New York, NY – Technology stocks led the Nasdaq higher on Monday as beneficiaries of artificial intelligence (AI) saw significant gains. The Dow Jones Industrial Average saw a 6% surge in 3M shares following the completion of the spin-off of its health care unit, Solventum, along with the announcement of a settlement in “forever chemicals” lawsuits. Chevron also saw a rise of 0.8% in its stocks due to an increase in oil prices. However, Home Depot experienced a decline of 4.1% in its shares, while Boeing slid by 1.8% after United Airlines requested pilots to take unpaid leave, citing delays in Boeing deliveries.
In the S&P 500 index, Micron surged by 5.4% after an increase in price target by Bank of America, boosting its potential to benefit from the AI boom. Energy stocks saw gains as oil prices rose, with companies like Occidental Petroleum and Marathon Petroleum experiencing positive growth. Gold prices reaching record highs also buoyed gold miner Newmont’s shares. Delta Airlines saw an uptick of 0.7% after being named a top pick for 2024 by JPMorgan analysts.
Moving on to the Nasdaq 100 index, Marvell Technology and Advanced Micro Devices rose by 3.3% and 1.6% respectively, named as potential AI beneficiaries by Bank of America. Google’s parent company Alphabet saw a 3% rise after laying out plans to settle a lawsuit related to user data collection practices. On the flip side, shares of Walgreens Boots Alliance plummeted by 9.9%.
General Electric finalized its split into GE Vernova and GE Aerospace, with GE Vernova joining the S&P 500 index as Dentsply Sirona exited. AT&T shares slipped by 0.6% as the company announced a data breach affecting millions of customers’ private data being leaked. Lastly, United Parcel Service replaced FedEx as the primary air cargo provider for the United States Postal Service, leading to UPS shares falling by 0.7%.
Overall, the stock market saw mixed movement with various companies experiencing both gains and losses. The market continues to show resilience as it navigates through current challenges and opportunities.