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Midday movers: Apple, Eli Lilly rise; Coinbase falls

Published 2024-06-24, 07:22 a/m
© Reuters.
(Updated - June 24, 2024 12:03 PM EDT)

Investing.com -- U.S. stock futures were mixed Monday, with strength in the Dow and S&P 500, while weakness in AI bellwether Nvidia (NASDAQ:NVDA) weighed on the Nasdaq.

Here are some of the biggest U.S. stock movers today:

Apple (NASDAQ:AAPL) stock rose 2.4% despite the European Commission saying Monday the iPhone maker's App Store rules breach EU tech rules because they prevent app developers from steering consumers to alternative offers. Investors remain optimistic about the tech giant's recently announced AI initiatives.

Broadcom (NASDAQ:AVGO) stock fell 2% after Reuters reported that the chipmaker is working with Chinese technology firm ByteDance to develop an advanced artificial intelligence processor, even as the U.S. is attempting to restrict the export of these vital chips to its main economic rival.

Nvidia (NVDA) stock fell 5.2%, continuing the selloff seen late last week after the chipmaker briefly became the most valuable company in the world.

United Parcel (NYSE:UPS) Service (UPS) stock rose 1.5% after the world's biggest package delivery firm announced it will sell its Coyote Logistics business unit to RXO (RXO), up 14%, for $1.025 billion.

Eli Lilly (NYSE:LLY) stock rose 1.8% after the drugmaker said that its weight-loss drug Zepbound resolved sleep apnea in up to 52% of patents.

Trump Media & Technology (DJT) stock rose 21%, with the former president’s media company rebounding after a week-long selloff.

Under Armour (NYSE:UA) stock rose 2.6% after the sports apparel maker said it has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the company of defrauding shareholders.

ResMed (RMD) stock fell 11% after results over the weekend from a weight-loss drug trial raised doubts about the sleep apnoea treatment provider’s key market.

Alnylam Pharma (NASDAQ: NASDAQ:ALNY) rose 37% after it announced positive results from a Phase 3 study of its drug for treating heart disease.

Coinbase (NASDAQ:COIN) fell 4.5% as the price of bitcoin slumped over 4% to $61,000.

Hershey Foods (HSY) rose 2.5% as cocoa prices fell to their lowest in a month. Shares of Mondelez (NASDAQ:MDLZ) also gained.

Additional reporting by Louis Juricic

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