Key Takeaways
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U.S. equities posted slight gains at midday Monday following last week’s enthusiasm over the Fed’s 50-basis-point interest-rate cut.
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Goldman Sachs said Tesla’s expected robotaxi reveal next month could boost the stock.
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Ulta Beauty got downgraded by TD Cowen, and shares tumbled.
U.S. equities were up slightly at midday to start the new week after last week’s excitement over the Federal Reserve’s 50-basis-point (bps) interest-rate cut sent the Dow Jones Industrial Average to an all-time high. The Dow, S&P 500, and Nasdaq were all in the green.
Tesla (TSLA) shares gained after Goldman Sachs said next month’s planned robotaxi reveal could be a catalyst for the stock.
Shares of Palantir Technologies (PLTR) and Erie Indemnity (ERIE) were higher on their first day as members of the S&P 500.
Shares of Newmont (NEM), Freeport-McMoRan (FCX), and other gold miners advanced as the price of the precious metal hit a record high.
General Motors (GM) shares declined after Chief Executive Officer (CEO) Mary Barra reiterated that the automaker would make only electric light-duty vehicles by 2035 even as EV demand slows.
Shares of Ulta Beauty (ULTA) dropped when TD Cowen downgraded the stock, citing lower demand and increasing competition.
American depositary receipts (ADRs) of Novo Nordisk (NVO) slipped ahead of tomorrow’s Senate hearing on the drug maker’s pricing of its wildly popular Wegovy and Ozempic weight-loss treatments.
Oil prices were lower. The yield on the 10-year Treasury note rose slightly. The U.S. dollar climbed against the euro, but lost ground to the pound and yen. Most major cryptocurrencies traded in positive territory.
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