Key Takeaways

• The S&P 500 gained 1% on Monday, Aug. 19, securing its eighth straight winning session ahead of this week's Jackson Hole Economic Symposium.

• AMD shares moved higher after the chipmaker said it would acquire server manufacturer ZT Systems.
  

• Shares of printer and PC maker HP lost ground following a downgrade by analysts at Morgan Stanley, who cited limited upside potential.

Major U.S. equities indexes moved higher to open a new trading week.

Over the next few days, investors will likely scrutinize comments from central bank officials for insight into upcoming interest-rate decisions, capped off by Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole Economic Symposium on Friday.

The S&P 500 was up 1.0% on Monday, closing in positive territory for the eighth consecutive session. Strength in communication services and technology stocks underpinned gains of 1.4% for the Nasdaq, while the Dow added 0.6%.

Shares of independent natural gas producer EQT Corp. (EQT) popped 4.9% higher, notching the top daily performance in the S&P 500. EQT stock got a boost from an uptick in natural gas futures prices, which were up around 5% on Monday. Forecasts of hot weather and light production suggest tightening supply and demand for natural gas. Last week, analysts at Wells Fargo upgraded EQT stock to "overweight," citing operational and balance sheet improvements.

Advanced Micro Devices (AMD) shares gained 4.5% after the semiconductor firm announced its planned acquisition of ZT Systems, a provider of data center infrastructure. AMD says the cash-and-stock deal, which was valued at $4.9 billion, will enhance its artificial intelligence (AI) ecosystem.

After dipping during the first half of August amid concerns about soft lithium prices, Albemarle (ALB) shares resumed the recovery that began late last week, jumping 4.3%. On Friday, BMO Capital Markets reiterated its "outperform" rating on Albemarle stock. Analysts remain optimistic about a recovery in the lithium market and expressed confidence in the upcoming performance of the metal's largest producer.

Goldman Sachs reaffirmed its positive outlook on Nvidia (NVDA), and shares of the AI chip behemoth advanced 4.4%. Analysts expect robust demand from cloud service providers (CSPs) to drive outperformance by Nvidia's data center segment, despite concerns about the delayed launch of the company's next-generation chip architecture called Blackwell.

Shares of Match Group (MTCH), operator of Tinder, Hinge, and other online dating platforms, added 4.0%. In its most recent earnings report, released July 30, Match announced plans to cut its global workforce as it aims to reduce costs. The stock has drawn attention throughout the year from activist investors, including Starboard Value and Elliott Investment Management, which have encouraged Match to explore a variety of value-creation opportunities.

Shares of printer and computer manufacturer HP (HPQ) slipped 3.7%, posting the biggest loss of any S&P 500 constituent on Monday, after Morgan Stanley downgraded the stock to "equal-weight." Analysts said they saw limited upside potential for HP's valuation and forward earnings estimates, arguing that markets have already priced in the likely catalysts for the company including a potential recovery in the PC market.

Starbucks (SBUX) shares cooled down on the first day of the new trading week, falling 2.7%. The stock posted massive gains early last week after the announcement that current Chipotle Mexican Grill (CMG) CEO Brian Niccol would be moving to the coffee giant. While Niccol hopes to duplicate the turnaround he oversaw at Chipotle, he will face numerous challenges in his new position, including increasing competition in China, which is currently Starbucks' second-largest market.

Shares of Estee Lauder (EL) lost 2.2% after the company reported results for its fiscal fourth quarter. Although quarterly sales and profits topped forecasts, the company guided below expectations for the year ahead, citing soft demand in China and North America. Estee Lauder also announced CEO Fabrizio Freda plans to retire at the end of fiscal 2025.

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