Stocks Rise as Nvidia Leads Large-Cap Tech Higher; S&P 500, Dow at New Highs

SoFi Gets a Lift From $2B Fortress Capital Loan Deal

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Shares of SoFi Technologies (SOFI) rose Monday morning after the digital financial services company announced a $2 billion deal with Fortress Capital to grow its personal loans business. 

CEO Anthony Noto in a joint statement said the business, in which it refers pre-qualified borrowers to loan origination partners and originates loans for other companies, can help SoFI “diversify toward less capital-intensive and more fee-based sources of revenue.”

Fortress said that SoFi’s personal loans platform creates a “compelling investment opportunity” for its funds.

SoFi’s stock price was up over 7% in late-morning trading, with the shares in recent months moving off August lows back toward breakeven for the year. 

The company in July said second-quarter lending services revenue rose 3% year-over-year to about $340 million, a bit more than half of SoFi’s total revenue for the quarter. Third-quarter results are due later this month

–David Marino-Nachison

Boeing Slides After News of Cost Cuts, Charges

18 minutes ago

Boeing (BA) shares fell Monday morning after the troubled plane maker announced a slew of cost-cutting measures and billions of dollars of upcoming charges, among the most radical measures by CEO Kelly Ortberg, who took the reins in August. 

Ortberg said in a memo to employees late Friday that the company is cutting around 10% of its workforce, or 17,000 people, “over the coming months,” and postponing the launch of its first 777x jetliner.

“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” Ortberg said. “We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones.” 

Boeing also said it expects to take a total of $5 billion in pre-tax earnings charges at its commercial airplanes and defense divisions in the third quarter.

The company said it may report a loss of around $10 per share for the period.The plane maker, which has faced a number of challenges since a door plug detached during an Alaska Airlines flight in January, was hit with a downgrade warning on its debt by ratings agency S&P Global last week after it withdrew its contract offer to its striking machinists.

In a note Monday morning, UBS analysts lowered their price target for Boeing stock to $215 from $220 per share to reflect the lower cash flow in Boeing’s 2027 fiscal year from the charges and the delayed 777x jefliner. Still, UBS maintained its “buy” rating.

Boeing shares were down 1.3% at around $149 in recent trading, after falling as low as $146 earlier in the session.

–Nisha Gopalan

S&P 500, Dow Start the Week at Record Highs

1 hr 55 min ago

The Dow Jones Industrial Average and S&P 500 kicked off the week at record-high levels, while the Nasdaq started trading Monday 1.7% away from its all-time high set in July.

Coming into the week, the S&P 500 and Nasdaq have each gained 22% in 2024.

Futures Point to Mixed Open for Major Indexes

3 hr 5 min ago

Futures tied to the Dow Jones Industrial Average were down 0.2%.

S&P 500 futures were up 0.2%.

Nasdaq 100 futures were up 0.3%.