Traders sold down shares of CVS Health (CVS) on Monday after the firm participated in a Morgan Stanley investor conference. CVS stock closed at $70.26, down by 4.77%.
The drug store and health plan provider offered no updates in its financial guidance. It did not comment on the federal government’s updated Medicare Advantage plan star ratings. Markets are nervous about how many stars it will have this fall.
Late last week, S&P 500 (IVV) (VOO) said that it would add both Applovin (APP) and Robinhood (HOOD) to the index. HOOD stock jumped by 15.83% to close at $117.28, a new high. APP stock gained 11.59%, also at a new high. Traders expect both stocks to perform well in the coming months. Palantir (PLTR) is an example of a stock that continued an uptrend after its inclusion.
In the electric vehicle sector, Tesla (TSLA) lost market share in August. This is a level not seen in eight years. Despite higher competition from Chinese EV firms and U.S. ones like Rivian (RIVN), TSLA stock keeps rising.
Tesla has a “meme” like trading momentum pattern that weak EV sales do not matter. Traders are betting that self-driving software, the cyber cab, and AI developments justify the current share price.
