Finance News Highlights: Big Moves in the Stock Market Today

The stock market started the week on a positive note with major indexes poised to open higher on Monday. Futures tied to the Dow Jones Industrial Average were up 0.5%, S&P 500 futures were up 0.6%, and Nasdaq 100 futures were up 0.9%.

Among the big movers in the S&P 500 on Monday were ON Semiconductor (ON), whose shares soared 11.5% after reporting better-than-expected revenue for the second quarter. The chipmaker highlighted strength in the automotive industry and signed a multi-year agreement to supply Volkswagen (VWAGY) with semiconductors for its electric vehicles.

Medical device manufacturer Revvity (RVTY) also saw its shares rise 9.1% after beating sales and profit forecasts in the second quarter, driven by solid demand for diagnostics products.

On the flip side, solar stocks took a hit following concerns raised by federal officials about potential hackers targeting the renewable energy sector. Enphase Energy (ENPH) saw a 4.7% drop, while First Solar (FSLR) slipped 2.8%.

Southwest Airlines (LUV) shares dropped 3.4% as the airline announced changes to its seating policy and continued to face pressure from activist investor Elliott Investment Management.

Overall, the market is closely watching the earnings reports of big tech companies like Microsoft, Meta, Apple, and Amazon later in the week, as they could have a significant impact on market sentiment and performance.

As for the broader economic landscape, financial markets are anticipating steep rate cuts by the Federal Reserve over the next year, but market predictions on rates have historically had a mixed track record in accuracy.

The trading day is off to a strong start, with various sectors and companies making notable moves in response to earnings reports and market developments. Stay tuned for more updates as the day progresses.