CNBC's team, including Fred Imbert, Alex Harring, Jesse Pound, Hakyung Kim, Lisa Kailai Han, and Michelle Fox Theobald, reported on significant movements in the stock market. Major players such as BP, Meta Platforms, and others dominated headlines with dynamic performances. BP shares experienced a notable surge of over 6% after Elliott Management acquired a stake, with intentions to advocate for improvements in the company's performance.
Steel and aluminum stocks witnessed an uptick following President Donald Trump's announcement of a planned 25% tariff on these metals. Notably, Cleveland-Cliffs and Nucor recorded gains of approximately 7%. Other steel producers such as Steel Dynamics and U.S. Steel also saw increases exceeding 5% and 4%, respectively. Alcoa joined the upward trend with a climb of more than 5%.
Meta Platforms continued its impressive trajectory, marking a 15-session winning streak entering Monday. This streak is the longest since the company's initial public offering in 2012. In contrast, Semtech faced a significant drop, plunging over 28% after issuing a warning about underperformance in its CopperEdge products.
Shopify shares increased by 3.3% after Benchmark upgraded its rating from hold to buy. Elsewhere in the market, McDonald's experienced a 1.5% rise following the release of its mixed fourth-quarter results. The fast-food giant reported a same-store sales growth of 0.4%, surpassing the anticipated 1% decline from analysts. Adjusted earnings matched expectations at $2.83 per share, although revenue of $6.39 billion fell short of the projected $6.44 billion.
Super Micro Computer shares rose nearly 4% as investors anticipated its second-quarter earnings results. Meanwhile, BP's positive momentum was further bolstered by Elliott Management's involvement, which aims to drive changes for enhanced performance.