Affirm, Nvidia, ResMed, and More

U.S. equities were mixed at midday Monday as most sectors gained, but tech stocks lost ground. The Dow was up about 1%, and the S&P 500 advanced, while the tech-heavy Nasdaq fell.

Target (TGT) shares rose as the retailer teamed with e-commerce platform Shopify (SHOP) to boost its online sales. Shopify shares edged lower.

Package delivery firm RXO (RXO) bought Coyote Logistics, the third-party, asset-light freight brokerage unit of UPS (UPS), for $1.025 billion, and shares jumped. UPS shares were higher as well.

Shares of Affirm (AFRM) took off after Goldman Sachs initiated coverage with a “buy” rating, calling the buy now pay later (BNPL) solutions provider “the leading provider of modern credit solutions for consumers.”

Last week’s selloff of Nvidia (NVDA) shares continued following the artificial intelligence (AI) chipmaker’s record-setting rally.

Shares of sleep apnea device maker ResMed (RMD) plunged after a study found Eli Lilly’s (LLY) weight-loss drug, Zepbound, reduced the severity of sleep apnea, potentially impacting ResMed’s sales. Eli Lilly shares climbed.

Shares of Netflix (NFLX) declined following reports the biggest streaming service is considering a completely free, ad-supported plan in order to boost the number of its subscribers. 

Oil and gold futures gained. The yield on the 10-year Treasury note advanced. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were lower.