Stocks steady after S&P 500’s landmark close

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• Mon, February 12, 2024 at 6:00 PM GMT+1

  Arm stock surges 30% as it extends rally on AI prospects

  Arm Holdings (ARM) stock surged more than 30% on Monday, extending last week’s rally of more than 60% after the Britchip designer issued better than expected revenue guidance.

  Investors are betting that the company is well positioned to benefit from the AI boom.

  The stock is up 100% since last Wednesday when Arm’s quarterly results were released.

  “Arm’s licensing revenue was supported by increasing demand for new technology driven by all things AI,” said the company in its latest shareholder letter.

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  Mon, February 12, 2024 at 5:45 PM GMT+1

  Forget Microsoft and Apple, the race for $2 trillion is on for Alphabet, Amazon and Nvidia

  Microsoft (MSFT) may have claimed the top spot from Apple (AAPL) Friday for the all-time highest market cap ($3,124,869,988,352), but both companies are slightly in the red today.

  Another interesting race is emerging for third place among Alphabet (GOOGL), Amazon (AMZN), and Nvidia (NVDA). Despite a more-than-respectable 6% gain so far this month for Alphabet, blistering returns from Amazon (up 12%) and Nvidia (up 17%) suggest one of the latter two may become the third US public company to hit $2 trillion in valuation. (Alphabet rallied just shy of this mark in November 2021.)

  

  Nvidia now accounts for over one quarter (26%) of the S&P 500’s increase in market cap this year, though the stock only accounts for 4% of the benchmark index’s weight.

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  Mon, February 12, 2024 at 5:17 PM GMT+1

  Stocks edge higher after S&P 500’s record setting week

  Stocks edged higher mid-morning, with the Dow Jones Industrial Average (^DJI) up 0.3% while the tech-heavy Nasdaq Composite (^IXIC) also rose 0.3%.

  The S&P 500 (^GSPC) rose 0.2% following a record-setting week that saw the benchmark end above 5,000 for the first time ever.

  Chipmaker Nvidia (NVDA) rose to another record high on Monday, up 2%. Airbnb (ABNB) stock rose 4% ahead of the house-sharing platform’s quarterly results slated for Tuesday.

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  Mon, February 12, 2024 at 4:21 PM GMT+1

  Diamondback stock jumps 8% on merger deal

  Diamondback Energy (FANG) jumped more than 8% on Monday after the oil and gas producer announced it will acquire privately held Endeavor Energy for $26 billion in a cash and stock deal.

  The consolidation move among the Permian Basin players follows a string of recent tie-ups in the space.

  The deal is “logical,” Ed Hirs, economist and energy fellow at the University of Houston, told Yahoo Finance. “It will certainly give the combined companies some savings.”

  The merger announcement says the combined company will scale to 838,000 net acres with a production of 816,000 barrels of oil and gas per day.

  Operations would break even with West Texas Intermediate (CL=F) at under $40 per barrel. WTI is currently trading above $76 per barrel.

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  Mon, February 12, 2024 at 3:33 PM GMT+1

  Stocks steady after S&P 500’s record-setting week

  The S&P 500 (^GSPC) opened near the flatline on Monday, following a record-setting week that saw the benchmark end above 5,000 for the first time ever.

  The Dow Jones Industrial Average (^DJI) fell 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) broadly traded steady.

  Energy, Real Estate, and Materials were among the sectors eking out gains on Monday. Technology and Healthcare stocks dipped slightly.