PRISM Market Moves on Monday: Big Tech Outperforms; Alphabet, Nvidia, Tesla Soar; Hertz and Boeing Sink

US equities are trading higher on Monday at midday, after stocks finished mostly lower last week. Big tech is driving upside, with strong performances from Alphabet ($GOOGL), Nvidia ($NVDA), and Tesla ($TSLA). Other areas of strength include semis, software, autos, tobacco, entertainment, steel, food, payments, and travel/tourism. Underperformers at midday are managed care, airlines, banks, P&C insurance, asset managers, and retail/apparel. Treasuries are unchanged, the Dollar index is up +0.1%, Gold is up +0.1%, Bitcoin futures are off (2.9%), and WTI crude is up +1.2%.

Notable outperformers at midday are Alphabet ($GOOGL) which has gained +6.7% after reports that the company is in talks with Apple ($AAPL) to build its Gemini AI engine into the iPhone. Tesla ($TSLA) has risen +6.4% after the company announced it will begin raising US Model Y prices by $1K beginning on April 1, and EU Model Y prices by €2K on March 22. PepsiCo ($PEP) is up +4.1% after being upgraded to overweight from equal weight at Morgan Stanley.

The day’s decliners include Science Applications International ($SAIC) which has fallen (9.2%) on Q4 earnings missed. The company flagged earnings impacts from reorganization-related issues. Logitech International ($LOGI)has lost (7.6%) after the company announced the departure of CFO Charles Boynton who will step down after just 13 months on the job. Hertz Global ($HTZ) is down (5.2%) after it announced that CEO Stephen Scherr is stepping down. Gil West will be the company’s new CEO effective April 1 2024. Boeing ($BA) has dropped (1.5%) after Bloomberg reported that the US Justice Department has opened a criminal investigation into the Alaska Airlines midair emergency which took place in January.

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PRISM Market Moves on Monday: Big Tech Outperforms; Alphabet, Nvidia, Tesla Soar; Hertz and Boeing Sink

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