Nasdaq Hits Record High with Boost from Tesla and Intel
The Nasdaq hit a high on Monday, driven by gains in Intel and Tesla stocks, kicking off December on a positive note after a strong November for both the Dow and S&P 500. In the afternoon, the Dow Jones Industrial Average dipped 0.25%, while the S&P 500 rose 0.27%, and the Nasdaq climbed 1%.
This week, investors can expect a variety of earnings reports from tech, meme stock, and entertainment companies. Salesforce is set to release its earnings report on Tuesday after the market closes, GameStop will report earnings on Wednesday, and Lululemon, which has been facing challenges, will report earnings on Thursday after the closing bell. Additionally, the November jobs report will be released later this week.
Shares of Intel jumped 5% after the company announced CEO Pat Gelsinger’s retirement on Monday. This move comes as the chip-maker faces stiff competition in the AI sector. On the other hand, Tesla’s stock rose 3% after receiving an upgrade from Roth MKM. The firm cited CEO Elon Musk’s relationship with President-elect Donald Trump as a potential catalyst for the upgrade.
In other news, Super Micro Computer saw a surge in its stock price after an independent special committee cleared its management of any misconduct. The committee found no evidence of wrongdoing by the company’s management or board of directors.
