The three major U.S. equities indexes closed higher Friday, following what appeared to be a stellar jobs report that some investors saw as an indicator that the Federal Reserve rate hike everyone expects next month will be a half rather than a quarter point. The Dow Jones industrials closed down by 0.1%, the S&P 500 up 0.52% and the Nasdaq up by 1.58%. Weakness in big names like Clorox and Ford weighed most heavily on the S&P 500. Among S&P 500 stocks, losers outnumbered winners by just 70 issues in Friday trading. Six of 11 sectors closed lower led by materials (down 1.7%), real estate (down 1.4%) and consumer staples (down 1.2%). Consumer cyclicals were the day’s big gainer, closing higher by 2.8%.
At around 7:00 a.m. ET Monday morning, S&P 500 futures traded down about 0.2%, the Nasdaq was up 0.35% and the Dow traded down by 0.5%.
Crude oil settled at $92.31 on Friday and traded down by about 0.8% in early trading Monday at $91.53. The 10-year/two-year U.S. Treasury note spread ended the day at 0.60%, down three basis points from Thursday’s settlement. The yield curve had narrowed by about one in premarket trading Monday.
Here are the five S&P 500 stocks that closed with the largest gains on Thursday: Amazon (up 13.54%), NortonLifeLock (up 8.71%), Take-Two Interactive (up 7.35%), Twitter (up 7.13%) and Lincoln National (up 6.38%).
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Tuesday’s biggest losers among S&P 500 stocks were Clorox (down 14.5%), Ford (down 9.7%), Newell Brands (down 8.53%), PulteGroup (down 7.76%) and Constellation Energy (down 6.50%).
The leading gainer among S&P 500 stocks in Monday’s premarket trading was Peloton Interactive Inc. (NASDAQ: PTON), which traded up by almost 26% to $30.95, in a 52-week range of $22.81 to $155.52. Peloton has struggled with supply chain issues and a decline in sales since last May, and EBITDA has slipped for two consecutive quarters, with a third expected when the company reports quarterly results after markets close Tuesday. The shares traded higher on speculation that a list of deep-pocketed companies are interested in acquiring Peloton: Amazon, Apple, Disney and Nike.
Spirit Airlines Inc. (NASDAQ: SAVE) traded up 11.8% before markets opened Monday, at $24.30 in a 52-week range of $19.40 to $40.77. The ultra-low-cost carrier is merging with Frontier Airlines in a transaction valued at $6.6 billion.
Constellation Energy Corp. (NASDAQ: CEG | CEG Price Prediction) traded up about 3.8%, at $52.02 in a 52-week range of $38.00 to $56.57. After completing a spin-off from Exelon last week, Constellation was added to the Nasdaq 100 Equal Weighted index and the Nasdaq 100 Ex-Technology index.
FTC Solar Inc. (NASDAQ: FTCI) traded up by about 3.7% to $3.90, in a 52-week range of $3.35 to $15.46. The maker of solar panel tracking systems and other products filed last Friday to register 37.3 million shares of common stock to be sold by shareholders.
Coinbase Global Inc. (NASDAQ: COIN) traded up 2.8% to $199.91, in a 52-week range of $162.20 to $429.54. The cryptocurrency exchange likely traded higher on rising bitcoin and other cryptocurrency prices in weekend trading.
Stocks trading lower in Monday’s premarket session included Alibaba Group Holdings Inc. (NYSE: BABA), which was down by 3.5%, at $117.95 in a 52-week range of $108.70 to $274.29. Citigroup analysts have interpreted Alibaba’s registration of 1 billion new American depositary shares (ADS) as a signal that SoftBank intends to sell part of its 673.8 million ADSs.
Zimmer Biomet Holdings Inc. (NYSE: ZBH) traded down by about 7% to $114.22, below its 52-week range of $116.60 to $180.36. The company announced Monday morning the terms of its spinoff of ZimVie.
Loews Corp. (NYSE: L) traded down by about 5.8%, at $57.70 in a current 52-week range of $47.22 to $61.95. The company reported disappointing quarterly results Monday morning.
Frontier Group Holdings Inc. (NASDAQ: ULCC) traded down about 3.5%, at $11.96 in a 52-week range of $11.73 to $22.70. Frontier is the acquiring firm in the deal that has pushed Spirit stock up.
Discovery Inc. (NASDAQ: DISCA) traded down about 1.3% to $28.52, in a 52-week range of $21.66 to $78.14. The company had no specific news.
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