S&P 500 shakes off down day for tech heavyweights to finish higher
In a case of opposite day, the lesser-runs of the S&P 500 powered the market higher while the heavyweights broadly retreated on Thursday. The benchmark US stock index closed up 0.4%, the Nasdaq 100 eked out a 0.1% gain, and the Russell 2000 led the way with a 0.5% advance.
Contrary to Wednesday, the S&P 500’s advance-decline line was tilted decidedly to the upside, with gainers outnumbering fallers by 247. Every S&P 500 sector ETF traded higher save for consumer discretionary, with defensive sectors like utilities and consumer staples topping the leaderboard.
Cisco helped lead the day’s gains, jumping nearly 5% after the networking products company posted a Q3 solid earnings report, exceeding analysts’ expectations on the top and bottom lines. Meanwhile, UnitedHealth shares tumbled 11% after The Wall Street Journal reported that the US Department of Justice is investigating the healthcare giant for possible Medicare fraud, the latest in a series of stumbles for the company.
Walmart shares slipped as much as 3%, but ended the day flat as investors balanced the company’s solid Q1 earnings beat with the warning that price hikes are on the way.
Meta slumped to session lows late in the trading day after The Wall Street Journal reported that it’s delaying the release of its Llama 4 AI model.
Birkenstock shares climbed nearly 6% after the popular German footwear company beat earnings estimates for the second quarter and raised its full-year outlook.
Alibaba shares fell 7.5% after the Chinese e-commerce giant missed revenue and profit expectations for the fourth quarter amid ongoing consumer weakness in the country.
NetEase, one of China’s largest video game companies, rallied 14% after the company topped earnings estimates thanks to strong game sales and a 35% boost in net profit.
Meanwhile...
Foot Locker shares sprinted over 85% after Dick’s Sporting Goods announced a massive $2.4 billion takeover offer for the struggling sneaker retailer. Dick’s shares, however, fell nearly 15%.
Coinbase’s stock fell 7% after the crypto exchange said it would pay between $180 million and $400 million to customers following a data breach from an “unknown threat actor.”
Shares of CoreWeave surged as much as 11% before closing down 2%, despite posting better-than-expected sales during its inaugural quarterly earnings report.
