U.S. stocks faltered Monday after the S&P 500 Index hit a historic close, as investors prepared for the first key inflation update of the year and the next round of earnings reports .
The S&P 500 (^GSPC) was flat after a record week in which the benchmark index finished above 5,000 for the first time. The Dow Jones Industrial Average (^DJI) gained about 0.3%, while the tech-heavy Nasdaq (^IXIC) rose about 0.2%.
Shares of chipmaker Nvidia (NVDA) rose 2% to a new record high on Monday. British semiconductor designer Arm (ARM) also hit a new record high, extending its gains from last week.
Stocks rose as the market welcomed a string of better-than-expected corporate results, with big tech names taking the lion's share. Eyes are on the next batch of quarterly reports, with John Deere (DE), Coca-Cola (KO), Airbnb (ABNB) and Kraft Heinz (KHC) serving as highlights on the agenda in the coming days.
But the week will bring a new challenge to the recovery, with the January reading of the consumer price index expected on Tuesday. The CPI report will give investors a first look at moderating inflation in 2024 and, alongside an update on consumer spending, set expectations for the timing and pace of interest rate cuts from the Federal Reserve this year.
Read more: What the Fed's rate decision means for bank accounts, CDs, loans and credit cards
Traders have reduced their bets on a rate cut in March as a flood of warnings from cautious Fed officials ring in their ears. Monday is more Fedspeak, with regional chairs Michelle Bowman, Tom Barkin and Neel Kashkari scheduled to appear.
Monday, February 12, 2024 at 2:35 p.m. ESTWhy the White House Cares What You Paid for Super Bowl Snacks
One thing that is certain ahead of another closely watched inflation figure on Tuesday is that political players will be attracted to any changes in food prices.
As Yahoo Finance's Ben Werschkul reports, the focus on groceries has been particularly intense at the White House, with President Joe Biden and his aides discussing everything from the price of chicken wings to the size of a bag of chips, these last few days.
Learn more here.
Mon Feb 12, 2024 at 1:37 PM ESTGM Confirms Equinox EV Will Start at $34,995, 319 Mile Range
GM (GM) Chevrolet has finally offered more pricing details for its upcoming Equinox electric vehicle. As Pras Subramanian reports, the company will indeed target the low-end segment, which offers very few offers.
Chevrolet has confirmed that dealer orders are expected to begin soon. Chevrolet says the entry-level Equinox EV in 1LT FWD trim will start at $34,995 and be available in the fall. Destination fee: $1,395 extra though.
GM also said it expects the Equinox EV to have an EPA driving range of 319 miles (FWD).
Learn more here.
Mon Feb 12, 2024 at 12:45 p.m. EST Vidia's market cap eclipses Amazon and Alphabet
Nvidia's (NVDA) market cap eclipsed the valuations of Amazon (AMZN) and Alphabet (GOOG), as shares of the chipmaker hit new all-time highs on Monday.
The stock has gained more than 50% year to date, hitting an intraday record of $746.11 per share.
Nvidia's market capitalization reached $1.83 billion on Monday, surpassing Amazon's $1.80 billion. The chipmaker is only slightly larger than Alphabet's market capitalization of nearly $1.82 billion.
Nvidia surpassed Amazon in market capitalization on Monday, as the chipmaker's rally extended.
Mon Feb 12, 2024 at 12:00 EST Arm stock jumps 30% as it extends rally on AI outlook
Arm Holdings (ARM) stock jumped more than 30% on Monday, extending last week's more than 60% rally after the Britchip maker issued better-than-expected revenue guidance.
Investors are betting the company is well-positioned to benefit from the AI boom.
The stock is up 100% since last Wednesday, when Arm's quarterly results were released.
“Arms licensing revenues were supported by growing demand for new technologies driven by all things AI,” the company said in its latest letter to shareholders.
Monday, February 12, 2024 at 11:45 a.m. ESTForget Microsoft and Apple, the race for $2 trillion is on for Alphabet, Amazon and Nvidia
Microsoft (MSFT) may have taken the top spot ahead of Apple (AAPL) on Friday for the highest market cap of all time ($3,124,869,988,352), but both companies are slightly in the red today .
Another interesting race is shaping up for third place among Alphabet (GOOGL), Amazon (AMZN), and Nvidia (NVDA). Despite a more than respectable 6% gain so far this month for Alphabet, the blistering returns of Amazon (+12%) and Nvidia (+17%) suggest that one of the latter two could become the third US public company to reach $2 trillion. in valuation. (Alphabet rebounded just below this mark in November 2021.)
The race for “Mag 7” market capitalization intensifies
Nvidia now accounts for more than a quarter (26%) of the S&P 500's market capitalization increase this year, despite the stock accounting for just 4% of the benchmark index's weighting.
Monday, February 12, 2024 at 11:17 a.m. ESTStocks are up after the S&P 500's record week
Stocks edged higher mid-morning, with the Dow Jones Industrial Average (^DJI) up 0.3% while the tech-heavy Nasdaq Composite (^IXIC) also rose 0.3%.
The S&P 500 (^GSPC) rose 0.2% after a record week in which the benchmark index finished above 5,000 for the first time ever.
Chipmaker Nvidia (NVDA) hit a new record high on Monday, rising 2%. Airbnb (ABNB) stock rose 4% ahead of the sharing platform's quarterly results due Tuesday.
Mon, Feb 12, 2024 at 10:21 a.m. EST Diamondback stock jumps 8% following merger deal
Diamondback Energy (FANG) jumped more than 8% Monday after the oil and gas producer announced it will acquire privately held Endeavor Energy for $26 billion in a cash-and-for-money deal. actions.
The consolidation movement among players in the Permian Basin follows a series of recent tie-ups in the space.
The deal makes “logical sense,” Ed Hirs, an economist and energy specialist at the University of Houston, told Yahoo Finance. “This will certainly save costs for the merged companies.”
The merger announcement says the combined company will grow to 838,000 net acres with production of 816,000 barrels of oil and gas per day.
Operations would break even with West Texas Intermediate (CL=F) at less than $40 per barrel. WTI is currently trading above $76 per barrel.
Monday, February 12, 2024 at 9:33 a.m. ESTStocks remain stable after S&P 500's record week
The S&P 500 (^GSPC) opened near the flat line on Monday, following a record week in which the benchmark index finished above 5,000 for the first time ever.
The Dow Jones Industrial Average (^DJI) fell 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) traded mostly flat.
Energy, real estate and materials were among the sectors that posted gains Monday. Technology and healthcare stocks fell slightly.
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