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Nvidia unveiled new AI products over the weekend.
Dreamstime
Stock futures were higher Monday after a deal was agreed to extend the U.S. debt ceiling for two years over the Memorial Day weekend. Tech stocks, and AI-focused companies, in particular, were once again leading markets higher.
These stocks were poised to make moves Monday:
Nvidia
(ticker: NVDA) stock rose 3.8% ahead of the open after the chip maker unveiled a raft of new AI-related products at a conference in Taiwan over the weekend, including a new supercomputer. The company’s market cap sits just below $1 trillion after the shares rallied 24% following its first-quarter earnings.
Marvell Technology
(MRVL), which surged 32% Friday as it forecast AI to be a long-term growth driver, was up 3% higher in early premarket trading Monday.
Other AI names were also gaining as
C3.ai
(AI) stock rose 8% and
Palantir Technologies
(PLTR) climbed 6%. Shares in cloud-computing company
Nutanix
(NTNX) surged more than 7%.
Ford Motor
(F) stock was also on the move, up 2.9%, after Jefferies upgraded the shares to Buy from Hold following the auto giant’s investor event last week.
Tesla
stock climbed 3.3% in premarket trading. CEO Elon Musk is in China to visit the electric-vehicle maker’s Shanghai plant and to meet government officials, according to Reuters.
Virgin Galactic
(SPCE) stock looked set to regain some of the ground it lost Friday following its first completed crewed flight since July 2021 last week. The shares, which tumbled 16%, were more than 2% up early Monday.
Iovance Biotherapeutics
(IOVA) was the biggest riser, climbing more than 22% after the company’s license application for its advanced skin cancer treatment was approved by the Food and Drug Administration.
Boyd Gaming Corp
(BYD) was the sharpest faller, declining 3% ahead of the open.
Earnings reports are expected Tuesday from
HP Inc.
(HPQ),
Hewlett Packard Enterprise
(HPE),
Box
(BOX),
Ambarella
(AMBA), and
U-Haul Holding
(UHAL).
Write to Callum Keown at [email protected]
Source: https://www.barrons.com/articles/stock-market-movers-1bbfe7f8?siteid=yhoof2&yptr=yahoo