Key Takeaways

• The Nasdaq hit a record high in intraday trading Monday, July 8, 2024 as tech stocks gained.

• Intel shares surged after Melius Research suggested the stock could get a boost from artificial intelligence in the second half of the year.

• Corning shares rose after the company raised its guidance on strong demand.

The Nasdaq hit a record high in intraday trading Monday, while the S&P 500 and Dow were little changed as tech stocks gained.

Corning (GLW) was the best-performing stock in the S&P 500 after the specialty glass maker raised its guidance on increasing demand for its optical connectivity products for generative artificial intelligence (AI) applications.

Intel (INTC) shares surged, along with shares of AMD (AMD) after Melius Research analysts suggested the stocks could see gains from AI in the second half of the year.

Shares of IDEAYA Biosciences (IDYA) also jumped after the oncology medicine firm reported positive results in a Phase-2 trial of its treatment for some bladder and lung cancers.

Solar stocks gained as Bank of America upgraded SolarEdge Technologies (SEDG), arguing the stock is undervalued.

Devon Energy (DVN) shares fell as the energy firm agreed to pay $5 billion to purchase privately held Grayson Mill Energy, expanding its reach into the Williston Basin.

Paramount Global (PARA) shares declined as the company agreed to merge with Skydance Media, bringing an end to months of negotiations.

Oil and gold futures fell, while the yield on the 10-year Treasury note advanced. The U.S. dollar gained on the euro, but declined versus the pound and yen. Prices for most major cryptocurrencies were higher.

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