Tesla and AI stocks top S&P 500 winners; New member Super Micro Tumbles

Tesla (TSLA), Group match (MTCH), a Google parent the alphabet (Google), Adobe (ADBE) And Arista Networks (network) were among the biggest gainers on the S&P 500 on the stock market today. Super micro computer (SMCI), the newest member of the S&P 500, was the worst performer on Monday.

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Google, Adobe, Arista Networks, and Super Micro are AI stocks.

Tesla stock jumped 6.3% to 173.88 on Monday after falling 6.7% last week and 13.5% the week before that. The electric car giant will raise list prices for the Model Y in the US and Europe on April 1, even though stock prices are already much lower. Tesla bulls touting its latest full self-driving beta may have fueled TSLA stock beyond technical support. Tesla was the S&P 500's worst performer in 2024 as of March 15.

Match stock rose 4.7% to 35.13, but is still below its 50-day and 200-day lines. Shares rebounded from their 2024 lows late last week amid new takeover buzz for the dating site operator.

Google stock rose 4.6% to 147.68, bouncing back above its 50-day moving average, sparking an early entry. GOOGL stock is approaching a consolidated buy point at 153.78. Shares rose after the report apple (Camel) is in talks with its counterpart Magnificent Seven to use Google's Gemini AI engine in the iPhone. Apple stock rose 0.6%, closing near its lowest levels of the session.

Adobe stock rose 4.35% to 513.86, but remains below all of its moving averages. Shares fell 13.7% on Friday after the software maker provided weak guidance.

Arista Networks stock rose 4.2% to 289.32, rebounding from a 21-day line and crossing a very short trend line, providing a strong entry. ANET stock is still below its 292.66 buy point from a new flat base, but posted a record close.

Losers in the S&P 500

Super Micro stock on Monday fell 6.4% to 1,000.68. During the day, SMCI stock trimmed its 21-day moving average for the first time in two months, but closed above that short-term level. The artificial intelligence server maker joined the S&P 500 before Monday's open. Shares rose above the 1,000 level on March 4 on news that Super Micro was being added to the benchmark index. SMCI stock is up 252% so far in 2024. Super Micro stock fell just before that Nvidia (NVDA) unveiled a new AI chip after the lockdown and CEO Jensen Huang delivered a keynote speech at the company's GTC conference.

SMCI stock fell sharply in late trading.

Please follow Ed Carson on topics at @edcarson1971 And X/Twitter at @IBD_ECarson.

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Tesla prices are down in 2024, but at least they're cheaper, right? no.