The stock market showed significant movement on Monday, with several companies experiencing notable gains and losses. Among the standouts, Meta Platforms' shares rose about 1%, extending a remarkable 15-session winning streak, despite the company's revenue of $6.39 billion falling short of the $6.44 billion consensus estimate. Meanwhile, BP's shares surged over 6% following Elliott Management's investment in the company. Conversely, Semtech faced a substantial decline, plunging more than 28% after issuing a warning about its CopperEdge products' underperformance.
Meta Platforms continued to ride a wave of investor confidence, marking its fifth consecutive winning session, with its stock having gained approximately 19% this year. This upward momentum comes even as Meta's fourth-quarter revenue narrowly missed analyst projections. Nonetheless, the tech giant's best-ever winning streak suggests sustained optimism among investors.
In other market movements, McDonald's shares rose 1.5% after the fast-food giant reported mixed fourth-quarter results. Meanwhile, Shopify saw its shares increase by 3.3%, following Benchmark's decision to upgrade the stock from hold to buy. Super Micro Computer also experienced a positive surge, with its shares rising almost 4% ahead of its second-quarter earnings announcement.
The steel industry witnessed notable activity, as Cleveland-Cliffs and Nucor each gained about 7%. Steel Dynamics advanced more than 5%, while U.S. Steel saw an increase of over 4%. Alcoa also climbed more than 5%, reflecting a robust performance within the sector.
In contrast, Tesla's shares experienced a slight dip, dropping more than 1% before the market opened on Monday. Investors are closely monitoring developments as President Donald Trump announced plans to impose 25% tariffs on steel and aluminum, potentially affecting the broader market landscape.
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