Stocks were mixed Tuesday after an agreement to extend the U.S. debt ceiling for two years was made over the Memorial Day weekend. Tech stocks—and AI-focused companies, in particular—were once again leading the Nasdaq Composite higher.
These stocks made a move on Tuesday:
Nvidia
stock (ticker: NVDA) rose 3% after the chip maker unveiled a raft of new AI-related products at a conference in Taiwan over the weekend, including a new supercomputer. Earlier Tuesday,
Nvidia
became the first chip company to reach a market capitalization of more than $1 trillion.
Marvell Technology
(MRVL), which surged 32% Friday as it forecast AI to be a long-term growth driver, fell 3.2% Tuesday.
Other AI names rose as
C3.ai
stock (AI) rose 33% and
Palantir Technologies
(PLTR) climbed 7.8%.
Ford Motor
(F) was also on the move, up 4.1%, after Jefferies upgraded the shares to Buy from Hold following the auto giant’s investor event last week.
Tesla
stock (TSLA) climbed 4.1%. CEO Elon Musk is in China to visit the electric-vehicle maker’s Shanghai plant and to meet government officials, according to Reuters.
Virgin Galactic
stock (SPCE) regained some of the ground it lost Friday following its first completed crewed flight since July 2021 last week. The shares, which had tumbled 16%, were up 3.4%.
Iovance Biotherapeutics
(IOVA) climbed 17% after the company’s license application for its advanced skin cancer treatment was approved by the Food and Drug Administration.
Broadcom
(AVGO) fell 1.2% to $803.34, even though an analyst at KeyBanc Capital Markets raised his price target on the stock to $820 from $720 and maintained his Overweight rating.
SoFi Technologies
stock (SOFI) gained 11.5% after the potential U.S. debt-ceiling agreement released Sunday said it would reinstate student loan repayments after they had been paused for over three years.
Airline stocks jumped after air travel over the holiday weekend beat prepandemic levels.
United Airlines Holdings
(UAL) was up 1.6%,
Delta Air Lines
(DAL) rose 1.1%, and
American Airlines Group
(AAL) gained 1.9%.
Coinbase
Global (COIN) rose 7.5% after an analyst at Atlantic Equities upgraded shares of the crypto stock to Overweight from Neutral.
Write to Angela Palumbo at [email protected] and Callum Keown at [email protected]
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