By Joe Woelfel

Stocks fell Monday after the latest reading on U.S. manufacturing was weaker than expected. Meanwhile, a focus for Wall Street this week will be the implementation of fresh tariffs on major trading partners Canada and Mexico and a doubling of levies on China.

These stocks were making moves Monday:

Intel shares were rising 1.4% following a Reuters report that said chip designers Nvidia and Broadcom both were running tests on Intel's 18A manufacturing process. Intel repeatedly has claimed that its 18A process was poised to give it a technological lead in chip manufacturing against dominant rival Taiwan Semiconductor Manufacturing.

Nvidia, meanwhile, was falling 7%. The Wall Street Journal reported that Chinese buyers have been circumventing U.S. export controls to order the company's latest artificial-intelligence chips despite the restrictions. Nvidia shares have declined five of the past seven trading days.

Super Micro Computer declined 8.5%. The maker of artificial-intelligence servers said Friday it will be building its third campus in California's Silicon Valley. Plans call for the campus, with construction expected to start this year, to be nearly 3 million square feet. The expansion, Super Micro said, would accelerate production of liquid-cooled services for data center, and create new jobs.

Palantir Technologies rose 2.8%. " Palantir remains one of our top names to own in 2025 and we believe this recent selloff represents another opportunity with PLTR generating unprecedented traction across both federal and commercial [business] for its entire portfolio," wrote Wedbush analysts in a research note. Shares of the data-analytics company have fallen 32% from their record closing high on Feb. 18 through the close of trading Friday, according to Dow Jones Market Data.

U.S.-listed shares of NIO were down 5.6%, XPeng fell 4.7%, and Li Auto dropped 11% even as the three Chinese electric-vehicle makers delivered almost 70,000 vehicles in February, up 112% year over year. NIO's deliveries jumped 62% last month from a year earlier, XPeng's deliveries soared 570% to 30,453, boosted by sales of its relatively new P7+ and MONA MO3 models, and Li Auto's deliveries rose 30%. The sales jumps show that demand for electric cars in China, the world's second-largest economy, remains strong and is a positive for any EV maker, including Tesla. The U.S. electric-vehicle company, however, has been struggling amid fierce competition.

Tesla was down 1.6% on Monday. The stock rose 3.9% on Friday and snapped a six-session losing streak. February was Tesla's second-worst month ever, falling 28%. Tesla CEO Elon Musk, in a post on X over the weekend, said he believes Tesla's profit can rise 1,000% in the coming five years, adding that it "will require outstanding execution." Morgan Stanley analyst Adam Jonas on Monday named Tesla his " top pick" in U.S. autos.

Crypto-linked stocks such as MicroStrategy, up 3.4%, Coinbase, up 0.5%, and Robinhood Markets, down 0.8%, traded mixed as President Donald Trump said Bitcoin, along with Ethereum, Ripple, Solana, and Cardano, would be part of a Crypto Strategic Reserve. In a post Truth Social post, Trump said his executive order would "move forward on a Crypto Strategic Reserve that includes XRP, SOL and ADA. I will make sure the U.S. is the Crypto Capital of the World." He later added Bitcoin, which has fallen 3.1% to $89,965 over the past 24 hours, and Ethereum in a follow-up post.

AppLovin gained 6.8% after the advertising technology company said it would immediately make $500 million available to buy back stock.

European defense stocks such as Rheinmetall and BAE Systems both closed with gains of more than 14% overseas after European leaders discussed plans to spend more on weapons as they work to reach a Ukraine peace plan.

Chipotle Mexican Grill was rising 1.3% to $54.65 after the restaurant chain was upgraded to Overweight from Equal Weight at Morgan Stanley and the price target was boosted to from $65.

Allegro MicroSystems jumped 17% after Bloomberg reported the semiconductor-technology company was being pursued for a takeover by On Semiconductor. Allegro also could see additional suitors emerge, said the report, which cited people familiar with the matter. ON Semi rose 0.3%.

Sunnova Energy sank 60% to about 67 cents after the energy-services company issued a warning about its working capital in its fourth-quarter earnings report. The company said its unrestricted cash, cash flows from operating activities, and commitments under existing financing agreements were "not sufficient to meet obligations and fund operations."

Earnings reports are expected Monday from Okta and GitLab.

Reports are expected later in the week from Target, Marvell Technology, Broadcom, Costco Wholesale, JD.com, CrowdStrike Holdings, Zscaler, Hewlett Packard Enterprise, MongoDB, AutoZone, On Holding, Best Buy, AST SpaceMobile, Plug Power, Nordstrom, Kroger, Ross Stores, Campbell's, Abercrombie & Fitch, Gap, and Macy's.

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

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March 03, 2025 13:13 ET (18:13 GMT)

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