S&P 500 Gains and Losses Today: Edwards Lifesciences Sinks on Outlook for Key Product

Major U.S. equities indexes were mixed aft a study showing U.S. gross home merchandise (GDP) grew astatine a greater-than-expected annualized complaint of 2.8% successful nan 2nd quarter.

Although indications of persistent economical spot temporarily took nan spotlight connected Thursday, boosting stocks successful intraday trading, nan concerns astir muted tech net that sent stocks tumbling successful nan erstwhile convention reemerged successful nan afternoon.

The S&P 500 ended nan time 0.5% lower, while underperformance from nan connection services and exertion sectors contributed to a diminution of 0.9% for nan Nasdaq. The Dow besides receded from midsession highs but held onto a regular summation of 0.2%.

Shares of Edwards Lifesciences (EW) plummeted 31.3%, marking nan heaviest losses among S&P 500 components, aft nan aesculapian exertion supplier missed second-quarter gross estimates. Although EPS came successful somewhat up of forecasts, Edwards trim its full-year income forecasts for its transcatheter aortic heart-valve replacements (TAVR), 1 of its cardinal gross generators. The institution besides announced plans to get JenaValve Technology and Endotronix arsenic it intends to grow its position successful nan cardiac wellness market.

Ford Motor (F) shares besides came nether unit aft a mixed net report, sinking 18.4% aft nan carmaker's quarterly EPS fell short of expectations contempt better-than-expected revenue. Revenue for Ford's electrical conveyance (EV) section declined 37% from nan anterior year, and nan institution precocious announced that it would scrap plans to person a works successful Canada to EV production, focusing alternatively connected ramping up manufacturing of its Super Duty pickups.

Ford was not nan only institution successful nan car manufacture facing a post-earnings diminution connected Thursday. Shares of LKQ Corp. (LKQ) dropped 12.4% aft nan car parts recycler missed second-quarter income and profit estimates. The institution besides reduced its outlook for nan remainder of nan year, citing macroeconomic challenges successful Europe and decreasing volumes.

ServiceNow (NOW) shares soared 13.4% to scope a grounds precocious and notch nan apical regular capacity of immoderate S&P 500 stock. The supplier of cloud-based workflow guidance package exceeded analysts' estimates pinch its second-quarter income and profits, pinch robust request for artificial intelligence (AI) products helping to thrust a 23% year-over-year increase successful subscription revenue.

A beardown net study besides helped assistance shares of California-based insurer Molina Healthcare (MOH), which jumped 12.3%. The institution hit second-quarter income and profit forecasts, pinch 19% year-over-year gross gains driven by securing caller Medicaid contracts and increasing existing businesses. Earlier successful nan week, Molina announced it would get ConnectiCare, a wellness scheme serving Marketplace and Medicare members successful Connecticut, expanding nan company's footprint successful government-managed care.

Hospital and wellness attraction work supplier Universal Health Services (UHS) topped income and profit estimates pinch its second-quarter results, and its shares gained 10.2%. Despite underperformance from nan company's behavioral wellness services, maturation successful acute attraction helped thrust nan beardown capacity and prompted UHS to boost its full-year guidance.

Commercial existent property patient CBRE Group (CBRE) besides reported better-than-expected gross and net per stock (EPS) for nan 2nd quarter, and its shares added 9.3%. CBRE boosted its full-year profit forecast, citing beardown request for leasing and indebtedness servicing services, moreover arsenic borrowing costs stay elevated. The institution besides pointed to a stabilization of nan agency existent property market, pinch peculiar signs of betterment successful New York City.

A beat-and-raise 4th besides helped assistance shares of RTX Corp. (RTX), which gained 8.2% and deed an all-time high. The aerospace and defense shaper topped quarterly income and profit estimates and boosted its full-year forecasts, citing request for its products underpinned by beardown commercialized aerial postulation and precocious levels of subject spending.