S&P 500 Gains and Losses Today: Micron Stock Pops as Sales and Guidance Impress

Major U.S. equities indexes pushed higher arsenic nan latest estimates from nan Bureau of Economic Analysis showed that U.S. gross home merchandise (GDP) maturation somewhat outpaced expectations successful nan 2nd 4th of 2024.

The S&P 500 added 0.4% connected Thursday, printing a caller all-time closing high. The Dow gained 0.6%, ending conscionable beneath nan level of Tuesday's grounds close. The Nasdaq was besides up 0.6%, boosted by spot successful nan tech assemblage and coagulated gains from semiconductor stocks.

Micron Technology (MU) shares secured Thursday's apical capacity successful nan S&P 500, skyrocketing 14.7% aft nan representation spot shaper beat gross estimates and provided higher-than-expected income guidance for nan existent quarter. The Nvidia (NVDA) partner astir doubled its gross from nan year-ago period, pinch beardown artificial intelligence (AI) request helping underpin nan beardown income growth. The firm's CEO said Micron's competitory positioning has reached its highest constituent successful institution history.

Circuit committee shaper Jabil (JBL) besides reported strong quarterly results, topping income and profit estimates for its fiscal 4th quarter. Like Micron, Jabil benefitted from beardown AI request during nan quarter. The electronics shaper and Apple (AAPL) supplier besides approved a $1 cardinal share repurchase scheme and announced respective cost-cutting initiatives. Jabil shares jumped 11.7% connected Thursday.

Shares of beauty products institution Estée Lauder (EL) popped 10.0% higher pursuing nan announcement of an economical stimulus successful China. The constitution shaper generates astir a 3rd of its gross from nan Asia/Pacific region. However, successful its astir caller net report, Estée Lauder pointed to softness successful nan prestige beauty marketplace successful China arsenic a cardinal facet down its 2% year-over-year diminution successful integrated nett sales. Any improvement successful user sentiment that results from nan stimulus could travel done to accrued user spending and thief thrust a income betterment for Estée Lauder successful nan cardinal market.

Super Micro Computer (SMCI) shares plunged 12.2%, falling further than immoderate different S&P 500 banal connected Thursday. According to a study successful The Wall Street Journal, nan U.S. Department of Justice (DOJ) has launched an investigation into nan server and information retention provider's accounting practices. News of nan DOJ probe follows a study published past period by activistic short-selling patient Hindenburg Research alleging that Supermicro had engaged successful accounting manipulation.

Crude lipid futures prices fell much than 3% amid reports that Saudi Arabia and different awesome producers are prepared to summation lipid output successful December, pressuring lipid and state stocks. Diamondback Energy (FANG) banal slid 6.5%, pinch news that insiders sold much than $2.3 cardinal worthy of successful nan exploration and accumulation company.

Softness successful earthy state prices besides dragged connected companies successful that portion of nan power sector. Shares of earthy state players Targa Resources (TRGP) and Oneok (OKE) were down astir 5.9%.