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Home News S&P 500 Moves: Tesla Leads EV Surge, Merck Climbs on Cancer Drug Rights

S&P 500 Moves: Tesla Leads EV Surge, Merck Climbs on Cancer Drug Rights

by Barbara

The S&P 500 and major U.S. indexes started the second half of 2024 on a positive note, buoyed by robust gains in the technology sector amidst a shortened trading week following Independence Day celebrations. Monday saw the S&P 500 rise by 0.3%, boosted by a strong showing from tech stocks which drove the Nasdaq up by 0.8%. The Dow also saw a modest increase of 0.1%.

Tesla (TSLA) emerged as the standout performer of the day, surging 6.1% and leading gains among S&P 500 components. The rally followed Nio’s (NIO) record-high vehicle deliveries in June, propelling Nio’s American Depository Receipts (ADRs) up by 6.7%. Tesla is slated to unveil its own delivery figures on Tuesday.

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Meanwhile, Merck (MRK) saw its shares jump 3.3% after securing exclusive rights for the development and commercialization of opevesostat1, a promising compound aimed at treating specific types of prostate cancer.

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In the tech sector, Apple (AAPL) rose by 2.9% amid speculation that the company might hike prices for its premium iPhones to offset costs and maintain competitive pricing for lower-end models. Analysts believe such a strategy could help Apple expand its user base without alienating high-end consumers, who are less sensitive to price changes. Reports of Apple’s declining market share in the U.S. and China smartphone markets continue to circulate.

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Conversely, cruise operators faced significant headwinds as concerns grew over Hurricane Beryl, now a Category 4 storm, potentially disrupting Caribbean voyages. Norwegian Cruise Line Holdings (NCLH) saw its shares plummet by 5.9%, the most substantial decline in the S&P 500, while Carnival Corp. (CCL) also registered a notable drop of 5.4%. Warm ocean temperatures have prompted meteorologists to predict an active hurricane season this year.

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In the leisure sector, casino stocks experienced declines following disappointing gross gaming revenue figures from Macau in June, marking its lowest levels in 2024. Caesars Entertainment (CZR) dipped by 5%, and MGM Resorts (MGM) declined by 3.6%.

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Warner Bros. Discovery (WBD) saw its shares slide by 4.6% after reports surfaced suggesting a potential merger between its HBO Max service and Paramount+’s streaming platform, owned by Paramount Global (PARA). Paramount Global itself saw a 2.4% decline in its shares.

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Investors will now turn their attention to upcoming labor market data set for release later in the week, shaping expectations amidst ongoing market dynamics.

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