The Stock Market closed with losses on Monday, following a strong performance by the S&P 500 in the previous week.
Several stocks stood out on Monday:
Apple (ticker: AAPL) revealed a mixed-reality headset at its Worldwide Developers Conference, causing its stock to decline by 0.8% to $179.58.
Tesla (TSLA) received a price target raise from analysts at Citi, leading to a 1.7% increase in its stock price to $217.61.
Palantir Technologies (PLTR) announced a multiyear contract with the U.S. Special Operations Command, resulting in a 5% rise in its stock price. C3.ai (AI), another AI-related company, experienced a 9.5% increase as well.
Palo Alto Networks (PANW) stock climbed 4.4% after news broke that it will join the S&P 500 on June 20 as part of the index’s quarterly rebalancing. The cybersecurity company will replace Dish Network (DISH), resulting in a 2.7% fall in its shares.
EPAM Systems (EPAM) reduced its earnings guidance, causing a significant slide of 22% in its stock price.
Additionally, analysts at Morgan Stanley downgraded Dollar General (DG) from Overweight to Equal Weight, leading to a 4.4% decrease in its stock price.
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Estée Lauder (EL) faced a 3.8% decline as Oppenheimer analysts downgraded their rating on the makeup company to Perform from Outperform.
Ford (F) received an upgrade to Buy from Neutral by Citi analysts, resulting in a 1.6% gain in its stock price.
Finally, oil stocks exhibited mixed performance as Saudi Arabia pledged to cut oil production by one million barrels per day in July. Chevron (CVX) decreased by 0.5%, Exxon Mobil (XOM) was down 0.4%, Ovintiv (OVV) gained 1.2%, Kosmos Energy (KOS) dropped by 1.5%, and ConocoPhillips (COP) experienced a 0.3% loss.
While the tension-filled OPEC+ summit took place, the Stock Market witnessed a jump in oil prices. OPEC and its allies agreed to extend their current oil production target through 2024. Both Brent crude and West Texas Intermediate saw an increase.