KeyCorp, Super Micro Computer and Nvidia were the top three S&P 500 index gainers on the stock market today. Nvidia stock is the No. 1 performer on the S&P 500 in 2024, while Super Micro is No. 3.
KeyCorp stock jumped 9.1% to 15.94 as Bank of Nova Scotia agreed to buy a 14.9% stake in the regional bank for about $2.8 billion. Scotiabank will pay $17.17 per share for KEY stock. KeyCorp hit 17.09 Monday morning, a 17-month high, but closed near session lows. BNS stock sank 3.6% to 44.72.
Super Micro stock leapt 6.3% to 540.98 after diving 18.55% last week on mixed results and guidance, part of a huge four-week sell-off. The AI server, an Nvidia partner, is one of the best performers in the S&P 500 this year, up 90.3%. But SMCI stock is one of the worst performers for the S&P 500, joining the index before the open on March 18 at 1,068.83 and then plunging.
Nvidia stock popped 4.1% to 109.02. Shares hit 111.07 intraday, approaching the 21-day exponential moving average but never touching it. The AI-chip leader has hit resistance at that level for weeks, last closing above it on July 16. NVDA stock sank 2.35% last week, a fourth straight decline, though it came well off the Aug. 5 low of 90.69.
Nvidia is up 120.2% so far in 2024, after also leading S&P 500 stocks last year.
Nvidia earnings are due on Aug. 28.
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