Stock Indexes Wrap: Nvidia, Big Te🎐ch Charge Higher as Housing, Consumer Stocks Stumble

The Dow

Big tech charged higher, led by Salesforce (CRM), up 0.8%, and Microsoft (MSFT), up 0.7%.

Home Depot (HD) slid 3.6% amid a sell-off 🎃of stocks exposed to the U.S. housing market. 

Boeing (BA) shares fell 2.2% amid reports it had 澳洲幸运5官方开奖结果体彩网:altered its offer to reacquire supplier Spirit AeroSystems (SPR) from an all-cash to all-stock offer that valued the target at $35 per share. 

S&P 500

Carnival Corp. (CCL) led the index, rising 8.9% after reporting 澳洲幸运5官方开奖结果体彩网:a surprise second-quarter profit as travelers shelled out for cruises and on-board goods and services. Competitors Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean (RCL) rose 5.1% and 4%, respectively. 

Nvidia (NVDA) surged 6.8% as Wall Street bought the dip following a three-day sell-off that plunged the AI chip leader into correction territory. Fellow tech mega-caps followed Nvidia higher, with Alphabet (GOOGL) gaining 2.8% to close at a record high and Meta Platforms (META) adding 2.3%. 

Chipotle Mexican Grill (CMG) rose 2.9% ahead of its 澳洲幸运5官方开奖结果体彩网:50-for-1 stock split, to take effect after the bell. 

Pool Corporation (POOL) tumbled 8% after the company 澳洲幸运5官方开奖结果体彩网:lowered its full-year guidance, citing a pullback in discretionary spending amiℱd a prolonged slump in the U.S. housing market.ꦛ

Peers similarly exposed to the housing market followed Pool lower. Water treatment company Pentair (PNR) tumbled 7.1%, while flooring supplier Mohawk (MHK) slid 5.7%, and home improvement retailer Lowe’s (LOW) dropped 4.9%. 

Consumer stocks of all stripes declined Wednesday, including Hasbro (HAS), down 3.8%, and J.M. Smucker Co. (SJM), down 3.4%. 

Nasdaq 100

Core components of the burgeoning AI ecosystem advanced, including ARM Holdings (ARM), up 6.3%, and ASML Holding (ASML), up 2.1%. 

As with the S&P 500, consumer stocks made up most of the Nasdaq’s laggards. O’Reilly Automotive (ORLY) fell 2.4%, while Dollar Tree (DLTR) declined 1.8% and Kraft Heinz (KHC) shed 1.2%.

Nvidia Lifts S&P 500 Into the Green

Nvidia (NVDA) shares surged Tuesday, rebounding from a three-day pullback that drew the AI chip giant into correction💎 territory.

Nvidia’s gains—more than 6% at the stock’s intraday highs—lifted the S&am💃p🌞;P 500 into positive territory, contributing about 21 points to the index’s 19-point gain as of 2:50 p.m ET.

The stock had lost about 12% of its value between last Tuesday, when it overtook Microsoft (MSFT) as 澳洲幸运5官方开奖结果体彩网:the world's most valuable company, and yesterday's close.

The S&P 500 and Nasdaq Composite 澳洲幸运5官方开奖结果体彩网:declined over the same period, even as the majority of stocks trading on U.S. exchanges advanced. 澳洲幸运5官方开奖结果体彩网:The divergence exemplifies the massive importꦿance of mega-cap tech stocks, and Nvidia specifically, to U.S. stock indexes and the funds that track them.

Pool Corporatio🦂n Slashes Outlook as Economi🍎c Conditions Hurt Sales

Pool Corporation (POOL) shares sank in intraday trading Tuesday, a day after the distributor of pool products slashed its guidance as economic conditions have led to a pullback in consumer discretionary spending and cut into demand.&nb✤sp;

The company warned that sales are down about 6.5% so far this year, and it expects full-year sales to be in a “similar range.” Pool Corporation revised its outlook to reflect that, now anticipating 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $11.04 to $11.44, down from its earlier outlook of $13.19 to $14.19. It sees current-quarter EPS of $4.85 to $4.95, below analysts' forecasts.

Pool Corporation said it now believes new pool construction activity could drop 15% to 20% from✅ 2023. It expects remodeling to fall as much as 15%, versus its earlier forecast of flat to 10% lower.

Shares of Pool Corporation were down more than 7% Tuesday afternoon at $313.47, their lowest level since October. Shares of rival Leslie's (LESL) were down more than 4%.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Carnival Stock Soars on Surprise Q2 Profit

Carnival Corporation (CCL) shares sailed higher in intraday trading Tuesday when the cruise operator 澳洲幸运5官方开奖结果体彩网:post🦩ed a surpris🅺ing quarterly profit and boosted its guidance as cust✤𝓰omers spent more to sail. 

The company reported second-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.11, while analysts surveyed by Visible Alpha expected a per-share loss of $0.02. Revenue was up 17.7% to $5.78 billion, also above estimates.

Revenue, along with 澳洲幸运5官方开奖结果体彩网:operating income of $560 million, adjusted earnings before interest, taxes, deprecia♚tion, an♛d amortization (EBITDA) of $1.2 billion, and booking level🦹s all set second-quarter records. Total custom🌺er deposits of $8.3 billion were an all-time high.

Carnival said the resu🙈lts were driven by higher ticket prꦦices, increased onboard spending by passengers, and the timing of expenses between quarters.

 Carnival now anticipates full-year adjusted EBITDA of $5.83 billion, up about $200 million from the ▨previous outlook.  

Carnival stock surged nearly 8%, lifting shares of other cruise companies, including Norwegian Cruise Line (NCLH) and Royal Caribbean Group (RCL). However, even with today’s advance, Carnival shares are down nearly 5% year-to-date.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

SolarEdge Technologies Stock✤ Plunges on Customer Bankruptcy

SolarEdge Technologies (SEDG) shares cratered Tuesday, a day after the solar power equipment maker announced that 澳洲幸运5官方开奖结果体彩网:one of its customers has filed for Chapter 7 bankruptcy and likely won’t be able to pay its multi-million-dollar debt. It also warned about current-quarter spending, and announced a new sale of bonds.

SolarEdge wrote in a 澳洲幸运5官方开奖结果体彩网:Securities and Exchange꧒ Commi🔯ssion (SEC) filing Monday that PM&M Electric, a solar panel installer in Arizona, owes the company $11.4 million, and noted that while it is monitoring the bankruptcy, “𒀰it cannot guarantee𓂃 the outcome of the proceedings and may fail to collect the amounts due to the Company or collect such amounts only after significant delay.”

In the same report, SolarEdge explained that it expects to have used $150 million in 澳洲幸运5官方开奖结果体彩网:free cash in the second quarter, primarily because of “certain discretionary minority investments, extensions of credit provided to c🦂ertain customers, higher than expected working capital relate💜d to the ramp of U.S. manufacturing and a slower pace of payments on accounts receivable.”

In addition, the company said it would be selling $300 million in convertible senior notes due in 2029. It plans to use the money to cover the cost of 澳洲幸运5官方开奖结果体彩网:capped call transactions, repaꦡy earlier debt, and🅘 general corporate purposes.

Shares of SolarEdge Technologies p🐼lunged more than 16% and are trading at their lowest levels in seven years.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Novo Nordisk Rises as Wegovy Is Approved in China

澳洲幸运5官方开奖结果体彩网:American depositary receipts (ADRs) of Danish drugmaker Novo Nordisk (NVO) rose Tuesday on the 澳洲幸运5官方开奖结果体彩网:New York Stock Exchange (NYSE) after the company announced that its popular weight-loss drug Wegovy 澳洲幸运5官方开奖结果体彩网:has been approved to start being sold in China.

The treatment for overweight and obese patients was approved "recently" by China's National Medical Products Administration, according to a translation of a Chinese release from Novo Nordisk released Tuesday morning.

Novo Nordisk's Ozempic and Wegovy have 澳洲幸运5官方开奖结果体彩网:exploded in popularity over the last several years, boosting the company's earnings and stock price to make it the 澳洲幸运5官方开奖结果体彩网:most valuable company in Europe, while its U.S. competitor Eli Lilly (LLY) has seen 澳洲幸运5官方开奖结果体彩网:similar growththanks𒊎 to its weight-loss drugs Mounjaro and Zepbound.

The announcement comes a day after Novo Nordisk said it plans to spend just over $4 billion expanding its U.S. manufacturing with a new facility in North Carolina as part of a broader $6.8 billion effort to boost capacity this year. The company has also completed a 澳洲幸运5官方开奖结果体彩网:number of acquisitions over the la🗹st year to 澳洲幸运5官方开奖结果体彩网:increase its production.

Novo Nordisk ADRs rose almost 4% and are 40% higher in 2024.

澳洲幸运5官方开奖结果体彩网:-Aaron McDade

Spirit AeroSystems Stoc🍰k Slides After Boeing Reportedly Chang♑es Offer Terms

Spirit AeroSystems (SPR) shares dropped after Bloomberg reported late Monday that Boeing (BA) 澳洲幸运5官方开奖结果体彩网:changed the terms of its all-cash offer to reacquire the parts supplier for a mostly stock deal valuing the aerostructure supplier at about $35 per share.

If accepted, the offer of $35 per share would represent a premium of about 6% to Spirit’s $33.07 Monday close and implies 22% upside from the stock’s Feb. 29, close, the day prior to the takeover discussions becoming public.

In addition, the deal will require Spirit to spin off some of its manufacturing plants to Boeing’s European rival Airbus (EADSY), Bloomberg reported🌃. Discussions have faced headwinds in recent months after Airbus threatened to block the deal if it involved Boeing building any of its newest aircraft.

 The embattled plane maker has come under intense scrutiny from federal aviation regulators and lawmakers this year following a door plug of an Alaska Airlines (ALK) 澳洲幸运5官方开奖结果体彩网:737 Max jet detaching mid-flight in January.

Taking a look at the weekly chart, Spirit AeroSystems shares broke above a multi-year 澳洲幸运5官方开奖结果体彩网:downtrend line in early March after 澳洲幸运5官方开奖结果体彩网:news of Boeing’s po๊tential takeover of the company emerged. 

Since that time, the price initially retraced, but found support from the breakout point and now trades just below the neckline of an 澳洲幸运5官方开奖结果体彩网:inverse head and shoulders pattern, a chart formation that indicates ꧙a po𓂃tential reversal back to the upside. 

Looking ahead, investors may monitor for a volume-backed breakout above the pattern’s neckline at $35. Such a move could mark the beginning of a new uptrend and see the stock climb to around $54 where it would likely encounter overhead 澳洲幸运5官方开奖结果体彩网:resistance from a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects 🦋a series of price action stretching back to May 2017.

-澳洲幸运5官方开奖结果体彩网:Tim Smith

Stock Futures Mostly Higher

Dow futures were down 0.ꦍ1% in premarket trading Tuesday.

S&P futures rose 0.2%.

Nasdaq futures rose 0.3%.