The top gainers in the S&P 500 index today included American Airlines (AAL), Arista Networks (AENET), Nvidia (NVDA), Advanced Micro Devices, and Fortinet (FTNT). SLB (SLB) and Boeing (BA) also saw positive movements. Conversely, the biggest losers on Monday were Baker Hughes (BKR), Marathon Oil (MRO), and CF Industries (CF).
Leading Performers in the S&P 500
American Airlines’ stock surged by 7.2% to reach 14.58, surpassing the 200-day threshold. The decrease in crude oil prices proved beneficial for jet fuel expenses, despite the absence of Boeing 737 Max 9 aircraft in the American Airlines fleet.
Arista Networks witnessed a recovery in its stock value, climbing by 6.5% to 256.85 and breaking out of the 21-day trading range to achieve a new high. Melius Research upgraded the company’s stock to a target price of 300, attributing the rise to advancements in AI technology.
Nvidia experienced a notable 6.4% increase, reaching 522.63 and setting a new record high. The stock closed at a buy point of 505.48, unveiling innovative GPUs and AI applications for personal computers.
Advanced Micro Devices rose by 5.5% to 146.18, extending its upward momentum from the 21-day line. The company introduced new desktop processors ahead of the Les 2024 event, solidifying its position in the high-end PC market.
Fortinet’s investment grew by 5% to 61.28, maintaining its value since September, although it remains below the 200-day mark.
Decliners in the S&P 500
Boeing faced a significant decline of 8%, dropping to 229, notably below the 243.10 cup-base buy point. Despite finding support at the 50-day mark, the stock was impacted by the grounding of Boeing 737 MA jets following an incident involving an Alaska Air Max 9 aircraft.
Baker Hughes and SLB witnessed decreases of 2.9% and 3% respectively, while Marathon Oil slipped by 2.7%. These companies failed to meet their moving averages as crude oil prices fell by 4.1% due to Saudi Arabia’s pricing adjustments for February.
CF Industries saw a decline of 2.4% to 79.19, finding some stability within the 500-day range.
