U.S. stocks rose, pointing to an extension of the rally that pushed major indexes to record highs for the umpteenth time this year last week. Here’s what we’re watching in Monday’s trading session.
- Tesla shares fell more than 4% in early trading. Twitter users directed Chief Executive Elon Musk to sell a 10th of his stock—valued at around $21 billion Friday—in an online poll.
- Trade Desk jumped 19% after the advertising-software firm said net income rose 44% in the third quarter from the same period in 2020.
- The selling pressure continued on Peloton Interactive, pushing shares of the fitness-equipment maker down 5.7%. The stock began to slump last week after Peloton said the return to gyms was hurting sales and subscriptions.
- Cryptocurrency exchange Coinbase Global rose 3.3% as bitcoin rallied 4.9% to $65,955.68. The cryptocurrency fell for three straight days through Friday.
- Merck slipped 1.6%, extending losses incurred last week when Pfizer said preliminary data showed its Covid-19 pill was effective in preventing severe illness. Merck’s own coronavirus pill was cleared for use in the U.K. last week.
- The infrastructure bill’s passage boosted raw-material and equipment companies such as Steel Dynamics , whose stock was already on a tear before the House approved the roughly $1 trillion legislation Friday. Nucor, Vulcan Materials and Astec Industries were among the other stocks benefiting from the prospect of spending on bridges and roads.
- Caterpillar shares gained 3.8%. Analysts at Credit Suisse, UBS and Morgan Stanley raised their price targets for the industrial-equipment maker after its quarterly profit more than doubled.
- Plug Power , shares of which are often volatile, rose 6.5%. The developer of hydrogen-fuel systems remains well below its high from early 2021, despite rallying 50% in the fourth quarter through Friday.
Write to Joe Wallace at firstname.lastname@example.org