S&P 500 Gains and Losses Today: Deckers Outdoor Stock Slips Amid Sales Slowdown

Major U.S. equities indexes climbed Wednesday arsenic Federal Reserve Chair Jerome Powell wrapped up a two-day stint of Congressional testimony.

In Wednesday's quality earlier nan House Financial Services Committee, Powell focused connected nan cooldown successful nan U.S. labour marketplace — a imaginable denotation that nan Fed could beryllium moving person to cutting liking rates pursuing months of speculation astir nan timing of its first complaint cut.

The S&P 500 added 1% successful nan midweek session, posting a grounds closing precocious for nan sixth consecutive convention and crossing nan 5,600-point milestone for nan first time. Outperformance successful nan tech assemblage helped assistance nan Nasdaq 1.2%, extending that index's streak of grounds closes to 7 trading days. The Dow posted a summation of 1.1%.

Shares of Albemarle (ALB), nan world's largest lithium producer, jumped 7.1%, notching nan strongest regular capacity of immoderate S&P 500 stock. With Wednesday's gains, nan banal clawed backmost a important information of nan steep losses posted successful nan anterior convention aft analysts astatine 2 banks reduced their value targets, citing anemic lithium prices and an uncertain request trajectory for electrical vehicles (EVs). Other analysts person suggested that lithium prices are poised to retrieve successful nan mean to agelong term.

CarMax (KMX) shares drove 6.5% higher. The gains came aft Needham analysts upgraded shares of chap conveyance retailer Carvana (CVNA) to "buy" from "hold," highlighting nan firm's maturation imaginable and caller features designed to streamline nan process of buying cars that suffice for EV taxation credits. Carvana shares gained 4.2%.

Shares of drugstore elephantine Walgreens Boots Alliance (WBA) were up 4.4%. The banal plunged to 27-year lows astatine nan extremity of June aft nan institution fell short of profit estimates, lowered its guidance, and announced it would shutter underperforming stores amid sluggish user demand. The wellness attraction provider's shares stay down much than 55% twelvemonth to date.

Deckers Outdoor (DECK) shares dropped 4.9%, suffering nan steepest losses successful nan S&P 500, aft a study from information analytics patient M Science pointed to slower June income of nan company's Hoka and Ugg footwear brands. The deceleration for nan celebrated footwear brands corresponds pinch broader unit connected discretionary spending, pinch consumers cutting backmost connected high-end purchases successful consequence to elevated ostentation and constricted costs growth.

Shares of package companies moved lower, suggesting that a imaginable rotation from red-hot semiconductor stocks into apt artificial intelligence (AI) beneficiaries successful nan package manufacture could beryllium losing steam. Shares of cybersecurity package supplier CrowdStrike Holdings (CRWD) fell 3%. Meanwhile, financial package patient Intuit (INTU) said it would lay disconnected 10% of its workforce. Its shares dropped 2.6%. HubSpot (HUBS) fell 12% pursuing reports that Google genitor Alphabet (GOOGL) was nary longer willing in buying it.

Uber Technologies (UBER) shares skidded 2.9% aft Hong Kong said it would statesman to modulate ridesharing services. The Transport and Logistics Bureau successful nan typical administrative region announced it would require licensing for Uber and competing platforms while aiming for much rigid enforcement of rules and penalties for violations.