Stocks traded mostly to the upside on Monday as Wall Street awaited the Federal Reserve’s decision on interest rates and the latest data on U.S. inflation.
Nvidia, the leader in artificial-intelligence chips, started trading on a split-adjusted basis following a 10-for-1 stock split that took effect on Friday. The stock saw a 0.8% increase to $121.86 on Monday, with a remarkable 146% rise in 2024.
On the other hand, Advanced Micro Devices fell 4.3% to $160.70 after being downgraded by Morgan Stanley. Southwest Airlines saw a 7.6% increase after activist Elliott Investment Management acquired a significant stake in the carrier.
GameStop stock was down 14% despite bullish sentiments from meme trader Keith Gill. Apple fell 1.9% after announcing its new AI platform at the Worldwide Developers Conference.
Tesla CEO Elon Musk revealed that a majority of retail shareholders voted in favor of his compensation package, with a vote scheduled for Thursday. Diamond Offshore Drilling surged 11% after agreeing to be acquired by Noble Corp. for about $1.6 billion.
KKR, CrowdStrike, and GoDaddy all saw gains after being announced as new additions to the S&P 500. However, Huntington Bancshares fell 5.1% after revising its full-year net interest income guidance.
Overall, the market showed a mix of ups and downs as investors awaited key decisions and announcements from major companies.
