By Joe Woelfel

Stocks were trading mostly lower Monday, extending declines after Wall Street dropped sharply Friday following a too-hot U.S. jobs report that put in doubt further interest-rate cuts from the Federal Reserve.

These stocks were making moves Monday:

Nvidia was falling 2.2% to $132.89. The artificial-intelligence chip maker has appealed to President-elect Donald Trump to reject new regulations from the Biden administration over AI technology. Meanwhile, analysts at HSBC reduced the price target on shares of the artificial-intelligence chip maker to $185 from $195 but maintained a Buy rating on the stock. Fellow chip maker Advanced Micro Devices declined 0.2% while Broadcom was up 0.3%.

Tesla declined 0.5% after Axios reported over the weekend that the electric-vehicle company's regulatory credit sales were at risk from President-elect Donald Trump's policies.

Moderna dropped 21% after the vaccine maker said it expects revenue of between $1.5 billion and $2.5 billion in 2025, below analysts' estimates of about $2.92 billion. The company also said it would speed up a previously announced cost-cutting program.

Intra-Cellular Therapies rose 35% to $127.72 after Johnson & Johnson confirmed it reached a deal to acquire the biopharmaceutical company. J&J will pay $132 a share in cash for Intra-Cellular, or $14.6 billion.

Abercrombie & Fitch said it expects fiscal fourth-quarter net sales to increase between 7% and 8% from last year, better than past guidance calling for a 5% to 7% increase and in line with analysts' expectations for a 7% jump. The stock, however, was down 20%.

Macy's fell 6.4% after the department store said its holiday sales were softer than expected.

United States Steel jumped 7.5% following a report from CNBC that said Nucor and Cleveland-Cliffs were considering a joint bid for the steel company. The report came days after President Biden blocked a $55 all-cash bid from Japan's Nippon Steel on national security grounds.

D-Wave Quantum was falling 26% and other quantum-computing stocks tumbled after Meta Platforms CEO Mark Zuckerberg said quantum computing was far from being a "practical paradigm." Zuckerberg echoed statements made last week by Nvidia CEO Jensen Huang, who said "very useful quantum computers" were decades away.

Sage Therapeutics jumped 39% to $7.46 after confirming Biogen submitted an unsolicited, nonbinding proposal to acquire all of the outstanding Sage shares it doesn't already own for $7.22 a share.

KB Home and ServiceTitan are scheduled to report fourth-quarter earnings after stock markets closes on Monday.

Reports are expected later in the week from JPMorgan Chase, Wells Fargo, Citigroup, Bank of America, BlackRock, Morgan Stanley, Charles Schwab, UnitedHealth, SLB, and Fastenal.

JPMorgan was rising 1.2%. Earnings from the bank are scheduled for Wednesday. The company on Friday told employees it would be implementing a five-day in-office mandate in March, shifting from a three-day policy.

Wells Fargo, Citigroup, and BlackRock also were scheduled to issue their quarterly reports on Wednesday. Wells Fargo rose 0.3%, Citigroup was up 0.7%, and BlackRock declined 0.3%.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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(END) Dow Jones Newswires

January 13, 2025 10:58 ET (15:58 GMT)

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