Stocks traded flat to slightly lower Monday as investor focus shifted to consumer-price inflation data that will be released Wednesday. That information likely will help determine if the Federal Reserve sticks to its guns by not hiking interest rates in September.
Apple declined 2% to $306.56. Jefferies downgraded shares to Underperform from Hold and slashed the price target to $263.66 from $285.56. That's one of the lowest price targets on Wall Street. The analyst projected that a new iPhone redesign expected to help the company offset soaring memory costs is no longer materializing.
SpaceX advanced 2.3%. Shares of Elon Musk's rocket and AI company snapped a four-week losing run on Friday with a 16% surge following the end of a lockup period for shares. Wall Street had widely braced for severe selling pressure this past Thursday, when SpaceX's first lockup expiration freed roughly 911 million restricted insider shares.
Micron Technology fell 0.6% as shares were mostly unfazed by a report from The Wall Street Journal that said Apple held preliminary talks with China's ChangXin Memory Technologies about supplying components for some devices sold in China and hopes to get the Trump administration's approval. Apple didn't respond to Barron's request for comment.
Super Micro Computer Inc. stock gained 4.7%. The artificial-intelligence server maker is scheduled to report its fourth-quarter earnings on Thursday.
Sandisk added 2.4% to $1,241. Argus Research upgraded Sandisk to Buy from Hold with a 12-month price target of $1,600. The firm believes shares are trading at a more " favorable entry" after a recent selloff.
Berkshire Hathaway gained 2.3% after the conglomerate reported solid, but not great second-quarter earnings on Saturday. Berkshire's after-tax operating earnings rose 16% from a year ago to $13 billion, but a swing in one-time currency gains and losses drove most of the gains.
AbCellera soared 32% to $9.22. The biotechnology company reported that its experimental menopause treatment delivered compelling results in an early-stage trial.
Archer Aviation advanced 16%. The company announced it is acquiring Boeing subsidiaries Wisk Aero, Insitu, and SkyGrid. Wisk Aero develops autonomous air taxis while Insitu makes drones. SkyGrid is an air-traffic software provider. Boeing will receive an approximately 20% stake in Archer under the acquisition agreements.
Intel declined 3.5%. The chip maker announced a $15 billion stock offering and said it will use the proceeds for "general corporate purposes," including capital spending and working capital.
Sunrise Energy Metals closed 16% higher in Australia after the Trump administration awarded a $400 million loan to the Australian company, which is attempting to mine scandium, a rare chemical element used to strengthen aluminum.