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Investors Business Daily
Investors Business Daily

Tesla, AI Stocks Lead S&P 500 Winners; New Member Super Micro Tumbles

Tesla, Match Group, Google parent Alphabet, Adobe and Arista Networks were the top S&P 500 index gainers on the stock market today. Super Micro Computer, the S&P 500's newest member, was the worst performer Monday.

Google, Adobe, Arista Networks and Super Micro are all considered AI stocks.

Tesla stock jumped 6.3% to 173.88 Monday after tumbling 6.7% last week and 13.5% in the week before that. The EV giant is raising Model Y list prices in the U.S. and Europe on April 1, though inventory prices already are much lower. Tesla bulls touting the latest Full Self-Driving Beta version also may have fueled TSLA stock beyond a technical boost. Tesla had been the S&P 500's worst performer in 2024 as of March 15.

Match stock gained 4.7% to 35.13, but it's still below the 50-day and 200-day lines. Shares bounced from a 2024 low late last week amid fresh takeover buzz for the dating site operator.

Google stock gapped up 4.6% to 147.68, rebounding back above the 50-day moving average, triggering an early entry. GOOGL stock is close to a 153.78 consolidation buy point. Shares soared on a report that Apple is in talks with its Magnificent Seven peer to use Google's Gemini AI engine in the iPhone. Apple stock edged up 0.6%, closing near session lows.

Adobe popped 4.35% to 513.86, but remains below all its moving averages. Shares plunged 13.7% on Friday after the software maker gave weak guidance.

Arista Networks stock climbed 4.2% to 289.32, bouncing from the 21-day line and clearing a very short trendline, offering an aggressive entry. ANET stock is still below a 292.66 buy point from a fresh flat base, but it did set a record close.

S&P 500 Losers

Super Micro stock sank Monday, falling 6.4% to 1,000.68. Intraday, SMCI stock undercut the 21-day moving average for the first time in two months, but closed above that short-term level. The AI server maker joined the S&P 500 before Monday's open. Shares had gapped above the 1,000 level on March 4 on news that Super Micro would be added to the benchmark index. SMCI stock is up 252% so far in 2024. Super Micro stock pulled back just before Nvidia unveiled a new AI chip after the close and CEO Jensen Huang gave a keynote address at the company's GTC conference.

SMCI stock fell solidly in late trade.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson

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