S&P 500 Gains and Losses Today: Index Dips After Briefly Crossing 5,500
Photo by Spencer Platt/Getty Images)
Key TakeawaysThe S&P 500 declined by 0.3% on Thursday, June 20, 2024, after briefly crossing the 5,500 level for the first time before falling on declines in the technology sector. Chipmakers fell, with Nvidia, Qualcomm, Micron Technology and On Semiconductor all moving lower.Gilead Sciences jumped after it announced tests of its HIV prevention drug proved 100% effective in tests on women.
Major U.S. equities were mixed on Thursday as investors drew back from Nvidia (NVDA) and several other chipmakers to send the tech sector lowerAfter briefly crossing the 5,500 level for the first time, the S&P 500 moved lower by 0.3% to step back from its record high. Nasdaq dropped lower by 0.8% on the tech turndown, while the Dow jumped 0.8%.Shares of Gilead Sciences (GILD) soared 8.5% after the company announced that tests of its HIV prevention drug proved 100% effective in women in trials. The results were so successful that an independent monitoring committee recommended expanding testing of the drug called “lenacapavir." More trials are needed before it can apply for Food and Drug Administration (FDA) approval, including testing on men. Consulting firm Accenture (ACN) stock was 7.3% higher after it reported a jump in bookings related to its artificial intelligence (AI) products. Accenture beat its profit expectations despite its revenue declining from its year-ago levels.Electronic equipment supplier Jabil (JBL) moved lower by more than 11.4% after company executives discussed softness in several of its markets during a call on its quarterly results. Jabil gets nearly a fifth of its revenue from Apple (AAPL), so its results can give investors an indicator of the iPhone maker’s performance. Several chipmakers declined amid a pullback in the tech sector, including a decline of more than 3% by Nvidia.Qualcomm (QCOM), Micron Technology (MU), Microchip Technology (MCHP) and Western Digital Corp (WDC) each dropped around 5%, while ON Semiconductor (ON) and Broadcom (AVGO) moved lower by about 4%. While other tech firms struggled, Advanced Micro Devices (AMD) jumped by more than 4% after Piper Sandler analysts moved the company to “top pick” status on the strength of its AI chip strategy. Read the original article on Investopedia.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings