Top Stock Movers Now: AMD, Tesla, Comerica, Verizon, and More
Key Takeaways
- The S&P 500 and Nasdaq climbed Monday afternoon as tech stocks gained, while a slide in shares of Verizon weighed on the Dow.
- A deal which could give OpenAI a 10% stake in Advanced Micro Devices sent shares of the chipmaker soaring.
- Verizon named former PayPal CEO Dan Schulman as its CEO, and shares of the telecom company dropped.
Major U.S. equities indexes were mixed in recent trading, as tech sector gains helped lift the S&P 500 and Nasdaq higher to start the week, while a slide in shares of Verizon (VZ) weighed on the Dow.
Verizon Communications (VZ) was the worst-performing stock on the Dow and among the biggest decliners in the S&P 500 after the telecom company announced former PayPal (PYPL) CEO Dan Schulman would take over as its new CEO.
Shares of International Paper (IP) and Smurfit Westrock (SW) also dropped as British rival Mondi warned challenging market conditions would hurt profits.
Advanced Micro Devices (AMD) was the best-performing stock in the S&P 500, adding nearly 30% to hover around their closing record, after the chipmaker announced a deal with ChatGPT maker OpenAI that could have the AI startup take a 10% stake in AMD.
Tesla (TSLA) stock climbed after the EV maker teased a Tuesday event that analysts think could bring a lower-cost model.
Critical Metals (CRML) shares soared following a report the Trump administration is considering taking a stake in the rare earth minerals miner.
Comerica (CMA) shares also jumped after Fifth Third Bancorp (FITB) agreed to buy the financial firm in an all-stock deal valued at $10.9 billion.
The price of gold hit an all-time high, and oil prices rose after OPEC and its allies agreed to a modest production increase. The yield on the 10-year Treasury note rose. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded higher, after Bitcoin reached a record high over the weekend.