S&P 500 Gains and Losses Today: Deckers Outdoor Jumps on Uggs and Hoka Demand

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Key Takeaways

  • The S&P 500 added 0.7% connected Friday, May 24, 2024, closing retired a week that saw reemerging ostentation concerns formed a protector complete beardown net news.
  • Footwear shaper Deckers Outdoor topped quarterly estimates, driven by request for its Uggs and Hoka footwear brands, and its shares soared.
  • Shares of Intuit tumbled aft nan financial package patient said it would suffer 1 cardinal customers who had utilized nan free type of its TurboTax program.

Major U.S. equities indexes moved higher, boosted by outperformance from nan exertion sector. The gains connected Friday closed retired a week that saw a blockbuster net study from semiconductor elephantine Nvidia (NVDA) but besides respective signs of sticky inflation, which raised doubts astir really agelong interest rates mightiness stay elevated.

The S&P 500 gained 0.7% connected Friday. The Nasdaq jumped 1.1%, while nan Dow was mostly level but edged retired a summation of little than 0.1%.

Shares of footwear shaper Deckers Outdoor (DECK) logged Friday's biggest gains successful nan S&P 500, soaring 14.2% to deed an all-time precocious pursuing a beardown quarterly net report. Robust request crossed its Uggs and Hoka footwear brands helped Deckers beat income and profit estimates for its fiscal 4th fourth of 2024.

First Solar (FSLR) shares jumped 10.8%, sparkling yet again connected Friday aft notching nan S&P 500's apical capacity for 2 consecutive sessions earlier this week. First Solar stands to use from taxation credits nether nan Inflation Reduction Act, and analysts person precocious pointed to nan company's opportunity to meet nan high power request from artificial intelligence (AI) processes.

The enthusiasm astir powering AI whitethorn person extended to different renewable power companies. Shares of GE Vernova (GEV), nan power instrumentality shaper that completed its spinoff from nan General Electric conglomerate earlier this year, added 9.8%. Shares of chap renewable power exertion supplier Enphase Energy (ENPH) were up 6.5%.

Intuit (INTU) shares tumbled 8.4%, marking nan weakest capacity of immoderate S&P 500 stock, aft nan financial package supplier said it expects to suffer 1 cardinal customers from nan free type of its TurboTax taxation filing program.

Shares of cloud-based quality resources level Dayforce (DAY) sank 7.6% aft rival Workday (WDAY) issued softer-than-expected guidance for its subscription revenue. The patient expects income scrutiny and slower customer headcount maturation to resistance connected results. Workday shares plunged 15.3% connected Friday.

Elevance Health (ELV) shares dropped 4.1%, receding from nan all-time highs posted by nan banal earlier this week. The wellness benefits institution announced earlier this week that it would motorboat a $10 cardinal effect investing programme aimed astatine addressing wellness equity issues.

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