Closing Bell
U.S. markets had a strong showing Monday, led by the Dow Jones Industrial Average, which jumped triple digits, and the Nasdaq, which breached the 8,000 point mark for the first time in its history.
The Dow closed trading up 1%, or 259 points to 26,094 -- topping 26,000 for the first time since February, while the Nasdaq jumped 0.91%, or 72 points to 8,018, and the S&P 500 gained 0.76%, or 22 points to 2,897.
Chipotle Is Down 4% Following Wedbush Downgrade to 'Underweight'
Shares of Mexican restaurant chain Chipotle Mexican Grill (CMG) were down 4% Monday after analysts at Wedbush downgraded the company to 'underweight' Monday, citing immediate trends as a reason for the bearish outlook.
Wedbush analyst Nick Setyan forecast 4.5% same-store sales growth, well below the analyst average forecast of 5.7%. As a result, Wedbush cut his 12-month price target to $445 from $450.
Chipotle has experienced pressure most recently from yet another foodborne disease outbreak. This time a Clostridium perfringens outbreak made 7000 customers sick at a restaurant in Ohio.
AMD Spikes 10% After Unveiling New Server Card
Advanced Micro Devices (AMD) shares are up more than 11% Monday after the chip maker unveiled its new Radeon server card that is designed specifically for datacenter virtualization.
AMD's stock has been one of the best performing in 2018, rising about 160% this year. Last week the company benefitted from a price-target increase from bullish analysts at Northland Securities.
Nasdaq Trades Above 8,000 For First Time Ever
The tech-heavy Nasdaq has outperformed its peers all year and Monday is crossed the 8,000 point threshold for the first time in its history.
The milestone puts the index on track to achieve its 27th record-setting session this year. The Nasdaq was trading up 0.92% early Monday afternoon, while the Dow Jones Industrial Average rose more than 1% and the S&P 500 rose 0.8%.
Year to date, the index is up more than 16%.
German Antitrust Office Plans to Take Aim at Facebook
Germany's antitrust watchdog plans to take action against Facebook (FB) following an investigation that showed that the company abused its market dominance to gather data on people without their knowledge or consent.
The probe is not expected to end in fines, according to Reuters, though the watchdog could force Facebook to change its operating procedures.
The Federal Cartel Office specifically has concerns about how Facebook acquires data on people from third-party apps like WhatsApp and Instagram, which the company also own.
Facebook shares are up 1.6% Monday.
Nissan Begins Chinese Production of EV Leaf
Nissan is the latest car company to take advantage of China's zero-emission vehicle mandate, starting production of its electric vehicle, the Nissan Leaf, in the country Tuesday.
The vehicle will have a base starting price of $24,000 with a range of 338 kilometers, according to official Chinese standards.
"Growth in the Chinese market is a critical part of Nissan's midterm plan, Nissan M.O.V.E. to 2022. China is already the world's largest automotive market. But China isn't just a leader in terms of market size: It stands at the forefront of the development of the industry itself," said Nissan CEO and president Hitoto Saikawa.
Cargill Recalls 25,000 Lbs of Beef Due to E. Coli Contamination Fears
Cargill Meat Solutions is recalling 25,288 pounds of ground beef from its plant in Colorado due to concerns that the meat might contain E.Coli, the U.S. Department of Agriculture said.
The ground beef items were produced on August 16 and were discovered to be problematic about a week later on Agust 22.
E.Coli can cause dehydration, bloody diarrhea and abdominal cramps 2 to 8 days following exposure. Most people recover from the disease within a week, but some people susceptible to the disease develop a type of kidney failure known as hemolytic uremic syndrome.
Premarket
U.S. futures are starting off the final week of August on a positive note, indicating a strong open for markets across the board.
Dow futures are climbing 0.31%, indicating an open 81 points higher, while S&P futures gained 0.25%, indicating an open 7 points higher, and Nasdaq futures are up 0.37%, indicating an open 28 points higher.
In Asia, all three major indices were winners Monday, with the Nikkei rising 0.88% and the Hang Seng and Shanghai Composite rising 2.17% and 1.89% respectively.
In Europe, the FTSE 100 was closed Monday while the DAX and CAC 40 were rising 0.44% and 0.38% respectively.
