Stock Market Update: Oil Stocks Rise, Arm Holdings Declines, Moderna Falls

Oil stocks, including Valero Energy and Marathon Petroleum, saw gains as crude oil prices reached their highest levels since November 2022. This resulted in the oil services ETF and S&P 500 Energy Index both rising by 1%. Arm Holdings, on the other hand, experienced a decline in shares following its blockbuster Nasdaq debut. Bernstein initiated coverage of the chip designer with an underperform rating, stating that it is “too early” to consider Arm an AI winner. Moderna, a pharmaceutical company, faced a significant decrease of over 7% in its share price. This was attributed to co-founder and board chairman Noubar Afeyan selling 15,000 shares. However, Moderna’s updated Covid vaccines have been approved in both the U.S. and the U.K.

Tesla, the electric vehicle maker, saw a 2.3% drop in its shares after Goldman Sachs lowered its earnings estimate. Goldman Sachs cited potential price cuts and lower margins as factors contributing to the reduction. PayPal also faced a decline, slipping 1.8% following a downgrade to market perform by MoffetNathanson. MoffetNathanson highlighted the challenges that PayPal may face with a new CEO taking the helm. Ralph Lauren, a luxury retailer, experienced a share price increase of over 1% after being upgraded by Guggenheim to a buy rating. Guggenheim noted that Ralph Lauren’s earnings are expected to benefit from various cyclical tailwinds.

Other notable stock movements include Enphase Energy’s 2.1% loss after a price target reduction by Citi, Tenable Holdings’ 2% gain following an outperform rating by TD Cowen, and Vertex’s 2.4% climb as coverage was resumed by Morgan Stanley with an overweight rating. DoorDash rose 1.6% after being upgraded to a buy rating by Mizuho, and Micron Technology gained 1% after Deutsche Bank raised its rating to buy and increased the target price. Paramount Global, however, experienced a 3.7% fall in shares after Raymond James initiated research coverage with a market perform rating. Simply Good Foods, Iridium Communications, and ASGN also saw notable movements in their stock prices.

Source: CNBC