Top S&P 500 Movers on Friday

Advancers

• Shares of construction materials supplier Builders FirstSource (BLDR) notched the top performance in the S&P 500, soaring 8.7%. While more clarity around forthcoming rate cuts and the promise of lower mortgage rates bodes well for construction activity, the company has also drawn attention for its aggressive 澳洲幸运5官方开奖结果体彩网:stock buybacks and acquisitions. A Thursday report in The Wall Street Journal highlighted how Builders FirstSource has managed to reduce net debt even as it repurchases shares and snaps up competitors, leaving the company in a strong position despite the uncertain trajectory of the housing market.
• Cruise operators were another beneficiary of the increasing likelihood that interest rates are heading lower following Powell's speech. Cruising vacations represent highly discretionary purchases, and the operators tend to carry significant debts, making them particularly sensitive to interest rate changes. Shares of Norwegian Cruise Line Holdings (NCLH) sailed 7.7% higher on Friday, while Carnival (CCL) shares were up 7.4%.

• Warner Bros. Discovery (WBD) shares gained 7.3% following a report on the entertainment giant's plans to revamp its cable network strategy. According to The Wall Street Journal, the conglomerate plans to increase spending on programming for its TNT network, focusing on high-intensity dramas designed to appeal to the channel's male audience. The strategy marks a shift a way from the focus on streaming services and comes after the company lost its broadcasting deal with the NBA.
• The prospect of rate cuts also led to a bright day for stocks in the solar industry. Lower interest rates reduce financing costs and make solar installations more attractive. Shares of solar micro-inverter manufacturer Enphase Energy (ENPH) jumped 6.5%. Earlier this week, analysts at Truist reaffirmed their "buy" rating on Enphase stock, pointing to potential operational expansion. Shares of solar panel maker First Solar (FSLR) were up 5.9% on the day.

Decliners

• Intuit (INTU) shares tumbled 6.8%, suffering the 澳洲幸运5官方开奖结果体彩网:steepest loss of a🏅ny S&P 500 stock, after the financial software company reported an unexpected quarterly loss and issued lackluster full-year profit guidance. The company behind TurboTax and Credit Karma announced last month that it planned to 澳洲幸运5官方开奖结果体彩网:cut its workforce by around 10%, although it intends to replace departing employees with new talent to focus on artificial intelligence (AI) capabilities.
• Shares of design automation software firm Synopsys (SNPS) fell 1.6% following the company's latest quarterly earnings report. Earnings per share (EPS) topped forecasts, but revenue was essentially in line with expectations. In January, Synopsys announced its plan to acquire engineering software provider Ansys (ANSS) in a $35 billion cash-and-stock deal, but U.K. regulators said earlier this week that they are considering the potential impact of the proposed transaction on competition in the country.
• Shares of memory and data storage provider Micron Technology (MU) slipped 1.4% after Susquehanna trimmed its price target on the stock. The analysts' more subdued expectations follow an update from Micron, anticipating that DRAM and NAND bit shipments will remain relatively flat quarter over quarter. However, Susquehanna maintains a positive stance on the stock and predicts tight supply and demand dynamics to support an upcycle in the memory industry.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Intuit Tumbles on Surprise Loss, Soft Outlook

Intuit (INTU) is the 澳洲幸运5官方开奖结果体彩网:S&P 500's worst performer Friday, a day after the company reported a surprise fourth-quaꦅrter loss and a soft profit outlook.

The TurboTax and🧜 Credit Karma parent sees fiscal 2025 first-quarter earnings per share between 61 cents and 66 cents🍃 and full-year EPS between $12.34 and $12.54, both short of expectations. 

Intuit posted fiscal 2024 fourth-quarter revenue of $3.18 billion, up 17% year-over-year and above estimates. However, the company swung to a per-share loss of 7 cents from a profit of 32 cents a year ago, missing analysts' expectations of a 22-cent profit.

The results come after Intuit announced plans in July to 澳洲幸运5官方开奖结果体彩网:lay off 1,800 employees, roughly 10% of its workforce, but replace them with a nearly equal number of staffers focused on 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) in fiscal 2025. 

Intuit shares were down 7% in recent trading.

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

Nvidia Earnings to Take Center Stage Next Week

Now that the Powell speech is in the rear view mirror, attention turns to next week's earnings from artificial intelligence chipmaker Nvidia (NVDA).

The AI investor darling will report second-quarter results for fiscal 2025 after the bell on Wednesday. Investors will be watching for sustained data center growtﷺh and🍨 any updates on reported delays affecting the new Blackwell chip.

Analysts project revenue will grow to $28.84 billion, according to estimates compiled by Visible Alpha, which would be more than double Nvidia's revenue in the same period a year ago. Net income is also expected to more than double from a year earlier to $14.95 billion, with a sharp decline in 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) expected primarily as a result of the company's 10-for-1 澳洲幸运5官方开奖结果体彩网:stock split.

Nvidia has blown🌳 past earnings expectations in recent quarters, and investors will no doubt be expecting blockbuster results again next week.

You can read the 澳洲幸运5官方开奖结果体彩网:full earnings preview here.

Nvidia shares were up 3.5% in mid-afternoon tradin📖g Friday🎐. The stock has gained nearly 160% so far in 2024.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

Market Betting on Deeper Rate Cuts After Powell Remarks

Market participations have raised their expectations for the Federal Reserve to aggressively cut interest rates after Fed Chair Jerome Powell's eagerly awaited speech at the Jackson Hole Economic Policy Symposium on Friday.

At around noon ET, traders were pricing in about a 35% chance the Fed will cut its benchmark interest rate by half a percentage point to a range of 4.75%-5.00% at the September 18 policy committee meeting, according to the CME Group’s FedWatch tool, which forecasts interest rate movements based on fed funds futures trading data. That's up from the 24% likelihood priced in on Thursday.

Traders were also pricing in a 76% chance the Fed will trim a full percentage point from the fed funds rate, which is at a 23-year high, by the end𒈔 of 2024. That compares with the 64% likelihood that was being priced in yesterday.

澳洲幸运5官方开奖结果体彩网:Powell said Friday that he's confident that inflation is headed toward the Fed's 2% annual target, while "the labor market has cooled considerably🐷."

"The time has come for policy to adjust," Powell told economists gathered in Jackson Hole. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."

Powell noted that the labor market risks are currently higher than the risk of inflation flaring up again. The Fed has a 澳洲幸运5官方开奖结果体彩网:dual mandate to maintain price stability and prom𒁃ote full employment.

Cava Stock Sizzles as New Steak Offering Outperforms

Cava Group (CAVA) shares surged Friday, a day after the 澳洲幸运5官方开奖结果体彩网:company raised its 2024 guidance and said its new grilled steak is "significantly ou﷽tperforming" expectations.

The fast-casual Mediterranean chain boosted its 2024 澳洲幸运5官方开奖结果体彩网:same-store sales estimate to 9% from 5.5% at the midpoint and its adjusted EBITDA midpoint projection to $111.5 million from $102.5 million. In the second quarter, sale-store sales growth was 14.4% year-over-yeꦬar, and Cava added 18 net new locations. 

Revenue for the period grew 35% to $233.5 million but diluted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) d𝔍eclined by 4 cents to 17 cents. B𝓀oth topped analysts' expectations.

Cava shares were up 17% in recent trading. The stock has g🦋ained 178% so far in 2024.

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

Major Indexes Looking for a Second Straight Week of Gains

Heading into Friday's session, major indexes are near flat for the week, as stocks have bounced around ahead of Fed Chair Jerome Powell's speech on Friday.

The S&P 500, Nasdaq Composite and Dow Jones Industrial Average, which are looking to post weekly gains for the second consecutive week, are also near unchanged for the month, with the S&P 500 and Nasdaq up slightly while the Dow is s🎐lightly lower.

Workday Shares Soar on Positive Outlook

Workday (WDAY) shares we♈re up 14% in premarket tradin🐼g after the human resources and capital management software provider reported quarterly results that topped estimates and pointed to growth opportunities in international markets.

The shares have carved out a double bottom between June and August, a well-known chart p💫attern that indicates an upside reversal after an extended downtr🗹end.

Investors shꦜould monitor important overhead🉐 price levels in Workday shares at $264, $279, and $306.

Read our full 澳洲幸运5官方开奖结果体彩网:technical analysis piece here.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Futures Point to Higher Open for Major Indexes

Futures tied for ꦗthe Dow Jones Indus💟trial Average were up 0.4%.

S&P 500 futures were up 0.5%.

Nasdaq 100 futures were up 0.8%.