Markets Wrap: Nasdaq Rebounds as Tesla Rally Ends Five-Day Slide

Stock Market Wrap

Markets Wrap: Nasdaq Rebounds as Tesla Rally Ends Five-Day Slide

Nov 18, 2024

Market Overview:

The Nasdaq Composite gained 0.6% on Monday, closing at 18,791.81, as Wall Street recovered from a challenging week. The S&P 500 rose 0.4% to 5,893.62, while the Dow Jones Industrial Average slipped 0.1% to 43,389.60. Treasury yields declined, with 10-year yields falling three basis points to 4.41%. The Bloomberg Dollar Spot Index slid 0.4%.

Tesla led the Nasdaq’s rally, climbing 5.6% amid reports that President-elect Donald Trump’s team is working on a federal framework to ease self-driving vehicle regulations. Apple, Netflix, and Advanced Micro Devices also posted gains, rising 1.3%, 2.8%, and 3%, respectively.

Nvidia shares fell 1.3% following reports of overheating issues with its Blackwell AI chips, ahead of its earnings report later this week. Investors remain focused on earnings reports, with 93% of S&P 500 companies having reported so far. Notably, 74% have exceeded earnings expectations and 62% have surpassed revenue estimates.

Corporate News:

Nvidia Corp.: Shares fell as reports emerged about overheating problems with its new Blackwell GPUs, prompting design changes for server racks.
Super Micro Computer Inc.: Shares surged 16% as the company approached a deadline to file its delayed 10-K report or submit a plan to avoid Nasdaq delisting.
MicroStrategy Inc.: Acquired 51,780 Bitcoin for $4.6 billion, marking its largest crypto purchase since initiating acquisitions four years ago.
Spirit Airlines Inc.: Filed for bankruptcy due to intensified competition and financial challenges following its failed merger with JetBlue.
CVS Health Corp.: Appointed Larry Robbins, founder of Glenview Capital Management, to its board as part of an agreement with an activist firm.
Liberty Energy Inc.: CEO Chris Wright was nominated by President-elect Donald Trump to head the Energy Department.
Newmont Corp.: Agreed to sell its Musselwhite gold mine to Orla Mining Ltd. for up to $850 million, part of its strategy to improve shareholder returns.
Hewlett Packard Enterprise Co.: Upgraded to “strong buy” by Raymond James, citing strong performance potential.
Moderna Inc.: Upgraded to “buy” by HSBC, with analysts highlighting the undervalued potential of its drug pipeline.
Biogen Inc.: Downgraded to “hold” by Needham, which expressed concerns over a lack of near-term upside for the stock.

*All data in this blog is sourced from reputable media outlets such as CNBC, Yahoo Finance, and Bloomberg. If any content infringes on copyright, please notify us for immediate removal.