Stocks were mixed Tuesday 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 making moves Tuesday:
Nvidia
stock (ticker: NVDA) rose 4.8% after the chip maker unveiled a raft of new AI-related products at a conference in Taiwan over the weekend, including a new supercomputer.
Marvell Technology
(MRVL), which surged 32% Friday as it forecast AI to be a long-term growth driver, was down 1% Monday.
Other AI names were gaining as
C3.ai
stock (AI) rose 18% and
Palantir Technologies
(PLTR) climbed 6.7%. Shares in cloud-computing company
Nutanix
(NTNX) gained 2.7%.
Ford Motor
(F) was also on the move, up 4.4%, after Jefferies upgraded the shares to Buy from Hold following the auto giant’s investor event last week.
Tesla
stock (TSLA) climbed 5.8%. 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
stock (SPCE) 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 had tumbled 16%, were up 1.3%.
Iovance Biotherapeutics
(IOVA) climbed 12% after the company’s license application for its advanced skin cancer treatment was approved by the Food and Drug Administration.
Broadcom
(AVGO) jumped 7.1% to $870 after an analyst at KeyBanc Capital Markets raised his price target on the stock to $820 from $720 and maintained his Overweight rating.
SoFi Technologies
stock (SOFI) gained 6.1% after the potential U.S. debt-ceiling agreement released Sunday said it would reinstate student loan repayments after they had been paused for over three years.
Write to Angela Palumbo at [email protected] and Callum Keown at [email protected]
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