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On Monday, April 1, 2024, U.S. equities were lower following Federal Reserve Chair Jerome Powell’s comments about the need for more evidence of cooling inflation before considering interest rate cuts. Despite the overall market decline, some stocks stood out as exceptions.
Micron Technology was the best-performing stock in the S&P 500 after Bank of America raised its price target, highlighting the company’s potential for market share expansion. On the other hand, shares of Solventum, the health care spinoff from 3M, struggled on their first day of trading. However, 3M’s stock rose after final court approval of litigation concerning “forever chemicals.”
Transportation companies C.H. Robinson Worldwide and J.B. Hunt Transport Services saw declines after Barclays warned of potential overcapacity in the trucking industry impacting shipping rates. AT&T faced troubles as well, with shares dropping following news of a data breach that exposed personal information on the dark web.
In the commodities sector, gold miners like Newmont Corporation saw gains as the price of gold reached record levels. Delta Air Lines experienced a rise in share prices after being named a top pick for 2024 by Morgan Stanley due to the growth of its premium services. Oil futures recorded gains while the yield on the 10-year Treasury note increased and most major cryptocurrencies saw price declines.