Top Stock Movers: Nvidia Tesla Boeing and More

Key Takeaways

• U.S. stocks were lower at midday, ahead of this week’s key tech earnings.
• A report that China's Huawei has developed an artificial intelligence chip to compete with those from Nvidia sent the latter's shares lower.
• Bernstein believes Boeing is on the right track following recent setbacks.

The U.S. equity market was lower at midday, as markets awaited the earnings reports from the “Magnificent Seven” companies. The Nasdaq fell 1%, and the Dow Jones Industrial Average and S&P 500 dipped.

Nvidia shares (NVDA) fell on a report that China’s Huawei had developed an artificial-intelligence (AI) chip in order to compete with Nvidia.

Shares in Tesla (TSLA), a maker of electric vehicles (EVs), fell after news broke that New York lawmakers were trying to strip the company’s right to directly sell cars to the public.

Cadence Design Systems shares fell before the financial report of the software company, which was released after the closing of trading. 

Bernstein upgraded Boeing (BA) and said that the plane maker is making progress with its turnaround plan.

MGM Resorts International shares jumped after the casino-hotel operator reported ahead its earnings report that revenues at its BetMGM online gaming and sports betting platform soared.

Bank of America upgraded Progressive (PGR) to a Buy rating. Analysts pointed to the insurer’s strong March results. 

Oil futures slid. Gold prices increased. The yield on the 10-year Treasury bill remained unchanged. The U.S. Dollar lost ground against the euro, pound and yen. Most major cryptocurrencies were in the red.