Stocks fluctuated Monday as investors reacted to a mix of corporate earnings and ongoing economic concerns. Among the biggest movers in the S&P 500 was AbbVie, a biopharmaceutical giant, which saw its shares rise 3.4%. The increase followed the company’s robust first-quarter earnings report, which exceeded expectations thanks to strong sales of its skin treatment Skyrizi and rheumatoid arthritis medication Rinvoq. AbbVie also raised its profit projections for the year but warned that potential tariffs could impact the pharmaceutical sector.
Gilead Sciences, another pharmaceutical firm, rebounded from a recent slump as its shares climbed 3.1%. The company’s earlier challenges, tied to weaker sales in its COVID-19 and cancer treatment lines, were offset by a surge in demand for its HIV therapies and improvement in its liver disease products.
Weyerhaeuser, a company specializing in timber and forestry products, also posted gains, with its stock up 3.1%. Despite matching profit expectations, the firm reported a decline in year-over-year sales due to reduced export volumes to China.
On the downside, Erie Indemnity’s shares dropped 4%, marking the largest decline in the index. While the insurance firm reported first-quarter revenues that exceeded forecasts, its earnings per share fell short. Increased operational costs related to customer service and technology investments strained profitability.
Colgate-Palmolive shares fell 3.1%, despite outperforming expectations for quarterly sales and profits. The company trimmed its full-year guidance, citing economic uncertainty and potential tariff effects as contributing factors.
Semiconductor powerhouse Nvidia saw its stock drop 2.1% amid concerns about competition. Reports indicated that Huawei Technologies, a major Chinese tech rival, is testing its own artificial intelligence chip, potentially challenging Nvidia’s dominance in the market.
As financial markets brace for a busy earnings week, more than 40% of S&P 500 companies are expected to report their quarterly results, according to analysts. Early predictions suggest an overall earnings growth of about 10.1% year-over-year, which would mark the second consecutive quarter of double-digit growth for the index.
Meta, the parent company of Facebook and Instagram, is under scrutiny ahead of its earnings release, with investors keen to assess the impact of digital advertising trends amid rising tariffs. In the shadow of ongoing disputes with regulators, the company’s developments will be crucial to watch.
With a full slate of earnings reports expected this week, including those from major players such as Apple and Amazon, investors remain vigilant as market conditions continue to evolve. Overall, the S&P 500 and other major indexes have experienced volatility and fluctuating performances, driven by a combination of corporate earnings news and macroeconomic factors, particularly related to tariffs and international trade tensions.