S&P 500 inches higher with earnings season about to begin
The S&P 500 gave back a solid advance early in trading but managed to return to positive territory by the close. The tech-heavy Nasdaq 100 fell 0.1%. The Russell 2000 booked a strong 1.1% gain.
Most S&P 500 sector ETFs moved higher with utilities, materials, financials, industrials, and energy all up more than 1%. Communication services and healthcare were the laggards.
All members of the Magnificent 7 declined. Meta led the way down, with the stock (as well as fellow social-media company Snap) seemingly suffering over uncertainty around last-minute attempts to keep TikTok viable in the US.
Eli Lilly was the worst-performing member of the S&P 500 after its GLP-1 sales meaningfully missed analysts’ estimates.
Shares of Robinhood Markets soared after Morgan Stanley and Bernstein recommended the shares and the trading firm reached a settlement with the SEC. (Sherwood News is an independent subsidiary of Robinhood Markets.)
Quantum-computing stocks spiked as B. Riley boosted its price targets on Rigetti Computing and D-Wave Quantum.