Benzinga - by Piero Cingari, Benzinga Staff Writer.
Wall Street resumed trading after the Memorial Day holiday with a familiar trend, as major chipmaker stocks significantly outperformed the broader market.
- Nvidia Corp. (NASDAQ:NVDA) shares surged over 6% to $1,128, reaching new all-time highs.
- Elon Musk's xAI plans to build a supercomputer powered by Nvidia chips fueled the positive momentum.
- Arm Holdings plc (NASDAQ:ARM) increased nearly 10% following a bullish note from Rosenblatt.
- The chipmaker industry, as tracked by the iShares Semiconductor ETF (NASDAQ:SOXX), rose 1.9%, hitting new record highs.
- Since late October 2023, semiconductor stocks have increased by 68%, doubling the performance of the Nasdaq 100.
Blue-chip stocks tracked by the Dow Jones fell 0.5%, while small caps inched up by 0.3%.
Treasury yields rose on the long end of the curve, with the 30-year yield up 5 basis points to 4.62%, causing the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) to drop nearly 1%.
| Major Indices | Price | 1-day %chg |
| Russell 2000 | 2,073.99 | 0.3% |
| Nasdaq 100 | 18,859.53 | 0.1 % |
| S&P 500 | 5,308.87 | 0.0% |
| Dow Jones | 38,879.48 | -0.5% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was flat at $529.82, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.5% to $388.63 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) was 0.3% higher to $459.17, according to Benzinga Pro data.
The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up by 0.9%. The Health Care Select Sector SPDR Fund (NYSE:XLV) lagged, easing 1.4%.
Meanwhile, U.S. home prices reached new all-time highs in March — the fastest pace in a year. Investors may perceive this as a concern regarding further housing-related inflation.
Oil prices increased by 1.6% on a positive demand outlook as the driving season begins. Silver rose nearly 1%, while gold edged up 0.2%.
And Bitcoin (CRYPTO: BTC) fell 2.4%, marking its worst session since May 10.
Monday’s Stock Movers
- Moderna Inc. (NASDAQ:MRNA) tanked 10% on track for the worst session since February 2022 as investors likely took profits after ten straight sessions of gains.
- GameStop Corp. (NYSE:GME) soared 30%, after the company managed to successfully raise $933 million by selling 45 million shares.
- Norwegian Cruise Holdings Ltd. (NYSE:NCLH) rose 3.8% after Mizuho Securities USA LLC upgraded the stock from Neutral to Buy, raising the price target from $21 to $24.
- Celsius Holdings Inc. (NASDAQ:CELH) fell 19% on track for the worst session since March 2021, after Morgan Stanley raised concerns of slowing sales growth.
- HubSpot Inc. (NASDAQ:HUBS) rose over 7% after CNBC confirmed rumors of a potential acquisition bid from Alphabet Inc. (NASDAQ:GOOGL).
- DraftKings Inc. (NASDAQ:DKNG) plummeted 11%, eyeing the worst session since November 2022, as Illinois Senate passed a betting tax bill.
- Large-cap stocks reporting after the close include Heico Corp. (NYSE:HEI) and Cava Group Inc. (NYSE:CAVA).
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