The S&P 500 ekes out a gain with almost no help from megacap tech
Despite five of the Mag 7 stocks closing lower, the S&P 500 managed to post a gain after struggling for direction.
Investors were optimistic about the government reopening and an end to delays on economic data. Though Microsoft and Nvidia were the only Mag 7 stocks to close higher, the S&P 500 managed to post a gain. The Nasdaq 100 and the Russell 2000 fell. For anyone who cares about a price-weighted index of 30 arbitrary blue-chip companies, the Dow Jones Industrial Average posted a second consecutive record close.
SPDR Gold Shares ETF rose as many volatile retail darlings were crushed, and the hot momentum-seeking money seems to be flowing out of those speculative pockets of the market and back into gold.
Stocks that moved higher:
On Holding sprinted ahead this morning, as the Swiss running shoe company raised its full-year guidance after reporting record net sales and profitability for the third quarter.
High-flying retail favorite Oklo rose as analysts shrugged off the wider-than-expected loss the developer of modular nuclear reactors reported after the close yesterday.
Advanced Micro Devices rose after CEO Dr. Lisa Su said she sees its AI business growing more than 60% a year for the next three to five years.
US-listed ADRs of Sony reached their highest point since the early 2000s as investors continued to digest yesterday’s second-quarter earnings results.
Shares of Starbucks and Dutch Bros popped after Treasury Secretary Scott Bessent said in a Fox News interview that tariff relief on coffee is imminent.
DraftKings ticked up as two of its directors bought over $1 million in company stock yesterday, a vote of confidence that better times are coming for the online sports betting company.
Stocks that moved lower:
Lucid sank following an announcement that it plans to raise $875 million through a private offering of convertible senior notes due in 2031.
Stablecoin issuer Circle reported earnings that beat expectations, but the stock fell as investors didn’t like its forecast for higher expenses.
