NEW YORK (AP) — Technology stocks pulled Wall Street to another record amid a mixed Monday of trading.
The S&P 500 rose 0.2% from its all-time high set on Friday to post a record for the 54th time this year. The Dow Jones Industrial Average fell 128 points, or 0.3%, while the Nasdaq composite gained 1%.
Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 28.7% to lead the market.
Following allegations of misconduct and the resignation of its public auditor, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board. It also said that it doesn’t expect to restate its past financials and that it will find a new chief financial officer, appoint a general counsel and make other moves to strengthen its governance.
Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest forces pushing upward on the S&P 500.
Intel was another propellant during the morning, but it lost an early gain to fall 0.5% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.” Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street’s frenzy around AI.
Stellantis, meanwhile, skidded following the announcement of its CEO’s departure. Carlos Tavares steps down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world’s fourth-largest automaker’s stock fell 6.3% in Milan.
The majority of stocks in the S&P 500 likewise fell, including California utility PG&E. It dropped 5% after saying it would sell $2.4 billion of stock and preferred shares to raise cash.
Retailers were mixed amid what’s expected to be the best Cyber Monday on record and coming off Black Friday. Target, which recently gave a forecast for the holiday season that left investors discouraged, fell 1.2%. Walmart, which gave a more optimistic forecast, rose 0.2%.
Amazon, which looks to benefit from online sales from Cyber Monday, climbed 1.4%.
All told, the S&P 500 added 14.77 points…