S&P 500 posts fresh closing high as cyclicals shine |
The S&P 500 set a new closing high with a 0.8% gain, the Nasdaq 100 rose 0.9%, and the Russell 2000 outperformed with a 1.3% advance. Every S&P sector ETF outside of utilities ended positive on the session, with the cyclical sectors of consumer discretionary, industrials, and financials all up in excess of 1%.
Gains on the day were led by T. Rowe Price and Western Digital, which rose 5.8% and 5.4%, respectively. Centene led declines falling 4.7% after the healthcare company had its price target cut to $33 from $45 by Barclays analysts. Elsewhere... |
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Amazon rallied 4.3% as the tech titan readies itself to take another stab at the enterprise software market with a new agentic AI tool, according to a report from Business Insider.
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Opendoor Technologies soared 16.3% after the company’s president outlined the launch of a community hub to “provide consistent and transparent updates” on the company’s business and source questions from its passionate investor base.
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American Eagle shares leapt 38% after the retailer posted blowout Q2 earnings results and reinstated its full-year guidance.
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Gap popped nearly 6% after the denim giant said it’s stepping into beauty and accessories, starting with select Old Navy stores this fall and expanding to Gap-branded locations in 2026.
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HP Enterprise rose 1.4% as the market continued to digest the enterprise software company’s third-quarter earnings beat late Wednesday.
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Meta shares ticked up 1.6% after the social media giant said its Threads app is adding a way for users to post up to 10,000 characters.
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Salesforce shares dropped 4.8% after the CRM software company topped Q2 earnings but issued a soft outlook for the current quarter.
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Figma shares sank nearly 20% after the design software company reported Q2 results and the likely early release of 25% of the eligible securities owned by certain Figma employees and service providers that are currently under lockup.
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JetBlue dipped 6.6% despite the airline saying it now expects operating revenue per available seat mile to fall between 1.5% and 4% in Q3, an improvement from its previous forecast for a 2% to 6% drop.
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Texas Instruments fell 4.3% after its chief financial officer reiterated that strength in the chipmaker’s sales through April included a rush to beat potential tariffs and that momentum has slowed since then.
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Rivian shares sank 5.1% after the EV maker confirmed it’s laying off workers on its commercial team, with the cuts amounting to less than 1.5% of its workforce.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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Retail’s appetite to keep buying the $4 trillion chip designer has faded as its losing streak grows longer, however. Read more. |
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There wasn’t much proof of disruption in Salesforce’s numbers. Meanwhile, it’s trading around its lowest price-to-earnings ratio ever. Read more. |
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- Broadcom posts Q3 top and bottom line beats with strong guidance for Q4 AI chip sales
The second-biggest US chip company just reported its fiscal Q3 results.
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Tesla’s new Robotaxi app is already near the top of Apple’s App Store
The app, which is currently No. 6 on Apple’s App Store, allows you to join the Robotaxi waitlist, not necessarily ride in one of the autonomous vehicles.
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Goldman: If Trump destroys Fed credibility, gold could hit $5,000
The bank says the metal could hedge the increased inflation, currency weakness, and poor stock and bond performance typically associated with central banks run by politicians. -
Morgan Stanley predicts Apple will raise its iPhone price for the first time in seven years
They expect new iPhones to cost roughly $100 more than their predecessors, but don’t expect that to hurt demand. -
Trump is talking about Musk again — but not inviting him to the White House
“He’s got 80% super genius, and then 20% he’s got some problems.” -
Britain is on track to shed more than one pub a day this year
Rising costs and lower spending are hitting the UK’s drinking establishments. -
OpenAI is working on a “jobs platform” for people who lose their jobs to AI
The “OpenAI Jobs Platform” will offer certifications in AI, and match candidates with companies seeking AI-savvy hires.
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Crypto stocks tumble following report of Nasdaq’s increased scrutiny of digital asset treasuries
Strategy, MARA, SharpLink, and BitMine all fell on the news that Nasdaq will require shareholder votes for some crypto deals. -
Palantir loses crown as top S&P 500 stock this year
Disk drive maker Seagate Technology has come out of nowhere to claim pole position.
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Switzerland launches “Apertus,” an open-source AI model trained on public data
Countries are racing to build “sovereign AI,” and Switzerland is the latest country to release its own open-source AI model for anyone to use.
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SEC chairman Paul Atkins announces new agenda for the crypto industry
The supply of stablecoins on ethereum has reached a record high of $150 billion. -
Trump administration plans to loosen rules for self-driving cars, exempt them from windshield wipers
Bye-bye windshield wipers!
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Public companies now hold more than 1 million bitcoin
At current prices, the total pile of 1,000,698 bitcoin is worth almost $110 billion.
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