US stocks shake off early tech slump to finish flat
Monday was shaping up to be a reversal of last week’s price action, with markets trending deeply negative amid a retreat in the megacap tech names that had powered gains the prior week. But from 1:30 p.m. ET onward, a switch flipped and stocks ground higher, with the S&P 500 and Nasdaq 100 finishing virtually flat. The Russell 2000 outperformed with a 0.4% gain.
Consumer staples and tech were the lone S&P 500 sector ETFs to finish in the red; energy, real estate, and utilities were the top performers.
Pharma heavyweights AbbVie, Centene, and Gilead were among the S&P 500’s top movers, helping anchor the broader market. Nvidia shares, meanwhile, fell as much 4% after reports surfaced that Huawei is preparing an AI chip to challenge the tech giant’s blockbuster H100 GPU, but cut those losses in half by the close. Tesla did one better, fully erasing its losses of 4% to end positive.
Beaten-down hydrogen fuel cell company Plug Power spiked as much as 40% in Monday trading as investors cheered preliminary Q1 earnings results.
Domino’s shares slid in early trading after the pizza giant topped Q1 earnings but missed sales estimates — though the stock clawed back those losses by the close.
On Holding jumped higher after Citi said the trendy Swiss sneaker brand’s strong pricing power and loyal consumer base should help it outrun the threat of tariffs.
Bank of America slashed its price target on trucking firm Saia by nearly 50% after the company suffered its biggest stock drop on record on Friday, falling another 2% on Monday.
Elsewhere, Palantir has once again topped the S&P 500 leaderboard, with a nearly 30% surge this month pushing the defense and AI software giant back into contention for the index’s crown.
