Nvidia (NVDA)

Nvidia (NVDA) stock looked set to erase gains made on Friday last week when markets open in the US later on Monday, down more than 1.9% in premarket. Market cap losses from its record high in January have now reached $1tn.

A broader market sell-off coupled with fears of an overvaluation in the AI trade has sent the stock tumbling more than 16% for the year-to-date.

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On Friday shares temporarily fell to hover near $107 each, down from their record close of $149.43 on 6 January, when the company's valuation sat just north of $3.7tn.

Previously the darling of the US stock market, Nvidia (NVDA) shares have also dropped below the key 50-day, 100-day, and 200-day moving averages as sentiment on chipmakers sours.

Reddit (RDDT)

Discussion board platform Reddit (RDDT) stock was trading in the red in premarket on Monday after dipping 11.1% on Friday. As of Friday's close, the company's stock was down 40.5% for the year-to-date. Losses looked to deepen by around 2.5% when the US market opens.

The company's stock as been in free fall since an earnings report in February outlined fewer-than-expected users in the fourth quarter.

At the time, Deutsche Bank analysts put the miss down to a “transient” change to the Google (GOOG) Search algorithm, and said they expect stronger traffic in the current quarter.

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The declines on Friday came following a regulatory filing showing chief accounting officer, Michelle Reynolds, had disposed of around $1.9m in stock.

Last year, the company saw net losses expand by 433% to $484.3m from the $90.8m registered in 2023, despite revenues growing by 62% to $1.3bn from $804m.

BP (BP.L)

Oil major BP (BP.L) saw its stock tick up more than 1% on Monday, rebounding from a dip last week ahead of its annual general meeting next month.

“Sources around Elliott had already signalled the activist investor’s displeasure with BP’s strategic reset," said AJ Bell investment director Russ Mould. "Reports now suggest Elliott wants the oil major to sell its petrol station operation and go further on debt reduction."

Meanwhile, CEO Murray Auchincloss is steering the business away from plans to reduce oil and gas production, as well as investments in green projects.

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However “its targeted reduction in borrowings would still leave it more indebted than many of its peers. The share price reaction to the strategy reset suggests the market was underwhelmed," added Mould.