Luke Kawa2/6/25

US stocks close at session highs to post solid gain

The S&P 500 and the Nasdaq 100 closed at their highs of the day with solid gains, while the Russell 2000 retreated on Thursday.

At the sector level, advances were widespread, with 8 of 11 S&P 500 sector ETFs up on the day. Energy stocks dropped, and were at the bottom of that leaderboard.

Nvidia climbed as enthusiasm for the picks-and-shovels AI trade returns and Morgan Stanley doubled down on the chip designer as its top pick in the sector. Meta booked its 14th consecutive day in the green, a record for the stock. Its Magnificent 7 peer Tesla headed lower amid disastrous European sales figures.

Skyworks Solutions, a key supplier to Apple, was the worst-performing S&P 500 constituent, shedding about a quarter of its value after the company revealed that it’s about to lose a big chunk of its iPhone business.

Despite posting very solid results, Qualcomm tumbled as investors doubt that strength in the smartphone market will have staying power.

America is one natZyn under Philip Morris, as the company’s oral products shipments ramped in the final three months of 2024, fueling a massive gain for the stock.

Way better-than-expected quarterly results along with improved guidance propelled luxury goods makers Ralph Lauren and Tapestry sharply higher.

Palantir Technologies was also one of the top performers in the S&P 500, with its market cap surpassing the likes of McDonald’s and American Express.

Ford had an abysmal session after telling investors that 2025 would be worse than 2024 from a profitability perspective.

Peloton soared as its earnings report and guidance for the current quarter bolstered resolve that its path toward profitability is at hand.

Roblox, on the other hand, was crushed as its daily active user count heads in the wrong direction.

Trump Media & Technology Group also made waves by filing for trademarks for a slew of ETFs, including one that would hold bitcoin.

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AMD posts top- and bottom-line beat in Q3 with Q4 sales guidance ahead of estimates

Advanced Micro Devices reported third-quarter results that exceeded analysts’ expectations on the top and bottom lines, with guidance to match.

Adjusted diluted earnings per share: $1.20 (compared to an analyst consensus estimate of $1.17)
Revenue: $9.25 billion (estimate: $8.74 billion, guidance: $8.4 billion to $9 billion)
Data center revenue: $4.34 billion (estimate: $4.14 billion)
Adjusted gross margin: 54% (estimate: 54%, guidance: 54%)

Its Q4 guidance for sales of $9.3 billion to $9.9 billion was strong relative to the anticipated $9.2 billion, while its adjusted gross margin outlook of 54.5% is bang in line with estimates.

Even so, shares are off about 2% in after-hours trading as of 4:24 p.m. ET.

“AMD’s strong 3Q sales beat and 4Q outlook were likely driven by stronger PC and server CPU demand — similar to Intel’s results — along with continued share gains,” Bloomberg Intelligence analysts Kunjan Sobhani and Oscar Hernandez Tejada wrote. “The GPU ramp-up remains ahead of expectations, aided by a gaming rebound.”

AMD has had a high-profile Q4 so far, striking a megadeal with OpenAI that its CFO said “is expected to deliver tens of billions of dollars in revenue.” That announcement prompted more than 20 price target hikes from Wall Street analysts in a 24-hour span.

The company followed that up with a pact with Oracle, which said it would deploy 50,000 of AMD’s new flagship chips in data centers starting in the second half of next year. On the upcoming conference call, the Street will be looking for as much color as possible on the sales outlook for those MI450 chips.

Ahead of this release, Morgan Stanley analyst Joseph Moore wrote:

“The focus should remain on MI450. AMD’s rack scale solution shipping next year is the key, and we are excited to see what the company can do. It’s still early to make market share assessments, and while the Open AI agreement is clearly an accelerant, the reliance on cloud providers to ramp those 6 gigawatts still creates some uncertainty. Ultimately, to drive share gains, the company will need to provide better ROI than NVIDIA can offer, and customers still raise questions about that given lower rack density and the need to resolve ecosystem issues.”

The chip designer was the third-best-performing member of the VanEck Semiconductor ETF in 2025 heading into this report, with shares having more than doubled year to date.

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