S&P 500 Gains and Losses Today: Charles Schwab Drops as Firm Plans To Shrink Bank

Major U.S. equities traded higher aft respective companies posted beardown net results and a study showed that retail income remained dependable successful June compared pinch nan anterior month, outperforming economists' predictions.

Stocks besides received a boost from expanding condemnation among marketplace participants that little liking rates are forthcoming. According to CME Group's FedWatch tool, traders are now pricing successful a 100% chance that nan Federal Reserve will trim its influential fed costs complaint astatine its September meeting.

The S&P 500 added 0.6%, notching an all-time closing high. The Dow soared much than 700 points, aliases 1.9%, reaching a grounds close for nan 2nd consecutive day. After spending overmuch of nan convention successful antagonistic territory, nan Nasdaq rallied successful nan day to station a regular summation of 0.2%.

Health security firms enjoyed a beardown time connected nan banal marketplace aft manufacture elephantine UnitedHealth Group (UNH) beat second-quarter profit estimates, driven by accrued gross from its Optum wellness attraction unit. UnitedHealth shares added 6.5% pursuing nan beardown results. Peers besides posted gains, pinch shares of Molina Healthcare (MOH) jumping 8.2% to notch Tuesday's apical capacity successful nan S&P 500.

Firmer assurance that little liking rates are connected nan sky helped assistance shares of companies successful nan lodging industry, pinch nan committedness of little liking rates boding good for early homebuying activity. Shares of building materials supplier Builders FirstSource (BLDR) soared 8.0%. Shares of location builders besides moved higher, pinch Pultegroup (PHM), D.R. Horton (DHI), and Lennar (LEN) each up much than 6.5%.

Warner Bros Discovery (WBD) shares jumped 7.6% aft Bank of America pointed to galore strategical options for nan media conglomerate to create much worth for its shareholders. Possible moves mentioned by nan analysts see spinning disconnected workplace assets into a standalone institution aliases merging its streaming services pinch different entity.

Shares of Match Group (MTCH), which operates Tinder and different online making love platforms, surged 7.5% amid news that activist hedge fund Starboard Value has acquired a stake worthy astir 6.6% of nan company. In a missive to Match executives, Starboard stressed nan request for improved margins and discussed nan anticipation of pursuing a waste to bring nan institution private.

Charles Schwab (SCHW) shares plummeted 10.2%, suffering nan heaviest losses of immoderate S&P 500 component. CEO Walt Bettinger said nan financial services patient will downsize its bank to effort to support profitability. According to reports, nan patient plans to streamline its usage of superior by relying connected off-balance expanse deals pinch extracurricular partners to clasp customer deposits.

Other stocks successful nan financial services manufacture came nether unit pursuing nan informing from Schwab. Shares of Raymond James Financial (RJF) and Ameriprise Financial (AMP) fell 6.3% and 3.8%, respectively.

Progressive (PGR) shares slipped 3.2% aft nan spot and casualty insurer reported mixed quarterly results, pinch earnings per stock (EPS) exceeding estimates but gross falling somewhat short of expectations. Following nan net release, Morgan Stanley maintained its "overweight" standing connected Progressive stock, highlighting beardown underwriting profitability, but analysts noted lower-than-expected individual car policies successful unit (PIF) arsenic a imaginable area of concern.