the year.
The token has moved up by more than 20% in just one week.
Bitcoin's last all-time record high of $68,789.63 was reached in November 2021.
Brian Sozzi
Good point on stocks and economy by UBS
Fair point by UBS's Jason Draho in a new note that just crossed my inbox.
Maybe stocks are going up for reasons beyond just AI hype. Maybe, just maybe, the economy is stronger than expected and by extension, profits for companies will be stronger than expected for all of this year.
Good chart below from Draho.
Josh Schafer
Bank of America latest firm to see bullish outcome for stocks in 2024
Another Wall Street strategy team is out with an optimistic projection on how far stocks will run this year.
In a note to clients on Sunday, Bank of America's US equity and quantitive strategy team led by Savita Subramanian boosted its year-end target for the S&P 500 (^GSPC) to 5,400 from 5,000. This projection along with a recent call from UBS are the most bullish predictions for the benchmark average this year among strategists tracked by Yahoo Finance.
"Bull markets end with euphoria — we're not there yet," Subramanian wrote. "Sentiment has improved, but areas of euphoria are limited (AI, GLP-1)."
BofA's move is the fifth boosted price target from strategists tracked by Yahoo Finance in the last month. The more optimistic outlooks come as stocks have ripped higher to start the year. The S&P 500 and Nasdaq Composite just closed out their best February since 2015, supported by a second straight quarter of earnings growth and an increased confidence in the trajectory of the US economy.
Subramanian noted that fourth quarter earnings grew 4% compared to the year prior and analysts aren't cutting their forecasts for the current quarter at their normal rate. This comes as Bank of America's economics research team just boosted their outlook for growth this year too. That combination of an increased earnings outlook and a more bullish outlook for the US economy has been a common thread in the recent S&P 500 year-end target boosts across Wall Street.
Ines Ferré
Macy’s stock jumps as private equity firm ups bid to $6.6 billion amid buyout battle
Macy’s (M) stock jumped as much as 16% on Monday after activist shareholder Arkhouse Management upped its buyout bid to $6.6 billion for the iconic retailer. Macy's had rejected a prior $5.8 billion offer from the private equity firm and its partner, Brigade Capital, in late January.
As Yahoo Finance's Brooke DiPalma reports, Macy’s (M) is looking to turn over a new leaf, but a battle to take it private is growing and doubts linger on whether the company can engineer a comeback with its current plans.
Tony Spring, freshly minted as CEO a month ago, acknowledges that the business needs to change.
"We are not going to leave Macy's as it is today. It's foolhardy to think that leaving the business as it exists today is a recipe for success in the future," Spring told Yahoo Finance.
Spring said the brand will "evolve," adjust its product offering, and integrate its physical and digital presence "thoughtfully," but will do so "with the appropriate action, ... time, and support of our organization.”
Arkhouse Management's new bid released on Sunday shows the activist investor isn't waiting for the results.
Stocks opened lower on Monday, pausing their recent rally as the market prepares for testimony from Federal Reserve Chair Jerome Powell this week and a monthly jobs report that could put equity gains to the test.
The S&P 500 (^GSPC) shed about 0.2% while the Dow Jones Industrial Average (^DJI) fell 0.5%. The tech-heavy Nasdaq Composit (^IXIC) was little changed.
Also on Monday, bitcoin (BTC-USD) rose to top $65,000, inching closer to a record high.
Ines Ferré
Spirit stock sinks on termination of JetBlue merger agreement
Spirit Airlines (SAVE) stock plunged as much as 16% in pre-market trading on Monday after its $3.8 billion merger agreement with JetBlue (JBLU), blocked by a court in January, was terminated by the low-cost carriers.
"After discussing our options with our advisors and JetBlue, we concluded that current regulatory obstacles will not permit us to close this transaction in a timely fashion under the merger agreement," Spirit's CEO Ted Christie said in a company statement.
JetBlue’s proposed acquisition of Spirit fell apart after a federal judge blocked the deal on Jan. 16 amid antitrust concerns.
Shares of JetBlue gained more than 5% in pre-market trading after the announcement. Spirit shares are down roughly 60% year to date.
Brian Sozzi
The head-shaking stats around Nvidia
Some of the hottest trending tickers on Yahoo Finance this morning are crypto-related. No surprise as bitcoin has busted through $65,000 and excitement builds for a potential halving event in April.
But to me, the main story in markets remains the frenzied trade around AI sweetheart Nvidia (NVDA). As this stock goes, so too will go the market in 2024 (and 2025, 2026, 2027…).
A few stats on Nvidia to get you thinking:
Nvidia is now third most valuable US company: $2.05 trillion market cap.
It only took 180 trading days for Nvidia's market cap to go from $1 trillion to $2 trillion.
The stock is rated "uy" by 92% of the analysts covering it.
Von Steuerersparnissen rund um die eigene Immobilie können nicht nur Vermieter profitieren. Auch Selbstnutzer können manche Kosten steuerlich geltend machen. Welche sind das?
Der israelische Ministerpräsident Benjamin Netanjahu hat die internationale Kritik am israelischen Vorgehen im Gazastreifen zurückgewiesen und auf das Selbstverteidigungsrecht seines Landes gepocht.Wegen ihres Vorgehens im Gazastreifen sieht sich die israelische Regierung internationaler Kritik ausgesetzt, unter anderem durch ihren wichtigsten Verbündeten USA.
ma
Beim Blick in den Kalender traut man seinen Augen kaum: Plötzlich steht da Urlaub, obwohl man gar keinen beantragt hat. Was Vorgesetzte in Sachen Urlaub vorgeben dürfen und was nicht.
Von 0 auf 300, um die neuen Reifen gleich mal auszutesten - keine gute Idee. Motorradfahrer sollten es nicht überstürzen. Was nach dem Aufziehen der neuen Gummis wichtig ist.
Zinédine Zidane wird auf die anhaltenden Gerüchte um seine Person und den FC Bayern angesprochen. Seine Antwort sorgt für Aufsehen - aber wie ist sie gemeint?
Schon seit Längerem hing das Damoklesschwert über dem Israel-Büro des arabischen Fernsehsenders. Der Vorwurf der Propaganda für die Hamas stand im Raum. An der Schließung gibt es aber auch Kritik.
Völlig überraschend hat Lando Norris die Dominanz von Max Verstappen durchbrochen und seinen ersten Sieg in der Formel 1 gefeiert.Formel-1-Start zum ersten Sieg.
Karma is a Bitch. An dem Spruch, (nicht nur) aus dem Reality-TV gut bekannt, könnte tatsächlich was dran sein. Denn kurz nachdem Steffen Henssler bei "Grill den Henssler" die Stars und Sternchen der Reality-Szene roastete, bekam er am Grill selbst sein Fett weg.
Der chinesische Präsident Xi Jinping ist zu seiner ersten Europareise seit der Corona-Pandemie in Paris eingetroffen. Für Xi ist es die erste Europareise seit der Corona-Pandemie.
Sabrina Wittmann schreibt beim FC Ingolstadt Geschichte - beim ersten Spiel einer weiblichen Trainerin im deutschen Männer-Profifußball wird spät gejubelt.
Für den FSV Mainz 05 wird der Kampf um die Rettung bis zur letzten Minute ein Tanz auf dem Drahtseil.Die Serie von nun sieben Spielen ohne Niederlage hat dennoch Bestand, in den letzten beiden Saisonbegegnungen geht es um alles: Auch der direkte Abstieg ist noch möglich.
Im "Tatort: Am Tag der wandernden Seelen" drangen die Berliner Ermittler Susanne Bonard (Corinna Harfouch) und Robert Karow (Mark Waschke) tief in die vietnamesische Kultur Berlins ein. Warum leben dort so viele von ihnen und gibt es den vom Aus bedrohten Tempel aus dem Film wirklich?
Der deutsche Star bei Magic liefert am Ende einer herausragenden Saison seine schwächste Leistung - Orlando verliert das entscheidende Spiel sieben gegen Cleveland.
Der russische Tennisprofi Andrej Rublew hat in Madrid seinen zweiten Masterstitel auf der ATP-Tour gewonnen.ATP-Titel klettert Rublew im Ranking am Montag um zwei Plätze auf Rang sechs und verkürzte auch den Abstand zu Alexander Zverev auf Platz fünf.
Die Fußball-Welt trauert um Cesar Luis Menotti.Nach dem Ende seiner Laufbahn als Trainer, in deren Verlauf Menotti Anfang der 90er Jahre auch als mexikanischer Nationalcoach arbeitete, blieb Menotti dem Fußball als Beobachter verbunden.
Ein heftiger Leistungseinbruch von Franz Wagner zur Unzeit und das bittere Ende des Play-off-Abenteuers: Der Basketball-Weltmeister hat mit Orlando Magic die Erstrunden-Serie der NBA gegen die Cleveland Cavaliers verloren, im entscheidenden Spiel sieben in fremder Halle setzte es am Sonntag ein 94:106.Sein Bruder Moritz Wagner steuerte am Sonntag drei Zähler bei, für beide war es die erste Play-off-Serie in der NBA. Für die Cavs, die nun auf die Boston Celtics treffen, ragte erneut Donovan Mitch