These Were the Big S&P 500 Movers on Monday
March 24, 2025 05:54 PM EDT
Advancers
Tesla (TSLA) shares surged 11.9%, logging the S&P 500’s top daily performance. The march higher on Monday extended gains posted late last week after Tesla CEO Elon Musk held an all-hands meeting with employees, arguing that investors have underestimated the potential of the firm’s self-driving and humanoid robot technology. Tesla also announced it would activate its smart driving-assistance feature in China as soon as it receives regulatory approval.
Gary Hershorn / Getty Images
United Airlines (UAL) increased annual fees for its rewards credit cards and airport lounge memberships. While customers will have to pay more for these travel perks, United also announced sign-up bonuses for new co-branded credit cards with JPMorgan Chase, along with additional benefits for cardholders, such as credits for ridesharing services. The carrier stressed that the enhanced benefits should outweigh the cost increase, and United Airlines shares soared 7.2%.
Semiconductor stocks got a boost from the developments on trade policy, with suggestions that chips could receive a reprieve in the upcoming round of reciprocal tariffs. Advanced Micro Devices (AMD) gained 7.0% after China’s Ant Group said it had developed a more cost-efficient technique for training AI models. Although Ant has used AI chips from Nvidia (NVDA) in the development process, it is reportedly considering alternatives from AMD and Chinese rivals.
Decliners
While the alleviation of tariff concerns helped lift high-risk, high-reward investments like tech stocks, shares of companies known for their more defensive characteristics came under pressure. Shares of Hormel Foods (HRL), the parent company of Spam and other packaged food brands, fell 2.4%, losing the most of any S&P 500 stock. Hormel announced last week that former CEO Jeff Ettinger would rejoin its board of directors and participate in the committee tasked with naming a replacement for current CEO Jim Snee, who is set to retire later this year.
Shares of MarketAxess Holdings (MKTX), operator of a digital trading platform for fixed-income securities, moved 2.4% lower. Monday’s downturn reversed some of the gains posted by the stock this month after MarketAxess reported robust growth in average daily volume for February. While strength in emerging markets and Eurobonds contributed to the positive monthly trading figures, the platform experienced softness in U.S. credit markets.
Brown-Forman (BF.B) stock also slipped 2.3%. Shares of the alcoholic beverage maker have been trending downward over the past two weeks as tensions between the U.S. and major trade partners shine a spotlight on whiskey and other spirits. However, recent reports that the European Union might delay its impending tariff on U.S. whiskey could spell some relief for the Jack Daniels parent.
-Michael Bromberg
GameStop Levels to Watch as Earnings Report on Deck
March 24, 2025 05:43 PM EDT
GameStop (GME) shares gained ground to start the week ahead of the scheduled release of the video game retailer’s earnings report after Tuesday’s closing bell.
GameStop shares, which also double as a meme stock favorite among retail traders, rose 3.5% to $25.61 on Monday, adding to last week’s 7% gain, indicating speculative buying ahead of the company’s quarterly results. The stock is still down 18% since the start of the year.
GameStop shares broke out above the top trendline of a three-month falling wedge pattern on above-average volume in Friday’s trading session, possibly paving the way for an earnings-fueled rally. Moreover, the relative strength index (RSI) crossed back above the 50 threshold late last week, indicating improving price momentum.
Source: TradingView.com.
However, in a conflicting technical signal, the 50-day moving average (MA) sits on the precipice of crossing below the 200-day MA to form an ominous death cross, a chart pattern that predicts lower prices.
Investors should watch key overhead levels on GameStop’s chart around $29, $32, and $37, while also eyeing important support levels near $22 and $20.
Read the full technical analysis piece here.
-Timothy Smith
What Normally Happens After 4-Week Losing Streak Snapped?
March 24, 2025 04:57 PM EDT
The S&P 500 posted big gains on Monday after inching higher last week to snap a four-week losing streak.
Four-week losing streaks are relatively rare, wrote LPL Financial Chief Technical Strategist Adam Turnquist in a note on Monday. They have occurred only 66 times since 1928, according to Turnquist. And, historically speaking, they tend to precede good times. After monthlong losing streaks, stocks have posted an average one-month gain of 1.2% and an average three-month gain of 2.9%. Six-month gains have averaged 4.6%.
These aren’t exceptional rallies; they’re about average. The S&P 500’s average annual return is slightly more than 10%. But they’re gains nonetheless, which many investors would surely take with so many unknowns hanging over the market.
There is, however, a small caveat to Turnquist’s findings: The rebound out of a four-week slump tends to be much smaller if the S&P 500 falls below its 200-day moving average, as it did during the recent sell-off. In circumstances like the current moment’s, losing streaks have been followed by average one-month, three-month, and six-month returns of 0.5%, 1%, and 3.5%, respectively.
Chart courtesy of LPL Financial.
Adam Turnquist / LPL Financial
However, the 200-day moving average makes less of a difference in the long run. The S&P 500 tends to return about 9% in the year after a bad four-week stretch regardless of whether it’s above or below that threshold.
The 200-day moving average is a widely followed technical indicator. For legendary investor Paul Tudor Jones, it is a sign of more pain ahead. He has touted the 200-day moving average rule, which simply says that you get out when an asset’s price goes below that level. Few analysts are hard-liners in that way, but some warned investors should approach stocks with caution after the Nasdaq 100 and S&P 500 dipped below their 200-day averages earlier this month.
-Colin Laidley
Chip Stocks Rally as Tariff Worries Ease
March 24, 2025 03:52 PM EDT
Advanced Micro Devices (AMD), Nvidia (NVDA) and other chip stocks rallied Monday following reports the Trump administration may not target the semiconductor industry as part of the tariffs scheduled to take effect on April 2.
AMD shares were up 7.5% in recent trading, making it one of the best-performing stocks in the S&P 500. Nvidia shares climbed 3.5%, while NXP Semiconductors (NXPI) added 5%. Micron Technology (MU) and Qualcomm (QCOM) shares were also solidy higher. The iShares Semiconductor ETF was up more than 3%.
Over the weekend, The Wall Street Journal reported that tariffs targeting specific sectors such as automobiles, pharmaceuticals, and semiconductors are unlikely to be announced on April 2. Reciprocal taxes on targeted nations are still expected to go into effect.
Worries that semiconductors could be subject to tariffs of 25% or more, as Trump previously suggested, have weighed on chip stocks in recent weeks. Investors also have been wary further export curbs could drag on chip sales.
The emergence of a lower-cost model from Chinese AI startup DeepSeek has also raised concerns about how much Big Tech firms will invest in AI infrastructure. However, many of America’s biggest tech giants recently announced plans to boost their spending, with Amazon saying it expects to spend more than $100 billion in capital expenditures in 2025, following similar announcements from Google parent Alphabet (GOOGL), Microsoft (MSFT), and Meta Platforms (META).
-Andrew Kessel
United Airlines Stock Flies
March 24, 2025 03:21 PM EDT
United Airlines (UAL) shares soared Monday as the airline rolled out changes to its JPMorgan Chase (JPM) co-branded credit cards, including new perks for cardholders and higher fees.
Co-branded credit cards have been instrumental in keeping U.S. airlines profitable. The four biggest carriers—United, Delta Air Lines (DAL), American Airlines (AAL), and Southwest Airlines (LUV)—all lost money transporting passengers last year. However, the airlines make up for this by selling frequent-flyer miles to credit-card companies at advantageous terms, with the card issuers then offering the miles as rewards to cardholders.
The United cards’ new benefits include hotel, rental car, and rideshare credits that vary by card level, as well as complimentary Instacart+ subscriptions that vary in duration.
The United Explorer Card now comes with a $150 annual fee, up from $95, while its Quest and Club level cards now cost $350 and $695, respectively, up from $250 and $525.
Access to the airline’s in-demand United Club airport lounges will also be changing. Until now, the carrier had sold one kind of United Club membership, with the annual fee (ranging from $550 or 75,000 MileagePlus miles to $650 or 85,000 miles) determined by MileagePlus status level. Membership included entry for up to two guests and access to other Star Alliance airline lounges.
Effective immediately, United will have two-tiered plans: individual membership costing $750 or 94,000 miles (no guest access, no discounts for higher-tier elite members, access just for United Clubs), and All Access plans for $1,400 or 175,000 miles (up to two guests, discounts for elite members, and access to other Star Alliance lounges).
As Gary Leff of travel site View From the Wing writes, someone with United MileagePlus Premier 1K status “goes from $550 to $1,200 to keep the benefits they have currently.” Leff adds that “customers are going to pay more—to United, or United and Chase—if they want continued lounge access. However, the card becomes even more the ‘better deal’ than before.”
United shares were up nearly 7% in late trading Monday. The stock has gained nearly 70% over the past 12 months.
-Andrew Kessel
UBS Upgrades Nucor, Steel Dynamics to ‘Buy’
March 24, 2025 01:47 PM EDT
UBS analysts on Monday upgraded the shares of several U.S. steelmakers, citing Trump’s “tariff support.”
Steelmakers Nucor (NUE) and Steel Dynamics (STLD) were recently up 4% and 3%, respectively after UBS analysts on Monday upgraded both stocks to “Buy.”
Steel prices have soared since President Trump signed an order in early February imposing a 25% tariff on all steel and aluminum imports. Nucor has reportedly raised prices eight times since the start of the year. The company now charges $930/short ton for hot-rolled coil, up more than 17% since Trump’s tariff order.
UBS expects prices to come down eventually as new capacity comes online. “However, we are confident that prices will hold in the 800’s, supported by a much higher cost curve (on scrap) and higher import parities (on tariffs), even in a bleak demand scenario,” the analysts wrote.
Some economists and analysts have warned that Trump’s tariff policies, intended to boost domestic manufacturing, could undermine that goal by lifting prices and reducing domestic demand.
UBS analysts, however, see reason for optimism. Demand has been weak so far this year, but they “expect 2H25 demand to benefit from stabilization/recovery in traditional markets & federal stimulus,” including the 2021 Infrastructure Investment and Jobs Act. (Though the Trump administration is currently fighting to freeze all IIJA and Inflation Reduction Act funds.)
Despite the support of President Trump, steel stocks have failed to keep pace with soaring prices. Even with Monday’s gains, Nucor shares are down about 18% since early December, while Steel Dynamics has lost about 13%. The stocks have been hit in the last month by the same economic concerns that have weighed on the broader equities market.
“We believe the trade war sell off/de-rating could provide an attractive opportunity for NUE/STLD,” wrote the analysts. UBS on Monday maintained its $149 price target on shares of Steel Dynamics, implying 21% upside from Friday’s close. They lifted Nucor’s price target by $4 to $160, which represents upside potential of 31%.
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-Colin Laidley
AZEK Stock Soars on Deal to be Acquired by James Hardie
March 24, 2025 01:04 PM EDT
Shares of The AZEK Company (AZEK) jumped Monday following news the manufacturer of outdoor living products agreed to be purchased by Australian building materials maker James Hardie Industries (JHX) for $8.75 billion in cash and stock.
The agreement calls for AZEK shareholders to receive $26.45 per share in cash, plus 1.034 James Hardie shares, for a total compensation of $56.88 per share. That’s a 37% premium over AZEK’s closing price on Friday.
James Hardie CEO Aaron Erter called the purchase “an extraordinary opportunity to accelerate our growth strategy, deliver enhanced and differentiated solutions to our customers and drive shareholder value.” Erter said that James Hardie expects “to significantly enhance the combined company’s profitability and cash flow.”
AZEK makes TimberTech decking and railing, Versatex and AZEK Trim, and StruXure pergolas. James Hardie is behind such brands as Hardie Plank, Hardie Panel, Hardie Trim, Cemboard, and Prevail.
The transaction is expected to close in the second half of this year.
AZEK shares were up 15% in afternoon trading Monday. U.S.-listed shares of James Hardie sank 18% on the news.
-Bill McColl
These Four Companies Joined the S&P 500 Today
March 24, 2025 12:03 PM EDT
Shares of Williams-Sonoma rose Monday as it and three other companies were added to the benchmark S&P 500 index before trading opened.
Williams-Sonoma (WSM), a retailer whose brands include Pottery Barn and West Elm, was recently up nearly 4%. The other three companies joining the index today—DoorDash (DASH), Expand Energy (EXE) and TKO Group (TKO)—were ahead 4%, 2% and 1%, respectively.
Those four companies replaced BorgWarner (BWA), Teleflex (TFX), Celanese (CE) and FMC (FMC). The changes were part of a periodic rebalance of the index.
Among other index changes today: Palantir Technologies (PLTR), Intuitive Surgical (ISRG) and ServiceNow (NOW) replaced Dow (DOW), Kraft Heinz (KHC) and Ford (F) in the S&P 100, an index of large American companies, while remaining in the S&P 500.
-David Marino-Nachison
Intuitive Machines Stock Soars on Strong Sales, Outlook
March 24, 2025 11:23 AM EDT
Shares of Intuitive Machines (LUNR) soared more than 20% Monday when the space technology provider said its sales and backlog soared, and issued a rosy outlook as it added new customers.
The positive news came just two weeks after the company’s lunar lander mission ended following a landing mishap, which had sent shares tumbling.
Intuitive Machines reported fourth-quarter revenue that jumped nearly 80% year-over-year to $54.7 million. However, costs skyrocketed, with adjusted EBITDA sinking 146% to negative $11.2 million.
Backlog increased 22%, hitting a quarterly record of $328.3 million. The firm credited the gain to $303.7 million in new awards primarily associated with contracts from the NASA, and task order modifications to other contracts.
Intuitive Machines sees full-year revenue in the range of $250 million to $300 million. It anticipates positive run-rate adjusted EBITDA by the end of 2025, and it predicts positive adjusted EBITDA for 2026.
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The impact of the moon mission failure slashed the stock price in half. However, with today’s 24% advance, Intuitive Machines shares are still nearly 40% higher over the past 12 months.
-Bill McColl
Tesla Stock Pops, Adding to Friday’s Big Gains
March 24, 2025 10:55 AM EDT
Tesla (TSLA) shares surged Monday, extending gains Friday after CEO Elon Musk told employees to “hang on” to their Tesla stock in an all-hands meeting last week.
Shares were up more than 9% at around $272 in recent trading, putting them back in the green since Election Day, though shares have still lost more than 40% of their value since hitting a record high in December.
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Shares of Tesla had rallied following Donald Trump’s election win in November as investors were optimistic about Musk’s proximity to the administration. After Trump was inaugurated in January, however, shares slumped as some investors saw Musk’s involvement as hurting Tesla’s brand amid declining sales and protests, along with uncertainty over how tariffs will impact its business.
At last week’s staff meeting, Musk had argued Wall Street doesn’t fully understand Tesla’s value and potential, based on expected advances in its self-driving software, and other products like its Optimus robot. The company’s stock gained in the wake of the comments.
-Aaron McDade
Supermicro Levels to Watch After Recent Rally
March 24, 2025 09:53 AM EDT
Super Micro Computer (SMCI) shares moved lower to start the week after leading the S&P 500 higher Friday following bullish remarks from analysts.
JPMorgan upgraded the stock, pointing out that shares in the server maker could receive a boost from increasing demand for AI infrastructure, particularly its hardware that houses Nvidia’s (NVDA) sought-after Blackwell chips as shipments ramp up.
Coming into Monday’s session, Supermicro shares had gained nearly 40% since the start of the year as investors look past highly publicized accounting and corporate governance challenges that have weighed on the company’s stock over the past six months.
Source: TradingView.com.
Supermicro shares carved out an inverse head and shoulders pattern between August and February before breaking out above the formation’s neckline on heavy trading volume last month. More recently, the stock found buying interest on a pullback to the initial breakout point, lifting the relative strength index (RSI) back above the 50 threshold in the process and potentially setting the stage for another move higher.
Investors should watch crucial support levels on Supermicro’s chart around $35 and $26, while also monitoring key resistance levels near $66 and $97.
Supermicro shares were down nearly 3% at around $41 in early trading Monday. The stock gained nearly 8% on Friday.
Read the full technical analysis piece here.
-Timothy Smith
Futures Point to Sharply Higher Open for Major Indexes
March 24, 2025 08:42 AM EDT
Futures tied to the Dow Jones Industrial Average were up 0.9% in recent trading.
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S&P 500 futures added 1.2%.
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Nasdaq 100 futures jumped 1.5%.
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