Top Stock Movers Now: Tesla, Vistra, US Steel, and More
Key Takeaways
- U.S. equities were higher at midday, bouncing back from yesterday's selloff on optimism about growing demand for nuclear power and Tesla's recovery from its dip.
- The need for more and more electricity for artificial intelligence data centers drove up shares of Vistra, NRG Energy, and Constellation Energy.
- President Biden blocked Nippon Steel's purchase of U.S. Steel on national security grounds.
U.S. equities rebounded from yesterday's selloff at midday Friday, driven higher by expectations of the need for more nuclear energy and Tesla's (TSLA) recovery from the fallout from its disappointing delivery numbers. The Dow Jones Industrial Average, S&P 500, and Nasdaq were up.
Vistra (VST), NRG Energy (NRG), and Constellation Energy (CEG) were among the best-performing stocks in the S&P 500, adding to their already strong 2024 performance on growing demand for electricity to power artificial intelligence (AI) data centers.
Along with Tesla, shares of rival Rivian Automotive (RIVN) gained when the company reported it produced more EVs in 2024 than it had estimated, and said a component shortage that limited production last year has been resolved.
Ford Motor (F) and General Motors (GM) shares climbed when the automakers posted their best annual sales in the U.S. since 2019.
U.S. Steel (X) shares sank when President Joe Biden announced he was blocking Nippon Steel's takeover of the steelmaker, citing national security concerns. Shares of rival Cleveland-Cliffs (CLF), whose earlier offer to buy U.S. Steel was rejected, dropped as well.
Shares of Molson Coors Beverage (TAP), Constellation Brands (STZ), and other alcohol firms declined when U.S. Surgeon General Dr. Vivek Murthy warned about a link between drinking and cancer.
Oil futures rose. Gold prices fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded in the green.
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