Midday Movers: Banking Stocks, Moderna, and Mullen Automotive Rise

By Sam Boughedda -- U.S. stocks traded in a volatile session on Monday, with the Dow rising early but then giving back some gains and the tech-heavy Nasdaq trading lower. Here are the midday movers on Monday, March 14th.

Moderna Inc (NASDAQ:MRNA) stock is trading around 15% higher midday Monday after the company announced it has begun testing an experimental HIV vaccine in an early-stage clinical trial. Mullen Automotive Inc (NASDAQ:MULN) shares are up approximately 17% on positive media coverage after the company was featured on CarBuzz. The USA car-focused website published a feature highlighting Mullen's high-performance EV Crossover, the Mullen FIVE. Turquoise Hill Resources Ltd. (NYSE:TRQ) is up 32% Monday after Rio Tinto (NYSE:RIO) Group offered to buy the 49% stake it doesn’t already own in the company. Banking stocks are higher alongside Treasury yields. Citigroup Inc (NYSE:C) is trading +1%, Wells Fargo &Company (NYSE:WFC) +3%, JPMorgan Chase&Co (NYSE:JPM) +2.3%, and Bank of America Corp (NYSE:BAC)+2.7% as the 10-year Treasury climbed to its highest level in over two years. Alibaba Group Holdings Ltd ADR (NYSE:BABA) and Inc ADR (NASDAQ:JD) are among China-based companies that have fallen Monday after concerns about U.S. delistings and the effect of a new Covid-19 outbreak in the city of Shenzhen. Alibaba is down 8%, while has fallen 8.5%. After the slide in crude oil prices, Occidental Petroleum Corporation (NYSE:OXY), Chevron Corp (NYSE:CVX), and other energy stocks have declined. In addition, due to valuation concerns, Occidental and Chevron shares were downgraded by Morgan Stanley (NYSE:MS) to equal-weight from overweight.

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