Stocks cruise higher in another widespread rally
The S&P 500’s advance-decline line was above 300 for back-to-back sessions for the first time since mid-April.
The S&P 500 barely spent a minute in the red all day, rising 0.3% to secure another record closing high. The Nasdaq 100 lagged, barely breaking even, while small-caps surged as the Russell 2000 advanced 2%.
It’s the first time the S&P 500’s advance-decline line has ended above 300 for back-to-back sessions since mid-April, when global stocks were shaking off their tariff-induced drubbing.
Every S&P 500 sector ETF finished in the green with the exception of consumer staples, which closed flat. The biggest advancers included commodity-linked stocks in the energy and materials sectors as well as healthcare.
Gains on the day were led by Warner Bros. Discovery, which saw its shares jump 7.4% after unveiling a new streaming deal with HBO Max and Viu, a leading streamer in the South Asian market. Meanwhile, DoorDash led declines, falling 3.8% after Amazon said it would now offer same-day delivery on thousands of perishable groceries nationwide. Shares of rival Instacart as well as grocers including Walmart, Albertsons, and Kroger also fell on the news.
Gildan Activewear and Hanesbrands jumped 12% and 3.8%, respectively, after Gildan said it would buy Hanes in a $2.2 billion deal. Including Hanes’ debt, the transaction is valued at $4.4 billion.
Capri Holdings leapt 12% after JPMorgan upgraded shares of the Michael Kors parent company, citing its push to ditch discounts, streamline stores, and sharpen the brand’s luxury appeal.
Rigetti Computing shares were up 6.4%, even as the quantum computing company delivered lower-than-expected Q2 revenue after the bell Tuesday.
Brinker shares popped as much as 5% in early trading before closing up 1.5% after the Chili’s and Maggiano’s parent posted strong Q4 results and a tasty full-year outlook.
CoreWeave shares sank 21% after Bank of America cut its price target on the stock to $168 from $185 after the supplier of surge capacity for AI computers reported Q3 results on Tuesday.
Cava shares slid another 17% after the fast-casual Mediterranean chain reported sales that missed Wall Street expectations on Tuesday and slashed its outlook.
