The stock market kicked off the trading week on a strong note, with all major indices finishing in the green, as investors loaded portfolios ahead of a data-heavy week.
The tech-heavy Nasdaq led the gains among Wall Street’s main indices, up 0.45 percent. The Dow Jones grew by 0.25 percent while the S&P 500 inched up by 0.21 percent.
Optimism spilled over to 10 companies, leading to several stocks’ rally to new highs.
In this article, we highlight the names of Monday’s top performers and detail the reasons behind their gains.
To come up with the list, we considered the stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
A stock market graph. Photo by Alesia Kozik on Pexels
10. Nutanix Inc. (NASDAQ:NTNX)
Shares of Nutanix grew by 7.24 percent on Monday to close at $74.98 apiece as investors cheered its official inclusion in an S&P index effective by the end of the month.
Late on Friday, the S&P Dow Jones Indices announced that Nutanix Inc. (NASDAQ:NTNX)—an enterprise cloud computing company—is set to become a component of the S&P MidCap 400 index beginning September 22, replacing Acadia Healthcare Company. The change forms part of a regular quarterly rebalancing.
Joining the S&P MidCap 400 is a huge boost to Nutanix Inc. (NASDAQ:NTNX) as it gets further exposure to institutional investors and hedge funds tracking the S&P MidCap 400, while they unload positions in Acadia Healthcare.
In other news, Nutanix Inc. (NASDAQ:NTNX) participated in the Goldman Sachs Communacopia + Technology Conference on Monday.
In the second quarter of the year, Nutanix Inc. (NASDAQ:NTNX) swung to a net loss of $126 million from a $38.65 million net income in the same period last year. Total revenues dropped by 16 percent to $547.9 million from $653.27 million year-on-year.
9. Coupang Inc. (NYSE:CPNG)
Coupang soared to a new all-time high on Monday, as investors cheered a newly bagged deal with the Washington Capitals—a partnership that could bolster its brand exposure during nationally televised games.
At intra-day trading, Coupang Inc. (NYSE:CPNG) touched its new record high of $31.78 before trimming gains to finish the day just up by 8.96 percent at $31.50 apiece.
Monday’s rally marked its third straight day of gains after clinching a multi-year agreement with the hockey team for a prominent placement of its logo on the upper right chest area of its jerseys to be worn in games at the Capital One Arena beginning with the 2025-2026 NHL pre-season.
The placement is ideal for maximizing Coupang Inc.’s (NYSE:CPNG) brand exposure, amplifying its brand-building initiatives to be recognized by a larger market.
Additionally, Coupang Inc. (NYSE:CPNG) said that the partnership will promote its and Monumental Sports & Entertainment’s (MSE) commitment to supporting American companies’ efforts to grow their businesses and brands on an international scale.
The listed firm said that it would collaborate with the MSE every year to highlight the importance of small businesses and building economic growth at home through global sales of American goods.
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