June 24, 2024

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Unlimited Technology

Stocks rally but January still worst since March of 2020

U.S. stocks rallied midday Monday as investors wind down a volatile month and ahead of another busy week for earnings.

The Nasdaq Composite took the lead rising 3.4% as Tesla and Netflix led the gains. 

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 14239.883238 +469.31 +3.41%
TSLA TESLA INC. 936.72 +90.37 +10.68%
NFLX NETFLIX INC. 427.14 +42.78 +11.13%

The Dow Jones Industrial Average rose over 405 points or 1.1%, reversing morning losses and the S&P 500 was higher by 1.9%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35131.86 +406.39 +1.17%
SP500 S&P 500 4515.55 +83.70 +1.89%

Despite the rally, the S&P 500 clocked its worst month since March of 2020 down 5.3%, the Nasdaq lost 9% and the Dow 3%. 

Ticker Security Last Change Change %
BA THE BOEING CO. 200.23 +9.64 +5.06%

Boeing rose after announcing a new $6.8 billion order from Qatar Airways for GE9X engines as part of its global launch order of up to 50 Boeing 777-8 Freighters.  The commitment, which includes 34 firm 777-8 orders and an additional 16 purchase right options, also includes GE90 engines for an additional order of two Boeing 777 Freighters.

Ticker Security Last Change Change %
MRNA MODERNA INC. 169.33 +9.86 +6.18%

Moderna also rose after the Food and Drug Administration fully cleared is COVID-19 use for individuals 18 and over. Prior to, the vaccine was being administered via emergency use classification.  

Deal-making was active Monday with Sony Interactive announcing plans to buy Bungie, the maker of the Halo and Destiny titles, for $3.6 billion. This follows Microsoft’s $69 billion purchase of Activision. 

Ticker Security Last Change Change %
SONY SONY GROUP CORP. 111.63 +4.78 +4.47%
MSFT MICROSOFT CORP. 310.98 +2.72 +0.88%
ATVI ACTIVISION BLIZZARD INC. 79.01 -0.13 -0.16%

Also, Citrix Systems confirming it will go private in a deal valued at $16.5 billion as Evergreen Coast Capital Corporation, an affiliate of Elliott Investment Management L.P and Vista Equity Partners, acquire the company.

Ticker Security Last Change Change %
CTXS CITRIX SYSTEMS INC. 101.94 -3.61 -3.42%

Blackberry is selling the majority of its patents tied to a legacy smartphone arm for $600 million to Catapult IP Innovations.

Ticker Security Last Change Change %
BB BLACKBERRY LTD. 8.22 +0.35 +4.44%

And J.B. Hunt Transport Services Inc is buying Bassett Furniture Industries, Inc.’s Zenith Freight Lines, in a deal valued at $87 million. 

Ticker Security Last Change Change %
JBHT J.B. HUNT TRANSPORT SERVICES INC. 192.54 +0.64 +0.33%
BSET BASSETT FURN 18.56 +4.62 +33.14%

In earnings news, Cirrus Logic and NXP Semiconductor are set to report on Monday. 

Ticker Security Last Change Change %
CRUS CIRRUS LOGIC INC. 89.44 +4.19 +4.92%
NXP NUVEEN SEL T-F P 3 FD 15.13 +0.05 +0.33%

Later in the week tech will be in focus with Amazon, Google, and Meta Platforms, formerly Facebook, set to report.  

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 2,991.47 +111.91 +3.89%
GOOGL ALPHABET INC. 2,706.07 +39.05 +1.46%
FB META PLATFORMS INC. 313.26 +11.55 +3.83%

Sony Pictures’ “Spider-Man: No Way Home” grossed $11 million over the weekend, according to studio estimates Sunday, bringing its domestic total to $735.9 million. The Marvel hit has accounted for a huge percentage of the month’s ticket sales.

Ticker Security Last Change Change %
SONY SONY GROUP CORP. 111.63 +4.78 +4.47%

In commodities, oil hovered around the $87 per barrel level ahead of OPEC’s meeting this week. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 62.47 +0.51 +0.82%

DRUGMAKERS RAISED PRICES BY 6.6% ON AVERAGE EARLY THIS YEAR

Asian stocks followed Wall Street higher Monday at the start of a week when China, South Korea and Southeast Asian markets will close for the Lunar New Year holiday.

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The major cryptocurrencies – Bitcoin, Ethereum and Dogecoin were all down. 

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The Associated Press contributed to this report. 

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