The Nasdaq hits a new record as Tesla and Intel push tech stocks higher
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The tech-driven Nasdaq reached a high on Monday, driven by gains by Intel and Tesla (TSLA+3.13%), getting December off to a good start after a November that was the best month of 2024 for both the Dow and S&P 500. In the afternoon, the Dow Jones Industrial Average slipped 0.25%, while the S&P 500 rose 0.27% and the Nasdaq climbed 1%.
This week, investors will see a diverse range of earnings reports from tech, meme stock, and entertainment companies. Salesforce (CRM+0.42% is set to release its earnings report Tuesday after the market closes. GameStop (GME-4.68%), a popular meme stock, will also report earnings Wednesday, and Lululemon (LULU+4.44%), which has been facing challenges due to sluggish sales, will report its earnings Thursday after the closing bell.
In addition, the November jobs report will be released later this week.
Intel’s stock jumps as its CEO retires
Shares of Intel (INTC+1.96% jumped 5% as the company announced Monday that CEO Pat Gelsinger is retiring from the company and has stepped down from its board of directors. The move comes as the chip-maker struggles to keep pace with massive competitors such as Nvidia (NVDA+0.03%) amid the artificial intelligence boom.
Tesla’s stock surges after upgrade
Tesla shares rose 3% after Roth MKM upgraded the stock from “Neutral” to “Buy,” setting a price target of $380 (up from $85). The firm cited the potential impact of CEO Elon Musk’s close relationship with President-elect Donald Trump as a catalyst for the upgrade, suggesting it could bolster Tesla’s prospects in the coming months.
SMCI surges as probe clears management of misconduct
Shares of Super Micro Computer (SMCI+29.49%) soared 23% on Monday morning following the announcement that an independent special committee had concluded its investigation into the company’s operations and found no evidence of misconduct by the company’s management or board of directors.
–Rocio Fabbro contributed to this article
