S&P 500 Gains and Losses Today: Index Edges Lower as AI-Fueled Rally Loses Steam
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Key TakeawaysThe S&P 500 fell 0.2% on Friday, June 21, 2024, as the AI-fueled tech rally cooled and data showed a decline in the Conference Board's Leading Economic Index in May.Shares of Nvidia and other chipmakers moved lower as the rally in AI-related stocks faltered.FactSet Research shares rose after the financial data provider beat quarterly expectations and raised its full-year forecast.
Major U.S. equities indexes were mixed to close out the trading week. The sluggish performance for the stock markets on Friday came amid reports that existing home sales and the Conference Board's Leading Economic Index declined in May.The S&P 500 edged 0.2% lower, while the Nasdaq also fell 0.2%, while the Dow eked a slight gain of less than 0.1%.Shares of Nvidia (NVDA) and other chipmakers that have been major beneficiaries of the artificial intelligence (AI) boom were among the weakest performers on Friday, as the recent rally fueled by expectations for AI technology faltered near the end of the week. Chipmaker Broadcom (AVGO) suffered the heaviest losses of any S&P 500 stock, with shares dropping 4.4%. Nvidia (NVDA) and Micron Technology (MU) shares sank 3.2%.Shares of Resmed (RMD), which makes medical devices to treat sleep apnea and other medical conditions, fell 3.5%. Analysts reportedly noted that Resmed's operating expenses have been moving higher, while high levels of debt remain a concern.FactSet Research Systems (FDS) shares advanced 3.8%, marking Friday's top performance in the S&P 500, after the financial data provider posted better-than-expected earnings for its fiscal third quarter and raised its outlook for the full year. Increased revenues from institutional asset managers, asset owners, partners, and corporates underpinned the strong performance and improved outlook.Shares of agricultural sciences firm FMC (FMC) advanced 3.7%. When FMC released its most recent quarterly report last month, the provider of insecticides and other crop protection products guided full-year revenue above expectations, citing expectations for new products to underpin sales growth.Shares of Catalent (CTLT), which has a contract with Sarepta Therapeutics (SRPT) to manufacture a drug to treat a rare muscle disease, climbed after Sarepta Therapeutics received Food and Drug Administration approval for wider use of the drug. Read the original article on Investopedia.
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