M&T Bank (MTB), Enphase Energy (ENPH), Digital Realty Trust (DLR), Warner Bros. Discovery (WBD) and First Solar (FSLR) were the top S&P 500 index gainers on the stock market today. State Street (STT), Moderna (MRNA) Bank of New York Mellon (BK), Keysight Technologies (KEYS) and Marathon Oil (MRO) were the S&P 500’s biggest losers on Monday.
The S&P 500 rose 0.3% on Monday, near session highs amid a narrow range.
S&P 500 Winners
MTB stock jumped 7.8% to 125.66, closing above the 21-day line for the first time in two months. M&T Bank beat views on strong net interest income. Lending increased slightly vs. the end of 2022, though deposits fell. It was a good day for most bank stocks.
ENPH stock popped 7.7% to 224.92, putting shares decisively above the 50-day line for the first time in 2023 after just getting above that key level late last week. Piper Sandler upgraded Enphase Energy to overweight, saying U.S. residential sales likely were better than expected in the first quarter for the solar inverter maker. It left the ENPH stock price target at 255.
DLR stock rebounded 7.15% to 96.20. On Friday, Digital Realty Trust, a data-center REIT, hit a six-month low.
WBD climbed 5.4% to 14.53 but is still below its 50-day line within a base. Warner Bros. Discovery stock tumbled 8.8% last week in a downside reversal as the media giant announced plans for a revised streaming service, now called Max after dropping HBO from the name.
FSLR stock shined, rising 5% to 218.89. Shares rebounded from the 21-day line, offering an aggressive entry. Intraday, First Solar stock hit 221.88, clearing a recent short consolidation that could be treated as a flat base.
Bonus: SolarEdge Technologies (SEDG), an Enphase rival, was the sixth-best S&P 500 stock on Monday, rising 4.9%.
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S&P 500 Losers
STT stock was the worst performer in the S&P 500 on Monday, plunging 9.2% to 72.68 following weaker-than-expected Q1 earnings, though shares did come off an eight-month intraday low of 65.62. Asset custodian State Street reported lower fee income and assets under custody.
MRNA stock tumbled 8.35% to 143.99, falling below its 50-day line in heavy volume. Moderna and Merck (MRK) reported strong Phase 2 results for their cancer vaccine. But Moderna stock tumbled because an accelerated FDA approval is unlikely, with a Phase 3 trial still needed.
BK stock sank 4.6% to 44.23%, gapping below the 200-day line but coming off lows. Bank of New York Mellon fell in sympathy with peer State Street.
KEYS stock fell 4.1% to 153.03, its worst close since late July.
MRO stock sank 3.6% to 24.80. Shares fell below their 50-day line after hitting resistance near their 200-day.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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