Tesla (TSLA) was also among the day's biggest movers, rallying nearly 6%. Beaten-down shares of Coinbase (COIN) surged 15.1%. Cathie Wood's ARK Innovation ETF (ARKK) — a bellwether for speculative technology stocks and a large holder of each of the two aforementioned names — rose 4.6%.
Retail stocks were also in focus Monday, with several companies announcing news ahead of the key ICR Conference this week.
Lululemon (LULU) warned it expects fourth-quarter gross margins to decline as the company struggled with increased costs due to an inflation-related slowdown in consumer spending. Shares plunged 9.3%.
Late Friday, Macy's (M) also cautioned on sales growth, and shares fell 7.6% Monday. Abercrombie & Fitch (ANF), in contrast, said its sales decline will likely be less than feared, sending shares up 8.8%.
Shares of Bed Bath & Beyond (BBBY), meanwhile, soared 23.7% in volatile trading — at one point ripping as much as 75% higher — after losing nearly half of its value last week when the embattled meme-stock retailer said bankruptcy was on the table. Bed Bath & Beyond is set to report earnings on Tuesday.
Alibaba (BABA) shares climbed around 3.2% Monday, rising for a sixth straight day, after co-founder Jack Ma agreed to give up controlling rights of fintech affiliate Ant Group.
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