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U.S. Equities Rise as Nvidia Claims Top Spot, S&P 500 Hits Record High

by Ivy

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%.

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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.

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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.

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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.

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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.

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