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What you need to know
- The S&P 500 declined 0.2% on Thursday, Dec. 5, as the record-setting stock rally cooled ahead of Friday morning's jobs report.
- Synopsys shares tumbled as U.S. restrictions on chipmaking exports to China weighed on the electronic design firm's 2025 outlook.
- Brown-Forman’s stock soared after it surpassed quarterly forecasts on strong whiskey sales.
Major U.S. equities indexes hovered near record levels in Thursday trading before closing lower ahead of Friday morning's employment report.
The S&P 500 slipped 0.2%, ending a streak of four straight all-time closing highs. Nasdaq was down by 0.2%, and Dow dropped 0.6%.
Synopsys (SNPS) shares plunged 12.4%, the steepest loss of any stock in the S&P 500. As a result of the new U.S. restrictions on semiconductor exports, the company’s fiscal 2025 revenue outlook was lower than expected, despite exceeding quarterly estimates for profit and revenues. Cadence Design Systems, a rival electronic design software company, saw its shares fall 6.4%.
Shares of Uber Technologies (UBER), owned by Alphabet parent Alphabet, fell 9.6% after Waymo announced its plans to extend the robotaxi service in Miami, Florida. Waymo will start testing in Miami in early 2019 and launch its Miami taxi service in 2026. It could be a major disruption to the ridesharing market. Lyft shares (LYFT) fell 10.1%.
Aluminium prices rose this week as China’s Ministry of Finance removed export tax exemptions on copper and aluminum. Analysts predict that the measure will limit global aluminum supplies, which in turn should support higher metal prices. Ball Corp. shares (BALL), which manufactures beverage cans, aluminum packaging and more, fell 5.8% in value on Thursday.
Shares of whiskey maker Brown-Forman (BF.B) turned in a top-shelf performance, leading all S&P 500 constituents with a Thursday surge of 10.7%. Jack Daniels, the maker of Jack Daniels whiskey, reported higher-than-expected sales and profit for its first quarter. The company attributed this to Woodford Reserve’s strength and an expectation that international sales will help boost organic growth by fiscal 2025.
The shares of Tesla (TSLA), which are owned by several analysts, jumped up 3.2% after positive reports. Bank of America analyst raised the price target for Tesla after visiting the Giga-Austin plant. The analysts cited potential impacts of Tesla’s Optimus robot already used in its energy storage division.
American Airlines (AAL), Southwest Airlines (LUV), and United Airlines (UAL) have raised their travel forecasts citing robust consumer demand. American announced that it would extend its partnership with Citibank (C), which boosted the stock price by 16.8%. United Airlines shares (UAL), Delta Airlines stocks (DAL), Southwest Airlines stock prices were all up by 3,2%, 2,4% and 2% respectively.
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