US stocks rallied, suggesting a prolongation of the rally that drove major indices to record highs last week for the umpteenth time this year. Here is what we are observing in Monday’s trading session.
- Tesla stock fell more than 4% in early trading. Twitter users instructed Chief Executive Elon Musk in an online poll to sell a tenth of his shares valued at around $ 21 billion on Friday.
- Trade Desk rose 19% after the advertising software company said third-quarter net income was up 44% over the same period in 2020.
- The selling pressure on Peloton Interactive continued, depressing the fitness equipment maker’s shares by 5.7%. The stock started falling last week after Peloton said the return to the gym was hurting sales and subscriptions.
- The Coinbase Global cryptocurrency exchange rose 3.3% while Bitcoin rose 4.9% to $ 65,955.68. The cryptocurrency fell three days in a row through Friday.
- Merck slipped 1.6%, prolonging last week’s losses when Pfizer said preliminary data showed its Covid-19 pill was effective in preventing serious illness. Merck’s proprietary coronavirus pill was released for use in the UK last week.
- The passage of the Infrastructure Bill has boosted raw materials and equipment companies like Steel Dynamics, whose stocks were already on the brink of a slump before the House of Representatives approved the roughly $ 1 trillion bill on Friday. Nucor, Vulcan Materials and Astec Industries were among the other stocks to benefit from the prospect of spending on bridges and roads.
- The Caterpillar share gained 3.8%. Analysts from Credit Suisse, UBS and Morgan Stanley have raised their price targets for the industrial equipment manufacturer after quarterly earnings more than doubled.
- Plug Power, whose stocks are often volatile, rose 6.5%. The hydrogen fuel system developer remains well below its high from early 2021, despite up 50% in the fourth quarter through Friday.
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