Today’s Market Movers: Alibaba, Nvidia, Steel Dynamics and Micron Lead Monday’s Action

TLDR

• Stock futures fell Monday, with tech stocks leading the decline ahead of Nvidia’s earnings report Wednesday
• Alibaba dropped after announcing a $10.4 billion share sale to fund AI spending, with investor Michael Burry also disclosing he exited his position
• Samsung fell 9% in South Korean trading after announcing a $79 billion stock buyback, seen as disappointing by investors
• Steel Dynamics and Nucor rose after U.S.-Canada trade talks collapsed over the weekend, removing fears of reduced steel tariffs
• XPeng missed Q2 revenue and earnings estimates, while Applied Optoelectronics fell 13% on dilution concerns from a $600 million stock offering

Stock markets started the week on the back foot Monday, with futures pointing lower as investors prepared for a busy few days.

Tech stocks led the decline, with traders watching closely ahead of Nvidia’s earnings report due after the close of trading on Wednesday.

Alibaba Shares Fall on Share Sale and Burry Exit

Alibaba dropped sharply after the Chinese e-commerce company announced a $10.4 billion share sale aimed at funding its artificial intelligence ambitions.

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