These Stocks Moved the Most Today: Nvidia, Tesla, Texas Instruments, Oracle, CoreWeave, Gemini Space Station, and More

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Key Points

About This Summary

• Nvidia is under investigation in China for potentially violating antimonopoly laws, hindering its ability to sell new hardware there.
• Tesla shares rose after Elon Musk bought $1 billion worth of stock, his first purchase since 2020, totaling 413 million shares.
• Western Digital’s shares soared after announcing immediate price increases on all hard drives due to ‘unprecedented demand’.

Stocks traded higher Monday as the S&P 500 and Nasdaq Composite hit records while investors awaited a decision this week on interest rates from the Federal Reserve and as the U.S. and China held trade negotiations.

These stocks moved Monday:

Nvidia was flat after falling earlier in the session. China’s market regulator said Monday that a preliminary investigation found the chip maker had breached antimonopoly laws. While the regulator said it plans to conduct further investigations, the inquiry is a blow to Nvidia, as it appears unlikely that China would allow it to sell new hardware in the country while saying it violated antitrust regulations. The leading maker of artificial-intelligence chips already is barred by the U.S. from selling its most advanced products in China.

Texas Instruments declined 2.4%, while peer Analog Devices dipped 0.1%. Over the weekend, China launched an anti-dumping investigation for certain U.S.-made analog chips, the kind made by the two companies.

Shares of Tesla were up 3.6% after CEO Elon Musk disclosed purchases of 2.6 million shares in the electric-vehicle maker worth about $1 billion. The purchases raised Musk’s total, excluding any stock options, to about 413 million shares. It was the first time since 2020 that Musk bought the stock. Tesla rose 7.4% on Friday to close at $395.94, the stock’s highest close since Jan. 31. Tesla shares gained nearly 13% last week and have closed higher for seven of the eight past trading days.

Oracle was up 3.4% after President Donald Trump said the U.S. and China had reached an agreement related to social media app TikTok. The stock rose on expectations the database-software company would be involved in any deal. Oracle shares were coming off a week that saw them rise almost 26% — their best weekly performance in 26 years — following a significant increase in its backlog of contracted work.

CoreWeave was up 7.6%. The cloud-service provider revealed it has a $6.3 billion cloud-computing deal with Nvidia in which the chip maker is obligated to purchase any unsold cloud-computing capacity through April 13, 2032, if CoreWeave’s data centers aren’t fully utilized by its own customers. The deal originally was signed in April 2023.

Warner Bros. Discovery gained 3.2%. Shares of the entertainment company jumped 17% on Friday and 56% last week, marking the stock’s best weekly performance on record, according to Dow Jones Market Data. The gains came after The Wall Street Journal reported that Paramount Skydance was prepping a takeover bid backed by the Ellison family.

Gemini Space Station gained 1.6% to $32.52 after jumping 14% in its trading debut Friday and closing at $32. The stock rose as high as $45.89 during its first trading session. The initial public offering of the company, a crypto brokerage that is run by twins Cameron and Tyler Winklevoss, was priced Thursday evening at $28 a share.

Via Transportation, the maker of public transportation software including the Citymapper app, rose 3.1 to $51.05%. The stock opened Friday at $44, below its IPO price of $46, but ended the session up 7.6% at $49.51.

Corteva declined 5.7 %. Shares were trading higher in the premarket session after the Wall Street Journal reported that the agriculture company was considering a breakup that would separate its seed and pesticide businesses into two companies. Corteva could unveil its plans soon, the report added, citing people familiar with the matter.

Western Digital climbed 4.8% to $102.39 to hit a record closing high. The steep gains came after the storage-drive maker sent a letter to customers saying it was gradually raising prices on all hard drives, effective immediately, due to “unprecedented demand.”

Alaska Air Group tumbled 6.7%. The carrier said it expects third-quarter earnings to come in at the low end of its guidance, with profits dinged by higher-than-expected fuel costs and operational challenges.

Earnings reports are expected later in the week from FedEx, Lennar, Ferguson Enterprises, General Mills, Bullish, Darden Restaurants, FactSet Research Systems, and Cracker Barrel Old Country Store.

Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com