PG&E Sinks as Liability Bill Introduced; Nvidia Leads Mag 7 Rebound

California-based utility company PG&E (PGE) saw its stock decline further on Monday as lawmakers introduced a bill that would update the state's wildfire response without shifting liability from publicly traded utilities. The move comes after PG&E has faced criticism for its role in several major wildfires in recent years.

At least three research firms, including BMO Capital Markets and Wells Fargo, downgraded the stock in response to the bill. This latest development adds to the company's struggles, which have been ongoing since last week when it dropped 4.6% on Friday.

In contrast, energy majors Chevron (CVX) and ExxonMobil (XOM) saw their shares rise along with the price of oil. The increase in oil prices is attributed to rising tensions between the US and Iran, with both countries exchanging strikes over the weekend. The Strait of Hormuz, a critical shipping route for oil exports, has been targeted by Iranian forces.

Nvidia (NVDA), a leader in AI chips, saw its shares rise on Monday after its previous drop on Friday. It is currently the only stock rising among the Mag 7 on Monday.