Stock market today: Most of Wall Street rises, but Nvidia tumbles again as AI mania cools
Why did Under Armour agree to a $434 million settlement?
Under Armour agreed to a $434 million settlement to resolve a class action lawsuit accusing the company of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts1. The lawsuit, filed in 2017, alleged that Under Armour employed a sales tactic to accelerate or "pull forward" existing orders in the second half of 2015, which misled investors about its revenue growth.
Which sectors showed strong performance in Monday's stock market?
In Monday's stock market, the energy sector showed strong performance with oil-and-gas companies' stocks climbing. Exxon Mobil rose by 3%, and oilfield services provider SLB gained 4% as oil prices remained near their highest levels since April. Additionally, financial companies like JPMorgan Chase and Wells Fargo also displayed strength.
What caused Nvidia's stock to tumble again?
Nvidia's stock tumbled again due to a likely profit-taking by investors after the stock's significant rally, as there was no clear catalyst for the selloff. This comes amid broader stock indexes' sensitivity to price movements from Nvidia, given its substantial market value and influence on the S&P 500.