Movers: Airlines, Nvidia, Chip Stocks, Hotels, Toyota Motor, Daimler Truck

Scott Peters
30 May, 2023
New York City

The S&P 500 index increased 0.2% to 4,212.60 and the Nasdaq Composite rose 0.7% to 13,065.55. 

The yield on 2-year Treasury notes decreased to 4.53%, 10-year Treasury notes edged down to 3.73% and 30-year Treasury bonds held at 3.93%. 

Semiconductor chip makers led the gainers on the hopes of revenue growth led by the expected surge in demand for AI-chips. 

Nvidia Corp jumped 5.5% to $411.43, AMD gained 0.3% to $127.11 and Qualcomm Inc increased 4.4% to $115.11. 

Nvidia crossed $1 trillion mark capitalization after the stock extended this year's gain to 190%.   

Toyota Motor Corp decreased 1.3% to $138.55 after the Japan-based vehicle maker and Germany-based Daimler Truck Holding agreed to merge their Japanese operations. 

Daimler Truck Holding AG increased 1.1% to €28.83 in Frankfurt trading. 

Tesla Inc increased 5.1% to $202.50 after the electric vehicle maker's chief officer Elon Musk met with China's foreign minister and signaled his readiness to expand Shanghai operations.

China has been facing a steady exodus of manufacturing companies to Vietnam, India, Indonesia and Mexico as companies seek to diversify their manufacturing base. 

Airline and hospitality stocks were in focus after Memorial Day weekend air travel crossed 2019 levels. 

Despite sky-high inflation and elevated high airfares, a record number of passengers traveled during the Memorial Day weekend.  

The Transportation Security Administration said it processed about 9.8 million passengers from Friday through Monday, slightly higher from the holiday weekend in 2019. 

The government agency screened 2.7 million passengers at check points across the nation on Friday,  a post-pandemic daily record.  

United Airlines Holdings Inc increased 1% to $47.77,  American Airlines Group increased 1.2% to $14.53, Southwest Airlines Co gained 0.8% to $29.90 and JetBlue Airways Corp decreased 0.4% to $6.81. 

Uber Technologies Inc declined 1.7% to$37.77 and Lyft Inc increased 0.3% to $8.40. 

Hilton Hotels Corp decreased 0.5% to $137.49, Marriott International Inc declined 1% to $170.01 and Airbnb Inc fell 0.5% to $106.33.