After the Dow’s stellar performance last week, with echoes of 2024 in the air, stock futures tiptoed cautiously in the early hours of Monday, awaiting the unveiling of a trove of inflation data later this week.

Behold, the captivating dance of the market on Monday:

Noteworthy stocks on the rise

• Chinese electric vehicle maestro Zeekr’s (NYSE:ZK) shares continued their upward momentum early Monday, stretching their gains by 4%. This momentum followed a breathtaking 35% surge on Friday, marking its grand entrance on the NYSE stage. The stock unfurled the day at $26, a striking 24% premium over its $21 IPO price.
• The rhythmic beats of Tencent Music Entertainment (NYSE:TME) reverberated as its Q1 earnings report hit the airwaves, surpassing expectations. Melodic revenue from music subscriptions soared 39.2% year over year, while the chorus of paying users swelled by 20.2%. Moreover, TME witnessed its largest quarter-over-quarter net increase in paying users, harmonizing an addition of 6.8M. This symphony of growth was orchestrated by enhanced operational efficiency and adept cost management, leading to a crescendo – a 41.9% year-over-year increase in operating income.
• GameStop’s (NYSE:GME) stock vaulted 18% like a fiery phoenix, aiming to extend its triumphant 57% performance in May, marking its finest month since March 2021. A beloved choice among retail investors, GameStop has been on a three-week winning streak. This narrative echoes the meme stock saga of 2021, where retail investors propelled the prices of meme darlings like GameStop and AMC Entertainment to stratospheric heights. Notably, Keith Gill, famed for his bullish GameStop analysis on Reddit during the pandemic, resurfaced on social media after a three-year hiatus, hinting at vigilance.
• Novavax’s (NASDAQ:NVAX) shares continued their ascent, rising 8% on Monday post a jaw-dropping 98% surge on Friday, culminating in a sparkling new 52-week peak. This surge followed Novavax shedding its going-concern notice with a perky Q1 report, attributed to a lucrative licensing pact with Sanofi (NASDAQ:SNY) for their COVID-19 vaccine, valued up to $1.2B. J.P. Morgan analysts lauded the alliance as revolutionary, triggering an upgrade of Novavax to Neutral and Underweight. With Sanofi poised to bolster Novavax’s commercialization endeavors in 2025, the hiccups encountered during the Nuvaxovid COVID-19 shot rollout in 2023–24 are unlikely to replay. Bank of America raised the stock to Neutral from Underperform, hiking the price target to $12 from $4, viewing the Sanofi deal as a boon amidst the contracting COVID-19 market. Seeking Alpha savant, Stephen Ayers, flipped his Novavax rating to hold from strong sell, suggesting Novavax’s technology could steer through the market maze given the established players like Pfizer.