S&P 500 gives up early gains to finish flat
The S&P 500 opened higher but couldn’t maintain its gains through the trading day, finishing flat. The Nasdaq 100 eked out another record close with a 0.2% gain and set a fresh all-time high early in the session. The Russell 2000 slid 1.2%.
Under the hood, the benchmark US stock index was soft, with decliners outnumbering stocks that gained by 229 on the day.
Only two S&P 500 sector ETFs finished in the green, tech and healthcare, with the former a large standout. Real estate, consumer staples, utilities, and consumer discretionary were all down more than 1%.
AI server company Super Micro Computer led gains among S&P 500 companies, up nearly 9%. Meanwhile, Nvidia jumped 4%, hitting a fresh all-time high after Loop Capital hiked its price target on the stock to $250 from $175. Elsewhere…
Paychex led declines, sinking 9% after the HR software provider missed Q2 sales forecasts and gave a lukewarm full-year outlook.
Top NYC office landlords SL Green and Vornado fell 5.7% and 6.7%, respectively, as investors reacted negatively to the recent surprise win of Zohran Mamdani in New York City’s mayoral primary.
BP shares shot up briefly after a Wall Street Journal report said the oil giant was in talks to be bought by rival Shell. Shell later denied the report, and BP finished roughly 1% down.
Bumble soared 25% after the women-focused dating app said it would lay off nearly a third of its staff, a cost-cutting measure that sparked some investor confidence.
BlackBerry shares jumped over 12% a day after the now software and security company topped Q2 estimates and surprised investors by swinging to a profit.
General Mills shares slipped 5% after the Cheerios and Pillsbury parent posted mixed Q4 earnings and slashed its full-year forecast as consumers pull back on name-brand groceries.
FedEx shares were down over 3% after the legacy courier company topped Q4 earnings estimates but gave less-than-optimistic guidance for the current quarter.
