Major U.S. equities indexes edged higher on Wednesday, buoyed by Nvidia (NVDA) surpassing Microsoft (MSFT) to become the largest publicly traded company by market capitalization.
The S&P 500 notched its second consecutive all-time closing high with a 0.3% gain. Meanwhile, the Nasdaq extended its streak of record closes to seven days, posting a marginal increase of less than 0.1%. The Dow Jones Industrial Average rose by 0.2%.
Among the notable performers in the S&P 500, GE Vernova (GEV) surged 6.4%. The energy company, which recently completed its spinoff from General Electric, benefited from positive market reception following the sale of its steam energy business to EDF and a new agreement with Ukrainian firm DTEK for renewable energy projects.
Walgreens Boots Alliance (WBA) saw its shares climb 6.3% despite ongoing challenges such as high debt levels and legal issues related to the opioid crisis. A report from The Motley Fool highlighting the company’s attractive dividend yield and confidence in CEO Tim Wentworth’s leadership potential contributed to the stock’s gains.
Teradyne (TER), a manufacturer of automated test equipment, rose 4.8% after UBS raised its price target and reiterated a “buy” rating. Analysts anticipate potential growth fueled by increased testing demands from Apple and expanding opportunities in the memory test market.
Conversely, Ball Corp. (BALL), a producer of aluminum packaging, experienced the heaviest losses in the S&P 500, declining by 6.3%. The drop followed a surge in aluminum prices to a two-year high amid concerns over Chinese production output and robust demand projections.
Homebuilder Lennar (LEN) reported strong fiscal second-quarter results exceeding expectations for sales and profits. However, its shares slipped 5.0% as the company’s guidance for home deliveries in the current quarter fell short of market expectations.
Estee Lauder (EL) shares fell 3.6% despite growth in demand from emerging markets. Soft sales in China’s prestige beauty market amid reduced consumer confidence remained a concern for investors.
Overall, the market reflected a mix of strong performances driven by corporate developments and cautious sentiments influenced by sector-specific challenges and global economic factors.
