S&P 500 goes nowhere in listless trading day |
A relatively calm day of trading saw the S&P 500 up no more than 0.3% and down not even as much as 0.1% over the course of the session, with the benchmark index giving up modest gains in the last couple hours of trading to finish flat. The 40-basis-point difference between the day’s high and low was its slimmest range since Valentine’s Day, and total volumes across US exchanges were the lowest in roughly a month.
The Nasdaq 100 managed a 0.3% gain while the Russell 2000 dipped 0.2%. Most S&P 500 sector ETFs declined, with energy and utilities faring the worst. Communication services was the best-performing pocket of the market on the day.
Dollar Tree was at the bottom of the S&P 500 leaderboard after the discount retailer beat Q1 estimates but warned that tariffs could slash its profit in half this quarter. The day’s gains were led by On Semiconductor and NXP Semiconductors, up 6.1% and 5.6%, respectively, as the chip sector’s broader rally rolls on. Meanwhile…
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CrowdStrike fell 5.8% after the cybersecurity company issued weaker-than-expected revenue guidance for the current quarter, as it continues to deal with fallout from its July IT outage.
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Tesla shares dipped nearly 3.6% after its EV sales dipped in Europe, including in Italy, Germany, and the United Kingdom — Tesla’s biggest market on the continent.
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Reddit shares popped 6.6% after the social media platform filed a lawsuit against AI startup Anthropic, alleging it stole personal user data to train its language learning models.
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Meta shares jumped 3.2% amid reports that the company is in talks with Hollywood giants, including Disney and film studio A24, to make content for its newest VR headset.
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Airbus ADRs climbed 2.1% on reports that China is narrowing in on a massive deal with the European plane maker that could result in 200 to 500 new aircraft orders.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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Analyst: Apple is too expensive, buy Amazon or Alphabet instead |
Needham analysts cut Apple’s buy rating Wednesday, citing valuation and competitive threats. Read more. |
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The biggest S&P 500 Index winners and losers since April 4 |
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Brad Garlinghouse, CEO, Ripple (Stephen McCarthy/Getty Images)) |
Chinese firm Webus to raise up to $300 million for XRP treasury
Chinese firm Webus, which specializes in “customizable chauffeur services worldwide,” is planning to raise $300 million for its XRP treasury, according to an SEC filing from June 2.
Read more. |
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