Biggest Stock Movers Today, Nov. 24: AVGO, NVO, & More

Thanksgiving is still a few days away, but investors weren't willing to wait before giving thanks on Monday. After seeing considerable turbulence last week, Wall Street turned much more optimistic on Monday, leading to a substantial bounce for many of the stocks that had been hit the hardest. In particular, stocks in the technology sector shrugged off longer-term concerns about the sustainability of the AI trade, with the Nasdaq Composite (NASDAQINDEX: ^IXIC) picking up nearly 3% on the day. The Dow Jones Industrial Average (DJINDICES: ^DJI) and S&P 500 (SNPINDEX: ^GSPC) also had solid gains.

Data source: Yahoo! Finance.

Even with the gains, there were stocks moving in both directions on Monday. Here are some of the more important stocks that made big moves on the day.

Image source: The Motley Fool.

Top Stock Gainers Today

AVGO: +11%

Semiconductor maker Broadcom (NASDAQ: AVGO) helped lead the Nasdaq higher on a strong day for tech generally. Positive comments over the weekend about Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) and its Google unit's artificial intelligence efforts were positive for Broadcom, given that it's a significant supplier of chips for the search giant. Also, Amazon (NASDAQ: AMZN) announced new plans to spend tens of billions of dollars on AI, which should also be a boost for Broadcom's chip business. Investors might worry that the flood of AI spending might slow at some point, but that doesn't make them any less happy when new spending deals get announced.

OSCR: +22%

Oscar Health (NYSE: OSCR) was also a top stock market gainer on Monday as the health insurance company gained ground on hopes of a potential compromise in Washington. Throughout the government shutdown in October and early November, Oscar shareholders feared that efforts to extend premium subsidies under the Affordable Care Act wouldn't go anywhere, which could hurt the company's business. However, the Trump administration announced a measure that could possibly extend ACA subsidies for a period of time. That came as a shock to many investors. Like many health insurance stocks, Oscar is still down sharply from its October highs, but this latest news offers a glimmer of hope for better times ahead.

Top Stock Losers Today

NVO: -6%

Novo Nordisk (NYSE: NVO) was a top stock loser on Monday after the drugmaker announced discouraging news about its attempt to help patients with Alzheimer's disease. Novo had conducted clinical trials using its GLP-1 semaglutide drug to see if it would lead to slower progression of Alzheimer's symptoms, but results from the study didn't show that it helped. CEO Mike Doustdar tried to emphasize that the trial had always been a longshot, but given how difficult it has been to find treatments for Alzheimer's, investors seemed particularly disappointed that Novo hadn't been able to break the streak of negative news for those suffering from the disease.

ANF: -6%

Finally, Abercrombie & Fitch (NYSE: ANF) was a significant loser, falling 6%. The retail stock is slated to report its latest quarterly results on Tuesday, and investors are bracing not just for a decline for the just-ended period but also for a down year overall. There has been a lot of conjecture lately about the prospects for the coming holiday season, with mixed information from various sources. Although the National Retail Federation has projected higher spending for the holidays, several retail giants have already warned that shoppers might be tightening their wallets amid uncertainties about the job market and high levels of inflation. With today's drop, Abercrombie & Fitch stock is down more than 50% this year.

Dan Caplinger has positions in Alphabet and Amazon. The Motley Fool has positions in and recommends Alphabet and Amazon. The Motley Fool recommends Abercrombie & Fitch, Broadcom, and Novo Nordisk. The Motley Fool has a disclosure policy.