S&P 500 Gains and Losses Today: Intel, Super Micro Computer Surge on

Key Takeaways

Major U.S. equities indexes hit fresh highs to start a new trading week that will feature Congressional testimony from Federal Reserve Chair Jerome Powell, the release of the latest Consumer Price Index (CPI) report, and quarterly reports from banking giants to kick off earnings season.

The S&P 500 edged 0.1% higher Monday, extending a streak of all-time closing highs dating back to early last week. The Nasdaq advanced 0.2%, adding to its own string of record closes. The Dow closed the session slightly lower, down 0.1%.

Shares of Corning (GLW) soared 12%, notching Monday’s top performance among S&P 500 stocks, after the specialty glass maker boosted its guidance for the current quarter. The company attributed its improved outlook to high levels of demand for its optical connectivity products, which are used in generative artificial intelligence (AI) applications.

Super Micro Computer (SMCI) shares jumped 6.2% on Monday as several stocks related to AI gained. The provider of servers and data storage hardware has garnered intense attention from investors for its potential to capitalize on AI opportunities, with its stock price more than tripling since the start of the year. Supermicro maintains a leading position in the AI server market, with its modular design capabilities offering clients flexibility in customizing and scaling up their systems.

Intel (INTC) shares were up 6.2% as well after Melius Research highlighted the semiconductor giant’s potential to play catch-up with peers in the tech sector. The analysts suggested Intel and other “AI Laggards” that underperformed in the first part of the year—including Advanced Micro Devices (AMD), Apple (AAPL), and International Business Machines (IBM)—could be poised for strength in the second half of 2024. Intel and AMD could benefit from their chips being included in Microsoft (MSFT) devices, particularly its new generation of AI-enabled PCs. AMD shares were up 4% on Monday.

Shares of Paramount Global (PARA) lost 5.3%, posting the heaviest losses of any S&P 500 constituent, after the entertainment giant agreed to a merger deal with production company Skydance Media, bringing an end to months of negotiations that drove significant fluctuations in Paramount stock. Skydance founder David Ellison is set to become CEO of the merged company.

Etsy (ETSY) shares fell 5.3% on Monday. The online crafts marketplace recently announced that it would restrict the sale of certain products that it deems to be inappropriate for its customer base. The e-commerce company also raised concerns this spring when first-quarter earnings fell short of expectations and it warned that slower consumer discretionary spending could drag down growth.

Chipotle Mexican Grill (CMG) shares slipped 5.2%. Chipotle’s share price has seen volatility since the company completed its 50-for-1 stock split late last month. The burrito chain has also received criticism from customers regarding portion sizes, with a recent study by Wells Fargo analysts suggesting sizing inconsistencies.

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