By Mackenzie Tatananni

The market turned lower on Monday following a pullback in tech stocks, with Wall Street bracing for a busy earnings week. Four of the Magnificent Seven companies -- Microsoft, Meta Platforms, Amazon.com, and Apple -- are set to report their latest financial results later in the week. Crucial economic data on growth, inflation, and jobs are also due.

These stocks were making moves on Monday:

Tesla fell 2.8% to $276.94, putting a potential five-day winning streak at risk. Shares of the electric-vehicle maker closed above their 50-day moving average on Friday. Tesla reported earnings on Tuesday evening, and despite a disappointing first-quarter print, the stock rose after CEO Elon Musk said he would spend less time in Washington, D.C., and more time at Tesla headquarters. A positive reaction to earnings has brought $300 into play, said ChartSmarter founder and market technician Douglas Busch, who sees a "decent chance" the stock can rise as high as $360.

Domino's Pizza fell 1.1% on a mixed first-quarter print. The fast-food pizza chain posted revenue of $1.1 billion, narrowly missing the $1.3 billion that analysts expected, according to FactSet. Earnings of $4.33 a share topped the $4.06 a share Wall Street was anticipating. The company didn't provide an outlook for 2025. While inflation and recession fears have caused restaurant stocks to waver as of late, Domino's large international exposure has made it a safer bet than domestically centered U.S. chains.

Nvidia was down 4%. Shares fell on a report that Huawei Technologies has developed a new chip called the Ascend 910D, hoping it would be more powerful than Nvidia's H100. The artificial intelligence giant's market in China was already set to shrink after the Trump administration said it would impose license requirements on future sales of its H20 accelerators, which were specifically designed to meet U.S. sanctions on Chinese AI exports. The stock closed up 4.3% on Friday.

Spirit AeroSystems rose 1.9% after finalizing a deal to transfer some of its assets to Airbus. These include a plant in North Carolina where Spirit makes a crucial part of the fuselage for the A350 jet, and a plant in Northern Ireland that makes carbon-fiber wings for the A220.

Airbus said it would also acquire the production of wing components for the A320 and A350 in Scotland. The aerospace and defense company will be compensated $439 million for taking on the production work. U.S.-listed shares of Airbus were up 2.3%.

IBM was up 0.2% after pledging a $150 billion investment over the next five years to aid the development of technology in the U.S. The company said it would invest more than $30 billion in research and development to continue its domestic manufacturing of mainframe and quantum computers.

Regeneron Pharmaceuticals was up 1%. The biotech said the European Commission had granted conditional marketing approval of Lynozyfic to treat adults with relapsed and refractory multiple myeloma, a type of blood cancer.

Novavax climbed 3.1% after the vaccine maker released a statement addressing the U.S. Food and Drug Administration's request for Novavax to conduct another clinical trial for its Covid-19 vaccine. So-called postmarketing commitments are "not unusual," and many approved drugs have at least one PMC, the company said.

Wolfspeed stock surged 24% to $4.07 ahead of fiscal third-quarter earnings, which are set to be released next week. The semi manufacturer saw a heightened level of short interest in early April, according to Raymond James. Analysts with the firm noted that Wolfspeed topped the list of stocks that saw the biggest increase between late March and early April, with a 41% boost to its short interest ratio.

MicroStrategy fell 2.7%. The world's largest corporate holder of Bitcoin revealed Monday that it had snapped up even more cryptocurrency. In the period between April 21 and April 27, the company, which does business as Strategy, purchased 15,355 Bitcoins for $1.42 billion, or roughly $92,737 each. The stock followed the market and the price of Bitcoin lower. The digital currency was down 0.7% over the past 24 hours to $93,802, according to CoinDesk data.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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April 28, 2025 13:23 ET (17:23 GMT)

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