S&P 500 posts fresh closing high as cyclicals shine
The first record close of the month for the benchmark US stock index.
The S&P 500 set a new closing high with a 0.8% gain, the Nasdaq 100 rose 0.9%, and the Russell 2000 outperformed with a 1.3% advance.
Every S&P sector ETF outside of utilities ended positive on the session, with the cyclical sectors of consumer discretionary, industrials, and financials all up in excess of 1%.
Gains on the day were led by T. Rowe Price and Western Digital, which rose 5.8% and 5.4%, respectively. Centene led declines, falling 4.7% after the healthcare company had its price target cut to $33 from $45 by Barclays analysts. Elsewhere...
Amazon rallied 4.3% as the tech titan readies itself to take another stab at the enterprise software market with a new agentic AI tool, according to a report from Business Insider.
Opendoor Technologies soared 16.3% after the company’s president outlined the launch of a community hub to “provide consistent and transparent updates” on the company’s business and source questions from its passionate investor base.
American Eagle shares leapt 38% after the retailer posted blowout Q2 earnings results and reinstated its full-year guidance.
Gap popped nearly 6% after the denim giant said it’s stepping into beauty and accessories, starting with select Old Navy stores this fall and expanding to Gap-branded locations next year.
HP Enterprise rose 1.4% as the market continued to digest the enterprise software company’s third-quarter earnings beat late Wednesday.
Meta shares ticked up 1.6% after the social media giant said its Threads app is adding a way for users to include up to 10,000 characters per post.
Salesforce shares dropped 4.8% after the CRM software company topped Q2 earnings but issued a soft outlook for the current quarter.
Figma shares sank nearly 20% after the design software company reported Q2 results and the likely early release of 25% of the eligible securities owned by certain Figma employees and service providers, which are currently under lockup.
JetBlue dipped 6.6% despite the airline saying it now expects operating revenue per available seat mile to fall between 1.5% and 4% in Q3, an improvement from its previous forecast for a 2% to 6% drop.
Texas Instruments fell 4.3% after its chief financial officer reiterated that strength in the chipmaker’s sales through April included a rush to beat potential tariffs and that momentum has slowed since then.
Rivian shares sank 5.1% after the EV maker confirmed it’s laying off workers on its commercial team, with the cuts amounting to less than 1.5% of its workforce.
