In a dynamic session of stock market activity, various companies faced significant shifts on Monday, reflecting broader trends and individual company news. Redfin made a dramatic leap, soaring over 75% in premarket trading following the announcement of its impending acquisition by Rocket Companies in a $1.75 billion all-stock transaction. Meanwhile, Novo Nordisk experienced a setback, slipping more than 6% after trial results for its weight-loss drug CagriSema underperformed compared to earlier trials.
The banking sector experienced pressure amid concerns about a potential U.S. economic slowdown. JPMorgan Chase, Citigroup, Wells Fargo, Bank of America, Morgan Stanley, and Goldman Sachs all saw declines, with JPMorgan dropping over 1%. Palantir Technologies continued its downward trajectory, falling 4% and extending its struggles as the market downturn persists. Over the past month, Palantir shares have plummeted more than 27%.
Cracker Barrel showed some resilience, ticking up 1.2% after Truist upgraded its rating to buy. The firm commended Cracker Barrel's turnaround plans, which have shown positive outcomes over the last two quarters. Meanwhile, Oracle saw its shares fall nearly 2% ahead of its earnings announcement expected later in the day.
Among other notable movements, Tesla's stock slipped 2%, maintaining its recent decline. Nvidia also saw a pullback of 2% before the market opened. In contrast, Samsara gained 1.6% following an upgrade to overweight from Piper Sandler.
DoorDash added 3%, buoyed by the news of its forthcoming inclusion in the S&P 500 index effective March 24. This inclusion is anticipated to enhance the company's visibility and attract more investment interest.
The real estate sector buzzed with activity as Redfin's acquisition deal with Rocket Companies attracted investor attention. The agreement is expected to finalize in the second or third quarter of this year, marking a significant strategic move for both companies.