Top Movers
By Bill Bullington
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The S&P 500 Index experienced a notable uptick, climbing 0.6% as of early afternoon in New York, buoyed by ongoing speculation around potential Federal Reserve rate cuts. This optimism was mirrored across major indexes, with the Nasdaq 100 and the Dow Jones Industrial Average also posting gains of 0.6% and 0.3%, respectively. The broader MSCI World Index matched this positive momentum, rising by 0.6%.
In the technology sector, Advanced Micro Devices Inc. (AMD) saw its shares increase by 2.8% following an upgrade from Phillip Securities analyst Jonathan Woo, who cited the company's potential gains from artificial intelligence and cloud computing advancements. Conversely, the healthcare sector presented a more turbulent picture. EyePoint Pharmaceuticals (EYPT) shares plummeted by 39% after disappointing results from a mid-stage study, and Integra LifeSciences (IART) shares dropped 22% after cutting its full-year adjusted profit forecast.
The real estate and consumer goods sectors faced challenges, with Medical Properties Trust Inc. (MPW) shares declining by 7.6% amid bankruptcy filings by a key tenant, and Tyson (TSN) shares falling 7.5% due to various operational headwinds discussed during its earnings call. Nucor (NUE) also reported a decrease in consumer spot prices for hot rolled coil, leading to a 2.1% dip in its stock price.
Despite the mixed sectoral performance, there were notable bright spots. Churchill Downs (CHDN) shares gained 1.6% after announcing a record-setting Kentucky Derby, and Virgin Galactic Holdings (SPCE) shares soared by 11% following the announcement of a new system-integration facility for its Delta Class spaceships. Additionally, Marathon Digital Holdings (MARA) shares surged 19% after news of its inclusion in the S&P SmallCap 600.
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