Moderna Tumbles 16.2%

Drops for Nvidia and other Big Tech companies were offset by gains in health care, energy, and other sectors on Monday, leaving US stock indexes mixed.

• The S&P 500 rose 9.18 points, or 0.2%, to 5,836 after spending most of the day lower.
• The Dow Jones Industrial Average rose 358.67 points, or 0.9%, to 42,297.12.
• The Nasdaq composite fell 73.53 points, or 0.4%, to 19,088.10.

Stocks have been under pressure the last month, and the S&P 500 is coming off its fourth losing week in the last five as traders cull expectations for how much relief the Federal Reserve may deliver this year through lower interest rates, the AP reports.

Nvidia fell 2% and was the heaviest weight on the S&P 500. It felt pressure as President Biden proposed a new framework for the exporting of the advanced computer chips used to develop AI. That's despite warnings from the industry that a hastily implemented new rule could fragment global supply chains and hurt US companies. Apple's 1% drop and Meta Platforms' fall of 1.2% were also among the heaviest weights on the market.

• Moderna tumbled 16.2% for the largest loss in the S&P 500 after giving a forecast for revenue this upcoming year that fell short of analysts' expectations. The vaccine maker, which is seeing a slowdown in COVID-related sales, is accelerating a cost-cutting program to reduce expenses in research and development and other areas.

• Macy's fell 8.2% after saying it will likely report revenue for the last three months of 2024 that's at or slightly below the low end of the $7.8 to $8 billion forecasted range it earlier gave.
• Edison International fell another 11.9% as wildfires continue to burn in the service territory of its Southern California Edison utility. The utility has said fire agencies are investigating whether its equipment was involved in the ignition of the Hurst Fire.
• On the winning side of Wall Street were oil-and-gas companies after the price of oil climbed. Exxon Mobil gained 2.6%, and Valero Energy jumped 4.9%.
• Intra-Cellular Therapies soared 34.1% after Johnson & Johnson said it would buy the biopharmaceutical company and its treatment for bipolar I and II depression for $132 per share in cash. Johnson & Johnson rose 1.7%.

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