Tesla, Albemarle, Warner Bros Discovery, Paramount Global and American Airlines Group were the S&P 500's biggest losers on Monday. Hewlett Packard Enterprise, Newmont Mining, Dominion Energy, Morgan Stanley and Dow Jones giant Intel were the top S&P 500 index gainers on the stock market today.
Tesla Leads S&P 500 Losers
Tesla stock plunged 7.2% to 188.14, falling decisively back below the 21-day moving average after hitting resistance near the 10-week line. The relative strength line is at a 52-week low on a weekly chart, reflecting TSLA stock's underperformance vs. the S&P 500.
New incentives or discounts in the U.S., Europe and China are a concern for Tesla, amid growing evidence that first-quarter deliveries will be far short of Q4's record pace amid weak overall EV sales and growing competition. Other EV stocks also had a bad day.
Albemarle stock slid 6.7% on Monday to 133.20. ALB stock surged 18.4% last week, running back above the 50-day line. The lithium giant is struggling amid weaker-than-expected EV demand. Late Tuesday, Albemarle announced plans to sell $1.75 billion worth of depository shares. ALB stock sold off Monday night.
Warner Bros Discovery stock sank 6.5% to 8.11, hitting the lowest level in almost 15 years. Buzz about a merger with streaming rival Paramount has waned again. Warner Bros' Max streaming service will soon join rivals in cracking down on password sharing later this year.
Paramount stock tumbled 5.9% to 10.30, almost undercutting its March 2020 Covid low as the entertainment giant continues to struggle in the current media and entertainment landscape.
American Airlines descended 5.4% to 14.81 on Monday, reversing sharply lower after briefly topping a 15.84 flat-base buy point intraday.
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S&P 500 Winners
HPE stock vaulted 10.2% to 17.15 on Monday, racing past the 50-day and 200-day moving averages. Shares rose 2.2% on Friday following earnings, reversing higher from a nine-month low.
Newmont Mining stock jumped 5.65% to 33.48, rising for a fourth straight session after setting a five-year low. Newmont recently slashed its dividend. Gold stocks have struggled even as gold hits a record high.
Dominion Energy stock gained 4.3% to 46.70, but it was an inside day for the electric utility giant after Friday's 6.4% tumble. Dominion stock reclaimed the 50-day line but is below the long-sliding 200-day.
Morgan Stanley stock popped 4.1% to 90.04, back above the 50-day moving average. That offered an aggressive entry within a yearlong consolidation. The investment bank has an official buy point of 100.99, according to MarketSurge chart analysis.
Intel stock rallied 4.1% to 45.61, regaining the 50-day line within a consolidation. The official buy point is 51.28.
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