S&P 500 Gains and Losses Today: Moderna Stock Plunges After Resignation of FDA Vaccine Official

Major U.S. equities indexes were mixed to kick off the new trading week as U.S. trade policy remained in focus.

After trading in the red for much of Monday’s session, the S&P 500 rallied in the afternoon to close 0.6% higher. The Dow ended with a daily gain of 1.0%, while the Nasdaq slipped 0.1%.

Discover Financial Services (DFS) shares surged 7.5%, gaining the most of any S&P 500 stock on Monday, following indications that interim CEO J. Michael Shepherd will stay at the helm of the credit card issuer until Capital One Financial (COF) completes its acquisition of the company. In addition, a Friday report from The Capitol Forum suggested that the Department of Justice may be less inclined to challenge the merger despite concerns about a potential impact on consumers with no credit history. Capital One shares added 3.3%.

Shares of Ticketmaster parent Live Nation Entertainment (LYV) advanced 4.4%. Jericho Capital Asset Management recently included the live event company’s stock among its top picks, noting its strong performance in 2024, driven by a rise in concert events and attendees versus the prior year. Last week, Live Nation agreed to a $20 million settlement in a lawsuit filed by investors who alleged that the company failed to disclose risks related to business practices that raised antitrust concerns.

American International Group (AIG) shares jumped 4.0% after the insurer’s board of directors approved plan to repurchase as much as $7.5 billion in the company’s common stock. The boost to the buyout plan coincided with AIG’s investor day event, which also saw the company issue upbeat growth targets.

Moderna (MRNA) shares tumbled 8.9%, logging the S&P 500’s weakest daily performance. The losses for the biotech stock came after Peter Marks, the top vaccine official at the Food and Drug Administration (FDA), announced his resignation from the agency. Marks, who participated in the development of the vaccines to protect against COVID-19, intends to step down by the end of this week, pointing to disagreements with Health and Human Services Secretary Robert F. Kennedy Jr. Shares of other vaccine manufacturers also lost ground on Monday.

Shares of Lululemon Athletica (LULU) fell 3.4%, extending losses posted late last week in the wake of the company’s quarterly earnings release. Although sales and profit topped estimates, the manufacturer of yoga attire provided an underwhelming outlook, noting diminished store traffic amid cautious consumer spending trends. Lululemon’s CEO said the athletic wear company is making strides to address its persistent “newness” issues, which occur when a company’s product mix fails to entice consumers.

Charles River Laboratories (CRL) shares dropped 3.2%. Shares of the pharmaceutical company have been trending downward since March 21, when Goldman Sachs downgraded the stock to “neutral” from “buy” and trimmed its price target. Analysts highlighted concerns about Charles River’s Contract Development and Manufacturing Organization (CDMO) business, along with concerns about the stock’s valuation relative to demand trends.