Luke Kawa2/18/25

S&P 500 closes at record high after late-day surge

The S&P 500 rose 0.2% to set fresh intraday and closing records, the Nasdaq 100 also advanced 0.2%, and the Russell 2000 outperformed with a 0.5% gain on Tuesday.

Commodity-linked S&P 500 sector ETFs (energy and materials) were the top-performing on the day, with tech, utilities, industrials, and financials also booking strong gains. Communication services were at the bottom of the leaderboard.

Chips performed well, buoyed by Micron and Intel, the latter of which boomed as acquisition rumors gained steam. Super Micro Computer’s ridiculously good month continued as investors keep buying into the story that its revenues will boom as Nvidia’s Blackwell sales ramp. The $3 trillion chip designer’s investment in WeRide also continues to fuel a massive surge in the Chinese self-driving car company’s shares.

Nike’s partnership with Kim Kardashian’s Skims produced the best day for the athletic giant since its former CEO abruptly announced his departure last September.

A filing released late Friday showed that Warren Buffett’s Berkshire Hathaway loaded up on Constellation Brands in the fourth quarter, sending shares higher.

Separately, BlackBerry got a big lift after a prominent hedge fund, Hood River, disclosed a significant stake in the cybersecurity company. Elsewhere in companies that have BB in their ticker and have seen better eras, Bath & Body Works soared on the heels of an upgrade from JPMorgan.

AMC gained as moviegoers the world over flocked to see the new “Captain America” movie despite poor reviews.

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Hardware stocks jump thanks to server demand and record Lenovo revenue

Server stocks are rallying as Dell, Super Micro Computer, and Hewlett Packard Enterprise ride the momentum of Hong Kong-based Lenovo. The PC maker’s stock rose 19% on Friday, hitting an all-time high, on record Q4 earnings.

Powering the positive earnings report was the company’s AI-related revenue, which grew 84% in the fourth quarter and now makes up over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects for other companies.

“The company’s results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending,” wrote Woo Jin Ho, a senior technology analyst at Bloomberg Intelligence. “Lenovo’s $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell’s AI-demand momentum and point to robust orders.”

AI’s insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first-quarter earnings on Thursday, May 28.

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Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).
Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).
Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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