The S&P 500 and Nasdaq Composite reversed gains to end Monday lower while the Dow Jones Industrial Average eked out a gain. Brent oil prices fell below $104 a barrel and West Texas Intermediate crude declined 8% to $95.73.
Marvell Technology fell 13% after announcing a $115 billion all-stock deal to acquire Lumentum Holdings. Shares of Lumentum tumbled 19%.
AI trade fears persisted, weighing on stocks like Coherent, Dell, Sandisk, Seagate, Super Micro Computer, and Western Digital fell. Corning was roughly flat.
Intel also missed out on the rally. Shares of the chip maker dropped 8.8%, after sinking 29% on Friday following the company's weak outlook for the current quarter. That selloff was the stock's worst session on record.
Apple fell 1.5%. The iPhone maker, which on Friday overtook Nvidia to become the world's largest company, is scheduled to report fiscal fourth-quarter earnings after Monday's closing bell.
It was a good day for two particular healthcare companies.
Idexx Laboratories jumped 22% and was the best performer in the S&P 500. After reporting better-than-expected third-quarter earnings, the pet healthcare company raised its full-year earnings outlook thanks to growing demand for veterinary diagnostics.
Tempus AI climbed 8.7% after reporting better-than-expected third-quarter earnings on a surge in cancer-screening revenue.
Oracle dropped 8.8%. The software giant disclosed further details of a previously announced plan to raise $20 billion to help fund its AI infrastructure buildout.
SpaceX rose 1.2% after a report indicated the company was considering buying EchoStar's Boost Mobile or using its network. EchoStar added 3.7%.
Cybersecurity stocks were under pressure.
Okta declined over 11%. It's set to replace Tylenol and Band-Aid maker Kenvue in the S&P 500 before trading begins on Wednesday.
CrowdStrike Holdings dipped 3.4%. The stock was upgraded to Buy from Hold by Deutsche Bank. As AI is set to trigger a massive surge in cybersecurity spending, the firm thinks CrowdStrike is positioned to capture a significant share.
Electric-vehicle manufacturer Rivian told a different story: the stock advanced 8.5% after UBS upgraded the stock to Buy from Neutral as analysts pointed to a 19% selloff over the last month as a buying opportunity.
Coinbase fell 4% to $137.83. Morgan Stanley downgraded the stock to Underweight from Equal Weight and lowered its price target to $120 from $258.
Palantir fell 3.1%. The data analytics software developer is scheduled to post its third-quarter earnings after the close of trading Monday.
Comments