Key Takeaways
- The S&P 500 added 0.6% on Thursday, May 8, after the U.S. struck a trade agreement with the U.K.
- Axon Enterprise shares surged after the maker of law enforcement and military equipment topped quarterly estimates, citing strong software demand.
- Online dating platform operator Match Group posted a decline in paying users and announced workforce reductions, and its shares tumbled.
Major U.S. equities indexes pushed higher after President Trump unveiled a new trade agreement with the U.K.
It is the first deal announced since last month's suspension of "reciprocal" tariffs. The agreement will keep the 10% broad tariff in place, but will give the U.K. concessions on automobile and steel industry tariffs in exchange for "increased market access" for U.S. agricultural, industrial, and chemical products in Britain.
The🐟 S&P 500 gained 0.6% on Thursday. The Dow industrials also closed 0.6% higher, while the tech-heavy Na𝓀sdaq jumped 1.1%.
Shares of Taser maker Axon Enterprise (AXON) surged 14.1%, gaining the 澳洲幸运5官方开奖结果体彩网:most of any s𓃲tock in the S&P 50💜0 on Thursday. The company, which also provides body came𝓡ras and other products for military and law enforcement, posted better-than-expected sales and profits for the first quarter and boosted its full-year guidance. Axon touted strong growth for its software and services segment, highlighting robust demand for its artificial intelligence (AI) policing systems.
Epam Systems (EPAM) also surpassed consensus estimates with its quarterly results, and shares of the digital engineering and cloud-based software provider jumped 12.9%. Growth in IT services revenue, AI-related demand, and strategic partnerships helped underpin the strong performance. EPAM also increased its full-year sales outlook and announced that its c😼urrent chief revenue officer would take the reins as CEO later this year.
Enphase Energy (ENPH) shares advanced 12.2% after the energy technology firm launched a plug-and-play solar energy system in Germany. The new product is designed for users who live in apartments or have limited roof space. It can also be used in off-grid locations such as cabins, campsites, and mobile homes. With Thursday's gains, Enphase stock staged a partial recovery from losses posted late last month after its quarterly results 澳洲幸运5官方开奖结果体彩网:fell short of expectations.
Shares of Match Group (MTCH), operator of Tinder and other online dating servi🎀ces, sank 9.6%, posting the S&P 500's weakest dai🦋ly performance. The company reported a year-over-year decline in paying users across its platforms, including the dating sites Hinge and OkCupid. Furthermore, Match said it would cut its workforce by 13% in an effort to cut costs as it navigates challenges related to user engagement.
Fortinet (FTNT) shares fell 8.4% in the wake of the cybersecurity firm's quarterly earnings release. Although its first-quarter adjusted profits came in ahead of consensus forecasts, revenue for the period missed the mark, and Fortinet issued underwhelming guidance for the current quarter and the full year. Despite the relatively cautious outlook, Fortinet maintains a strong leadership position in the global firewall market.
Shares of drug wholesaler and pharmaceutical solutions provider Cencora (COR) lost 6.8% on Thursday, reversing the strong gains posted by the stock in the prior session following a strong earnings report. Notwithstanding the strong quarterly performance, Cencora noted that it faces challenging growth comparisons for GLP-1 weight-loss products along w☂ith softness in clinical trial activity and its specialty logistics business.