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S&P 500 Clinches a New Record High
Just when it looked as though stocks were going to end lower down the line, the S&P 500 pulled off a victory. The broader market index has clinched a new all-time high, finishing the day at 6,129 and lifting all boats, including the Dow Jones Industrial Average and Nasdaq as well.
Energy stocks buoyed the S&P 500 to the finish line, with a nearly 2% gain for the sector fueled by stocks like Halliburton and Valero Energy. Technology stocks advanced as a sector, but Meta and Amazon were left behind, falling 3% and 2%, respectively.
The markets remain sensitive to any tariff-related developments, and the inflation story has yet to fully play out, but for now investors are choosing to see the glass half full. Super Micro Computer, Intel and Walgreens were the top three performers in the S&P 500 index today.
The Dow Jones Industrial Average eked out a fractional gain with Nike and Honeywell at the top of the leaderboard, rising 6.2% and 2.6%, respectively. United Health Group and Home Depot were laggards.
Occidental Petroleum (NYSE: OXY) is reporting earnings this afternoon and finished the day with a 1.6% gain ahead of the report on promises of debt reduction.
S&P Gives Up Gains, SMCI Bucks Downward Trend
The S&P 500 has given up its gains from earlier today, resulting in all three of the major stock market indices trading in the red. Meta Platforms is one of the S&P 500’s biggest losers of the day, falling nearly 4% after rallying for the past couple of weeks. Mark Zuckerberg is planning to host a special developer conference on the topic of generative AI.
Among the Magnificent 7, Meta isn’t alone, with Tesla and Amazon (Nasdaq: AMZN) also lower. Tesla is pushing for the reinstatement of CEO Elon Musk’s massive pay package, comprising hundreds of millions of TSLA stock options, after a Delaware judge previously blocked it despite shareholders supporting it. Apple’s (Nasdaq: AAPL) stock is down fractionally. Warren Buffett’s Berkshire Hathaway’s holdings reveal that the company has held 300 million shares of the iPhone maker for the past two quarters.
Super Micro Computer (Nasdaq: SMCI) is bucking the downward trend, soaring about 12% on the day. The company is nearing an important regulatory filing date, sending the stock back above the $50 level for the first time in 2025.
Shifting away from technology, Walgreens Boots Alliance (Nasdaq: WBA) is climbing 11% higher on the day amid reports of a potential private equity buyout. Today’s gains have buoyed the stock back above the $10 per share level.
The Wall Street Journal pointed out that State Street’s SPDR S&P 500 ETF Trust (NYSE Arca: SPY), which goes by its ticker SPY, has lost its spot as the biggest ETF based on assets, having been muscled out of the top spot by Vanguard’s version of the index.
The markets kicked off the holiday-shortened week mixed as the S&P 500 attempts gains. While uncertainty around tariffs, interest rates and inflation persists, the S&P 500 remains close to its next all-time high of 2025.
Intel (Nasdaq: INTC) is the story of the day, soaring over 10% on a WSJ report that semiconductor competitors Taiwan Semiconductor (TSM) and Broadcom (Nasdaq: AVGO) could potentially each take a piece of the company, thereby splitting Intel into two separate businesses. The Philadelphia Semiconductor Index (PHLX) is up almost 1% on the day and has gained over 4% year-to-date.
Meta Platforms (Nasdaq: META) has interrupted its rally with the stock down 2% as of mid-morning trading. However, Meta is close to joining the $2 trillion market cap club amid a rally in the stock in 2025. China’s Baidu (Nasdaq: BIDU) is down a sharp 7% on the day, owing to a 2% drop in its Q4 revenue in which AI-related gains were overshadowed by weaker advertising.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 26.72 (- 0.06%)
Nasdaq Composite: Down 10.97 (-0.12%)
S&P 500: Up 5.38 (+0.08%)
Key Points
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The S&P 500 is nearing its latest all-time high.
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Intel stock is soaring on reports the company could be split into two.
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BIDU is lower on a revenue disappointment, while META stock is taking a breather.
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Market Movers
Snowflake (NYSE: SNOW), which harnesses AI to deliver data to businesses, is up 1% in response to an analyst upgrade by Wolfe Research to “outperform” with a $235 price target attached. Truist reiterated its “buy” rating on snow with a $210 price target. Shares are currently hovering in the $190 area and have a 52-week high of $235 per share.
Nike (NYSE: NKE) is soaring almost 4% amid a new partnership with Kim Kardashian’s Skim’s lineup for the launch of yet another women’s fitness brand.
Bank of America has reiterated its “buy” rating on PC maker Dell (Nasdaq: DELL) ahead of the company’s earnings print next week.
Tesla (Nasdaq: TSLA) is reportedly planning to introduce showrooms in India. The stock is down fractionally as of mid-morning.
The SPDR Gold Shares (NYSE Arca: GLD) index is up 1.4% on the day. Wall Street firm Goldman Sachs is bullish on the gold price due to the tariff effect.
The markets are awaiting earnings from the likes of Walmart (NYSE: WMT) this week. Retail analyst Dana Telsey of the firm that bears her name reportedly said Walmart has been trading like a technology stock of late.
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