US stocks closed lower on Monday

S&P 500

I’ve enjoyed the best week since the end March.

Tesla (TSLA) is up 1.7% to $217.61. The electric vehicle maker received a price target increase from $175 to $215 from analysts at Citi.

Palantir Technologies (PLTR) was 5% increase on news of multi-year contract with US Special Operations Command. C3.ai (AI) up 9.5%. AI-related companies remained in focus after a recent surge.

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Palo Alto Networks (PANW) stock rose 4.4% after it was announced that the company would join the S&P 500 as part of the index’s quarterly rebalancing on June 20. The cybersecurity firm will take the place of Dish Network (DISH), S&P Dow Jones Indices announced late Friday. Shares of the television service provider fell 2.7%.

EPAM Systems (EPAM) tumbled 22% after the software design company cut its earnings guidance.

Dollar General (DG) lost 4.4%. Morgan Stanley analysts downgraded the retailer to equal weight from overweight.

Estee Lauder

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(EL) slipped 3.8%. Oppenheimer analysts downgraded their rating of the makeup company to perform from outperform.

Ford (F) won 1.6%. Analysts at Citi have upgraded the automaker’s stock to buy from neutral.

Oil stocks were mixed after Saudi Arabia pledged in July to cut oil production by another million barrels a day, while the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to extend their current oil production target to 2024. Chevron (CVX) lost 0.5%, Exxon Mobil (XOM) was down 0.4%Ovintiv (OVV) gained 1.2%, Kosmos Energy (KOS) lost 1.5% and ConocoPhillips (COP) lost 0.3%.

Write to Callum Keown at callum.keown@barrons.com

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