Nvidia Stock Soars After 10-for-1 Split: What Wall Street Is Buzzing About Today

New York City, NY – Stocks showed mostly positive movement on Monday as investors awaited the Federal Reserve’s interest rate decision and the latest U.S. inflation data.

Nvidia, a leading provider of artificial-intelligence chips, began trading on a split-adjusted basis following a 10-for-1 stock split that took effect on Friday. The stock saw a 0.8% increase to $121.86 on Monday, with a 146% rise so far in 2024.

On the other hand, Advanced Micro Devices experienced a 4.3% decline to $160.70 after being downgraded to Equal Weight from Overweight by Morgan Stanley, maintaining a price target of $176.

Southwest Airlines saw a 7.6% increase in its stock price after activist Elliott Investment Management revealed a significant stake in the carrier, totaling around $1.9 billion.

GameStop, however, faced a 14% drop in its stock value as shares closed down 39% on Friday, marking its worst day since February 4, 2021, despite bullish sentiments reiterated by Roaring Kitty, a meme trader.

Apple faced a 1.9% decrease following the announcement of its new AI platform “Apple Intelligence” at the Worldwide Developers Conference, alongside other company updates.

Tesla’s stock saw a 2.1% decline as shareholders prepared to vote on CEO Elon Musk’s $56 billion compensation package.

Diamond Offshore Drilling surged 11% to $15.51 after agreeing to a $1.6 billion cash-and-stock acquisition deal by Noble Corp.

Other notable movements included KKR rising by 12%, CrowdStrike climbing 8.8%, and GoDaddy gaining 1.7% after being selected to join the S&P 500 this month. The three companies will replace Robert Half, Comerica, and Illumina in the index.

Huntington Bancshares experienced a 5.1% decrease after revising its full-year net interest income guidance to a 1% to 4% decline.

Investors will be closely monitoring these developments in the stock market throughout the week.