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Key Takeaways
- The S&P 500 gained 0.2% on Monday, Jan. 22, 2024, reaching a record close for the second straight trading day ahead of key tech earnings reports later this week.
- Shares of VF Corp. moved higher after the parent company of Vans and North Face stressed that the cyberattack it suffered in December would not affect its financial performance.
- Archer Daniels Midland shares plummeted as the agriculture firm placed its CFO on administrative leave amid an investigation into its accounting practices.
U.S. equities indexes pushed higher amid optimism about the U.S. economy, with last week’s tech-fueled rally carrying over into the new trading week.
The S&P 500 gained 0.2%, adding to the all-time high posted on Friday. The Dow and the Nasdaq advanced 0.4% and 0.3%, respectively.
VF Corp. ( VFC ) shares topped the S&P 500 on Monday, gaining 5.0% even as the apparel firm disclosed additional information about a December cyberattack. Although the data breach affected 35 million customers, the parent company of Vans and North Face asserted it does not collect sensitive information like Social Security numbers and stressed that the incident will not affect its financial performance.
Shares of lithium miner Albemarle ( ALB ) gained 4.9%, partially recovering from steep losses posted in recent weeks amid declining lithium prices and questions about demand for electric vehicles (EVs). To navigate the challenging market environment, the company has shifted to its investment strategy, pushing back spending on a planned lithium conversion facility in South Carolina.
Synopsys ( SNPS ) shares moved 4.7% higher, adding to gains posted last week after the electric design automation (EDA) firm announced its offer to acquire engineering simulation software provider Ansys ( ANSS ) for $35 billion. If the deal is successful, the combined company could be in a good position to leverage artificial intelligence (AI) technology for research and development (R&D) applications across multiple industries.
Shares of data storage provider Western Digital ( WDC ) jumped 4.1% after Morgan Stanley named the stock as its new top pick in the semiconductor industry and boosted its price target. Analysts at the investment bank anticipate a recovery in the NAND flash memory market.
Archer Daniels Midland ( ADM ) shares suffered the most significant losses among S&P 500 stocks on Monday, plummeting 24.2% after the agriculture firm placed its CFO on administrative leave amid an investigation into its accounting practices. The investigation comes in response to a voluntary document request from the U.S. Securities and Exchange Commission (SEC) and focuses on the firm’s nutrition business.
Shares of Gilead Sciences ( GILD ) tumbled 10.2% after a clinical trial of the biotech firm’s Trodelvy, an experimental treatment for lung cancer, fell short of its goals . The medicine did not significantly improve the survival rates of the patients receiving it.
Advanced Micro Devices ( AMD ) shares fell 3.5% after Northland Capital downgraded the stock to market perform. The analysts noted that AI-related chip demand may not keep up with investors’ lofty expectations.