Uber Stock Drives Higher; CVS Slides

Major U.S. equities indexes ticked higher as markets kicked off a new trading week.

Inflation is likely to remain in focus as investors look toward Thursday’s release of the latest Consumer Price Index data, which could influence the Federal Reserve’s decision on interest rates next week.

The S&P 500 added 0.2% Monday, while the Nasdaq rose 0.5% to a record closing high, and the Dow ended 0.3% higher.

Shares of video game maker Take-Two Interactive Software (TTWO) surged 3.8% to reach an all-time high and secure the top daily performance in the S&P 500 after the company launched its latest professional basketball game and announced plans to develop a college basketball game.

Uber Technologies (UBER) shares drove 3.7% higher after it announced plans with self-driving technology firm Momenta to begin testing autonomous vehicles in Munich, Germany, in 2026. The company also moved to sell $2.25 billion in investment-grade bonds, Bloomberg reported, with the proceeds directed toward general corporate purposes.

Shares of Broadcom (AVGO) added 3.2%, extending strong gains late last week after the chipmaker reported better-than-expected earnings. A surge in artificial intelligence revenue underpinned the strong performance, and Broadcom said it had secured $10 billion in orders from a new client, which reports said could be OpenAI.

CVS Health (CVS) shares dropped 4.8%, losing the most of any stock in the S&P 500 on Monday, after top executives at a Morgan Stanley investor conference did not offer new financial forecasts or updates on the federal government’s impending release of star ratings for Medicare Advantage plans, which could have a significant impact on revenue CVS derives from plans operated through its Aetna insurance business. One of the executives speaking at the conference reportedly stressed CVS has a policy of not updating its guidance between quarterly earnings releases.

Shares of alcoholic beverage maker Brown-Forman (BF.B) fell 4.6%. The stock has been trending downward since the Jack Daniel’s parent last month posted a lower-than-expected profit. The company noted a negative impact from the ongoing trade dispute between the U.S. and Canada. The company said it also faces headwinds related to economic uncertainty and the potential for price pressure related to oversupply in the American whiskey market. Including Monday’s decline, Brown-Forman shares have lost more than one-quarter of their value this year.

Norwegian Cruise Line Holdings (NCLH) announced a plan to offer around $3.25 billion in senior and exchangeable notes, as well as launch a registered direct offering of ordinary shares. The former adds to the company’s debt levels, while the latter dilutes the ownership stake of existing stockholders. Shares of the cruise operator sank 4.4% on Monday.