Top Movers
By Athena Xu
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The S&P 500 Index concluded a tumultuous April by marking its most significant monthly downturn since September, with a 1.6% drop on the final trading day to settle at 5,035.69. This backdrop sets the stage for a series of dramatic shifts in the after-hours trading landscape, particularly among tech behemoths and consumer staples.
In the tech arena, Advanced Micro Devices (AMD) witnessed a 7.8% decline in its stock price, following a tepid revenue outlook for the upcoming quarter. This forecast, dampened by a softening demand for gaming chips, underscores the challenges facing the semiconductor industry. Conversely, Amazon (AMZN) bucked the negative trend by notching a 2.1% increase, buoyed by its cloud-computing arm's robust sales performance, the best in a year, which also lifted spirits across the cloud software sector, including firms like Datadog (DDOG) and MongoDB (MDB).
On the consumer front, Pinterest (PINS) soared by 18%, riding high on better-than-expected sales and user growth figures. The company's strategic pivot towards shopping and its successful engagement with Gen-Z users appear to be paying dividends. In stark contrast, Starbucks (SBUX) faced a 9.9% setback, marking its first sales slump in over three years, a development that has left investors jittery about the coffee chain's near-term prospects.
The narrative of after-hours trading was further complicated by Super Micro Computer (SMCI), which saw its shares dip by 7.7%. Despite tripling its quarterly sales year-over-year, the server manufacturer's performance did not meet the lofty expectations set by investors, highlighting the market's unforgiving nature towards even slight misses in high-growth sectors.
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