Michael Siluk /UCG / Common Photographs Group through Getty Photographs
Key Takeaways
- The S&P 500 slipped 0.1% on Thursday, Dec. 19, 2024, as shares struggled to get better from the prior day's sell-off regardless of upbeat knowledge on financial progress.
- Frozen potato distributor Lamb Weston reported an sudden quarterly loss, citing weak worldwide demand, and its shares tumbled.
- Darden Restaurants shares surged as gross sales progress from its LongHorn Steakhouse chain helped drive robust quarterly outcomes.
Main U.S. equities indexes completed Thursday little modified after a pointy sell-off a day earlier.
Though buyers continued to digest indications that the Federal Reserve plans a extra muted path for interest-rate cuts in 2025, a optimistic replace to estimated gross home product progress within the third quarter demonstrated the resilience of the U.S. economic system.
After buying and selling increased for many of the session, the S&P 500 and the Nasdaq Composite noticed their rebound makes an attempt lose steam within the afternoon, with each indexes ending down 0.1%. The Dow managed a acquire of lower than 0.1%, ending a streak of 10 straight down days.
Shares of Lamb Weston (LW) plunged 20%, greater than another S&P 500 inventory on Thursday, after the supplier of frozen fries and different potato merchandise reported an unanticipated loss for its fiscal second quarter. The Idaho-based firm additionally lowered its full-year outlook and introduced the appointment of a brand new CEO,
Micron Know-how (MU) supplied lower-than-expected gross sales steerage for the present quarter, and its shares tumbled 16%. The chipmaker cited smooth demand in consumer-oriented markets, pointing to the auto and industrial sector in addition to an underwhelming PC alternative cycle. Financial institution of America analysts downgraded Micron inventory to “neutral” from “buy” and lowered their worth goal, noting the corporate faces pricing strain within the reminiscence chip market.
Vertex Prescribed drugs (VRTX) shares fell 11% following combined outcomes from a Part 2 scientific trial of a therapy for lumbosacral radiculopathy, a situation inflicting leg and again ache. The biotechnology firm stated that, though the drug met its main endpoint of decreasing ache, the placebo used within the examine confirmed related outcomes.
Darden Restaurants (DRI) inventory skyrocketed on Thursday, main the S&P 500 increased with a surge of almost 15%. The dad or mum firm of Olive Backyard and different restaurant chains posted better-than-expected gross sales and adjusted income for its fiscal second quarter, boosted by robust same-restaurant gross sales progress from its LongHorn Steakhouse enterprise. Darden additionally lifted its full-year income outlook.
A beat-and-raise quarter additionally helped raise shares of Accenture (ACN), which jumped 7.1% after the skilled providers and consulting agency topped income and web earnings forecasts and elevated its full-year gross sales outlook. 12 months-over-year progress in synthetic intelligence bookings contributed to Accenture’s profitable quarter.
Shares of vitality gear maker GE Vernova (GEV) superior 4.9%. A number of market observers highlighted the robust efficiency of GE Vernova inventory since its spin-off from Common Electrical earlier this yr, noting its potential to profit from rising demand for clear vitality, particularly from AI knowledge facilities. Final week, GE Vernova declared a dividend, introduced a inventory buyback plan, and raised its full-year gross sales forecast.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
