Top Stock Movers Now: Nvidia, Tesla, Boeing, and More

Key Takeaways

U.S. equities were lower at midday as the markets awaited earnings news from several of the ”
Magnificent 7
” companies this week. The
Nasdaq
fell 1%, and the
Dow Jones Industrial Average
and
S&P 500
dipped.

Nvidia (

NVDA

) shares tumbled on a report China’s Huawei has developed an
artificial intelligence (AI)
chip to compete with Nvidia’s.

Shares of Tesla (

TSLA

) declined on word some lawmakers in New York are trying to take away the electric vehicle (EV) maker’s right to sell cars directly to the public in that state.

Cadence Design Systems (

CDNS

) shares dropped ahead of the software company’s financial report coming after the close of trading.

Boeing (

BA

) shares advanced on an upgrade from Bernstein, which said the plane maker was making progress in its turnaround plan.

Shares of MGM Resorts International (

MGM

) rose when the casino and hotel operator reported ahead of its earnings report that revenue soared at its sports betting and online gaming platform, BetMGM.

An upgrade from Bank of America lifted shares of Progressive (

PGR

). The analysts pointed to the insurer’s strong March results.

Oil futures slid. Gold prices increased. The yield on the 10-year Treasury note was little changed. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded in the red.

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