Closing Bell: Meatpackers Gain, Nvidia Drops, Fertilizer Names Fall

Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:

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- Nvidia (NVDA) is working on a fresh round of AI deals worth more than $750 billion, accelerating investments that skeptics have warned are artificially inflating demand and valuations across the industry. A partnership with South Korean conglomerate SK Group unveiled late Friday means the companies will be doing more than $500 billion in business with each other, Nvidia said. The world’s most valuable company is also in talks to backstop as much as $250 billion to help OpenAI lease computing power from a US data center project in what would be among the chipmaker’s biggest financing deals with a customer. Nvidia’s shares fell as much as 5.5% in New York trading on Monday

- Shares of meatpackers Tyson Foods (TSN) and JBS surged after the US said it would resume cattle shipments from Mexico, easing a domestic shortage that has led to higher costs for their animals. The US Department of Agriculture said late Friday that it would start a phased reopening of cattle imports from Mexico, starting with an Arizona port of entry beginning Aug. 24. Shares in JBS jumped as much as 9.8%, the most in 11 months, while Tyson gained 7.5%.

- Chemical and fertilizer names fall, as any pickup in shipping through the Strait of Hormuz would ease disruptions in those markets. In chemicals, Dow -5.4%, LyondellBasell -4.1%, Celanese -2.8%. In fertilizers, CF Industries -4.7%, Nutrien -3.4%

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