S&P 500, Nasdaq 100 close at records on solid earnings and strong economic data
Better-than-expected retail sales for June and robust Q2 earnings propelled major indexes to record closing highs on Thursday. The S&P 500 rose 0.5%, the Nasdaq 100 gained 0.7%, and the Russell 2000 led the way with a 1.2% advance.
The day’s gains were led in part by Albemarle, which jumped 7.6% after Chinese mining giant Zangge ordered a surprise halt on lithium production. Elevance was the biggest decliner after slashing its full-year profit outlook.
Pepsi was also a top performer after the snacks and beverage giant topped Q2 earnings even as overall name brand demand cools. Sticking with soda…
Coca-Cola rose 2% while Archer-Daniels-Midland dipped after President Donald Trump touted his alleged progress in getting Coke to use cane sugar.
Taiwan Semiconductor shares rose more than 3% after the world’s leading chip supplier topped profit expectations for the second quarter and raised its full-year sales outlook.
Shares of railroad giants CSX and Norfolk Southern rose nearly 4% after a report said Union Pacific is working with Morgan Stanley to explore a potential acquisition. Union Pacific fell almost 2%.
Lucid shares soared 36% after Uber said it would make “multi-hundred-million dollar investments” in the EV maker as well as autonomous driving company Nuro.
Steve Madden jumped more than 6% after Citi upgraded shares of the struggling Y2K footwear brand to “buy” and raised its price target to $32 as fashion trends swing back in its favor.
