Stock futures pointed lower Monday ahead of a week filled with congressional testimony from Federal Reserve Chairman Jerome Powell and the monthly U.S. jobs report.
These stocks were set to make moves Monday:
Super Micro Computer,
a maker of servers that help with artificial-intelligence applications, and
Deckers Outdoor,
the maker of Hoka sneakers and Ugg boots, will join the
S&P 500
before the opening of trading on March 18. Shares of Super Micro, which have risen 219% this year, were up 16%, while Deckers jumped 4.5%. The two companies will replace
Whirlpool
and
Zions Bancorp
in the index.
Whirlpool
fell 0.9% and Zions declined 1.3%.
Shares of
Nvidia
rose 2.3% after the chip giant closed Friday with a market cap above $2 trillion for the first time. The stock rose from $1 trillion to $2 trillion in 180 trading days, according to Dow Jones Market Data, faster than
Apple
and
Microsoft,
the only other companies to end a trading day with a market cap higher than $2 trillion.
Taiwan Semiconductor Manufacturing
rose to a record high in Taipei, according to Bloomberg, jumping 5.2% to NT$725. It has risen 22% this year. U.S.-listed shares of
Taiwan Semiconductor,
the world’s largest third-party chip manufacturer, were rising 4.2%.
Spirit Airlines
was falling 18% while
JetBlue Airways
rose 4.2% after their merger agreement was terminated.
Macy’s
was rising 14% to $20.60 after Arkhouse Management and Brigade Capital said they raised their offer to buy the retailer by almost $1 billion. The private-equity firms raised their bid to $24 a share, or $6.6 billion.
Macy’s
in late January rejected an offer from Arkhouse and Brigade Capital of $21 a share, or $5.8 billion. Macy’s said it has received the new offer and its board would review the proposal.
Apple
was falling 1.6% after the European Commission fined the tech giant nearly $2 billion for breaking the bloc’s rules on music streaming.
Apple
said it has appealed the decision.
American depositary receipts of
Li Auto
declined 7.6%. The Chinese electric-vehicle maker on Friday unveiled the Mega, the company’s first high-voltage battery-electric vehicle. The car was priced at 559,800 yuan (US$77,785), slightly higher than analysts expected.
Li Auto
on Friday reported deliveries in February of 20,251 vehicles, up 22% year over year.
Spirit AeroSystems
was up 2.3% after
Boeing
confirmed Friday it was in discussions to acquire the jet-fuselage supplier.
Spirit AeroSystems
was once a part of
Boeing
but was created when Boeing sold some of its factories in 2005. “We believe that the reintegration of Boeing and Spirit AeroSystems’ manufacturing operations would further strengthen aviation safety, improve quality and serve the interests of our customers, employees, and shareholders,” Boeing said in a statement.
DoorDash
rose 3.4% to $131.70 after shares of the food-delivery company were upgraded to Outperform from Sector Perform at RBC Capital and the price target was increased to $175 from $130.
Lyft
also was upgraded to Outperform from Sector Perform at RBC Capital. The stock rose 7.2% to $17.52. RBC Capital raised its price target on shares of the ride-hailing company to $23 from $17.
Earnings reports are expected Monday from
GitLab,
AeroVironment,
and
Stitch Fix.
Reports are scheduled later in the week from
Target,
Broadcom,
Costco,
Marvell Technology,
CrowdStrike Holdings,
Ross Stores,
NIO,
Box,
Nordstrom,
JD.com,
Campbell Soup,
Abercrombie & Fitch,
Kroger,
MongoDB,
and
Samsara.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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