Key Takeaways
- Major U.S. equities indexes were little changed in recent trading, after snapping a record-setting streak yesterday.
- Lithium Americas shares took off following a report the Trump administration may take a stake in the company.
- Alibaba shares jumped after the Chinese tech giant said it plans to boost its expenditures on AI.
Major U.S. equities indexes were little changed in recent trading, after snapping a record-setting streak yesterday.
Lithium Americas (LAC) shares soared following a report the Trump administration may take an up to 10% stake in lithium project developer. Shares of Albemarle (ALB), the biggest U.S. lithium producer, also gained.
Alibaba (BABA) shares surged after the Chinese tech giant said it is planning to spend even more on AI in the next three years than the $53 billion it projected previously.
Shares of Diamondback Energy (FANG), APA (APA), and other energy providers continued to climb along with the price of oil, which rose after U.S. crude inventories declined.
Freeport-McMoRan (FCX) was the worst-performing stock in the S&P 500 after the miner said it expects lower sales of copper and gold in the current quarter.
Shares of Adobe (ADBE) also slid after a downgrade from Morgan Stanley, which raised concerns about the software maker’s ability to monetize AI.
Motorola Solutions (MRI) shares fell as Piper Sandler warned the telecom equipment maker’s stock may be overvalued.
Gold futures fell, and the yield on the 10-year Treasury note rose. The U.S. dollar was up on the euro, pound, and yen. Most major cryptocurrencies traded higher.
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