Two tech titans singlehandedly drag S&P 500 higher |
The S&P 500 rose 0.5% and the Nasdaq 100 gained 0.8% while the Russell 2000 dipped 0.1% on Wednesday. More than all of the daily returns in the S&P 500 were attributable to just two companies: Alphabet and Apple.
Google was the day’s top performer, up 9.1% after the tech giant avoided some of the worst-case antitrust scenarios tied to its dominant position in search. The court decision helped Apple a ton too: shares rose 3.8% amid Bank of America boosting its price target, saying the company will keep pulling in about $20 billion a year from Google to preload its apps as the default setting on iPhones. Near the close, Bloomberg reported that Apple is developing an AI web search tool for the new Siri, and reached an agreement with Google to test using its Gemini model to provide the underlying technology. Meanwhile, Dollar Tree led declines after the retailer handily beat Q2 expectations, but fresh sales guidance suggested weakening momentum in the second half.
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- Macy’s shares soared 20.6% after the department store chain posted knockout Q2 results and raised its full-year guidance.
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Hims & Hers spiked 7.2% after a judge dismissed a lawsuit by Eli Lilly against a rival telehealth firm selling knockoff versions of its GLP-1 drugs.
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Campbell’s stock climbed 7.2% after the soup maker ladled out solid Q4 results as more cash-strapped consumers cooked at home, but warned higher costs would weigh on margins.
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Plug Power jumped in the premarket amid a surge of trading volume in the hydrogen fuel cell company before closing up 1.4%.
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Oscar Health rose after it reiterated its annual guidance and offered positive commentary on cost trends at the Wells Fargo Healthcare Conference.
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Oil names including ConocoPhillips, Phillips 66, APA Corporation, Diamondback Energy, Devon Energy, Halliburton, and EOG Resources all dipped after reports that OPEC+ is weighing another output hike of 1.65 million barrels-per-day.
- Canopy Growth shares fell another 6.7%, extending Tuesday’s losses after the cannabis company filed for a $200 million equity raise on Friday.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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As the AI trade broadens out from data center-driven hyperscalers and power providers, software shares could be poised to catch a lift, say Goldman Sachs analysts. Read more. |
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(Michael M. Santiago/Getty Images) | |
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