Joe Woelfel and Mackenzie Tatananni

Stocks were mostly higher Monday even after Treasury Secretary Scott Bessent over the weekend dismissed Wall Street's recent downturn, and U.S. retail-sales data were weaker than expected.

These stocks were moving Monday:

Tesla was down 4.6% after shares of the electric-vehicle company closed Friday up nearly 4%. Despite the jump on Friday, Tesla ended the week lower, and extended its losing streak to a record eight consecutive weeks. Coming into Monday, the shares had declined 41% over the past eight weeks. CEO Elon Musk's political activities have been partly responsible for the stock's drop.

Intel rose 8.2% following a Reuters report that said new CEO Lip-Bu Tan potentially plans to cut back on middle management, improve the company's chip-manufacturing performance, and introduce new semiconductors to power artificial-intelligence servers. The report cited people familiar with Tan's thinking.

Nvidia was down 1.4% as the chip maker's GTC AI Conference begins Monday. Announcements are expected on future versions of Nvidia's artificial-intelligence chips after the current Blackwell generation. CEO Jensen Huang's keynote speech is scheduled for Tuesday.

U.S.-listed shares of Baidu rose 9.5% after the Chinese search-engine provider introduced Ernie X1, a new artificial-intelligence model. Baidu claims that Ernie X1 delivers performance on par with the AI model from rival DeepSeek at only half the price.

Norwegian Cruise Line Holdings rose 5.6% to $20.26 after shares of the cruise operator were upgraded to Overweight from Neutral by J.P. Morgan. Analysts left their price target unchanged at $30. "The definitive message from management was zero detectable change in demand behavior to date, despite 'noise' in the macro backdrop," analyst Matthew Boss wrote Monday after hosting Norwegian's Chief Financial Officer Mark Kempa at the bank's gaming, lodging, restaurant, and leisure conference last week.

Affirm Holdings fell 5% after the Swedish fintech company Klarna, which filed to go public on Friday, said it would replace Affirm as the exclusive provider of buy now, pay later loans for Walmart. Affirm first partnered with the retail giant in 2019.

Netflix was up 5.2% to $965.27. MoffettNathanson's Robert Fishman upgraded the streamer to Buy from Neutral and set a $1,100 price target. Netflix increased prices for its ad-supported plans for the first time in January, and Fishman's bull case centers on the idea the company will be able to quickly ramp up monetization of the tier.

Science Applications International was up 7.6% after the information-technology services company posted fourth-quarter adjusted earnings that beat analysts' estimates and raised the low end of its range for fiscal-year earnings and revenue.

Incyte fell 7.2% after the biopharmaceutical company announced positive results from two skin-disease-treatment studies but investors sent the stock lower. Though both Phase 3 studies met their primary endpoints, analysts at William Blair noted that placebo-adjusted rates were well below Phase 2 results' levels.

Earnings reports are expected this week from Micron Technology, FedEx, Nike, Accenture, XPeng, NIO, General Mills, Lennar, Carnival, PDD Holdings, Lululemon Athletica, Darden Restaurants, Jabil, Ollie's Bargain Outlet, Elbit Systems, HealthEquity, and Five Below.

Micron is scheduled to report fiscal second-quarter earnings on Thursday. Analysts at Citi expect the company to report "decent results" but guide below analysts' consensus on "worse consumer mix and NAND (26% of F1Q25 sales) underutilization charges." Citi reiterated its Buy rating and $150 price target on shares of the memory-chip maker. The stock was up 2.8% at $103.61.

Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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March 17, 2025 14:47 ET (18:47 GMT)

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