Stock Market Today: NVDA Rises, SPCX Starship Launch, MBD CEO Shakeup

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Stocks slumped to begin the week with the Nasdaq 100 falling more than 1%, while the Dow and the S&P 500 fell more than a half a percent. Communications and consumer discretionary were the worst performers, while staples and healthcare led the way.

Nvidia rose nearly 2% after announcing the release of its new open agent safety platform, along with another $150 billion share buyback. CEO Jensen Wong says that we are in the middle of a quote on quote once in a generation shift, and the company's cash generation gives it the ability to both invest in the AI infrastructure build out and return capital to shareholders.

Boeing dropped 7% as the 737 MAX 10 jet will see its certification delayed while the FAA studies a software issue that could increase pilot workload during landing. FAA administrator Brian Bedford said the agency has not yet concluded whether the software glitch constitutes a quote on quote safety of flight issue.

And SpaceX fell 2% after successfully launching its Starship into Earth orbit. The company also deployed 26 satellites during the flight, marking the first time that Starship has delivered an operational payload to orbit. CLSA also initiated coverage with a buy rating and a $250 price target. And MongoDB stock plunged 18% today as investors digested the departure of its CEO for Meta. Mark Zuckerberg posted on X that CJ Desai will be joining the social media giant as its chief enterprise platform officer. MongoDB has its investor day tomorrow. As we look ahead to tomorrow, Case Schiller and FHFA housing indexes will be released as well as the latest consumer confidence and Joltz data. On the earnings front, we have Carnival and CarMax reporting pre-market. Remember, you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.