Stocks finished modestly higher on Wednesday, as investors focused on the strength of a tech-sector rebound.
The Dow Jones Industrial Average gained 15.64 points, or 0.04%, to finish at 39,127.80, while the S&P 500 squeaked up 0.16% to end the session at 5,477.90 and the tech-heavy Nasdaq rose 0.49% to 17,805.16.
Chipmaking titan Nvidia finished the day up 0.25% to $126.40 after spending most of the day in the red.
Investors will be looking to Friday's release of May’s personal consumption expenditures price index.
Updated at 12:34 PM EDT
Prime Time
Amazon (AMZN) shares hit a fresh record high Wednesday, and topped the $2 trillion mark for the first time ever, following a 3.1% gain tied in part to a report that it's working on a new AI chip with Taiwan-based Novatek.
Amazon shares were last marked 3.5% higher at $192.92 each, extending their 2024 advance to around 29%.
BREAKING: AMAZON JUST HIT A NEW ALL TIME HIGH$AMZN pic.twitter.com/U1U4flq5kZ
— GURGAVIN (@gurgavin) June 26, 2024
Updated at 10:47 AM EDT
Impossible task
Beyond Meat (BYND) shares extended declines in early trading, and are now down more than 22% for the year, after McDonald's (MCD) USA president Joe Erlinger said plant-based burgers performer poorly in certain test markets.
Speaking with Bloomberg Television, Erlinger said tests of plant-based burgers in Dallas and San Francisco had failed, adding that diners have not demanded their addition in other markets.
Beyond Meat shares were last marked 1.7% lower on the session at $6.4 each.
*MCDONALD'S PLANT-BASED BURGER TESTS FAILED IN SF, DALLAS
— Joe Weisenthal (@TheStalwart) June 26, 2024
*MCDONALD'S DINERS NOT DEMANDING PLANT-BASED OPTIONS: ERLINGER
Updated at 9:42 AM EDT
Muted open
The S&P 500 was marked 13 points, or 0.24% lower in the opening minutes of trading, with the Dow falling 135 points to kick-off the third last day of the quarter.
The tech-focused Nasdaq, meanwhile, was marked 14 points lower, or 0.07%, with a modest 0.21% early gain for Nvidia.
S&P 500 Opening Bell Heatmap (Jun. 26, 2024)$SPY -0.29%🟥$QQQ -0.13%🟥$DJI -0.47%🟥$IWM -0.81%🟥 pic.twitter.com/vPOMRponTq
— Wall St Engine (@wallstengine) June 26, 2024
Updated at 9:25 AM EDT
Freight sale
FedEx shares are set to open at the highest levels of the year in early trading after the parcel delivery group topped Street forecasts for its fourth quarter earnings and hinted at plans to sell its Fedex Freight division.
FedEx shares were marked 12.6% higher in premarket trading to indicate an opening bell price of $287.60 each
Related: Analysts rush to reset FedEx stock price targets after Q4 earnings
Stock Market Today
Tech stocks led Wall Street higher yesterday, with a near 7% surge for Nvidia (NVDA) . The artificial-intelligence-chip maker snapped a three-day losing streak, helping the Nasdaq to a 1.26% gain, which in turn steadied investor sentiment and flowed through to markets in Europe and Asia in overnight dealing.
Micron Technology (MU) will post fiscal-third-quarter earnings after the close of trading today. Investors are looking for a robust near-term demand outlook for its AI-powering memory chips to cement the sector's bullish tone heading into the summer.
Nvidia will also be in focus with its annual meeting later today in Santa Clara, Calif.
Related: Analysts revisit Micron stock price targets ahead of Q3 earnings
Another stock on the move this morning is FedEx (FDX) , which surged 13.6% in premarket trading. The world's second-largest package-delivery company forecast better-than-expected full-year profit following a solid fiscal-third-quarter report.
Rivian Automotive (RIVN) shares, meanwhile, were flying more than 38% higher after the electric-truck maker struck a deal that will see Germany's Volkswagen (VWAGY) invest more than $5 billion in a joint carmaking venture.
Heading into the start of trading on Wall Street, futures tied to the S&P 500 are priced for a 4-point opening-bell gain, with the Dow set for a 38-point decline.
The tech-focused Nasdaq, meanwhile, is called 44 points higher with early gains from Nvidia, Micron and Apple (AAPL) driving the advance.
In overseas markets, Europe's Stoxx 600 added 0.22% in early Frankfurt trading with investors warily eying this weekend's parliamentary elections in France. Britain's FTSE 100 rose 0.32% ahead of next week's national elections on July 4.
More Wall Street Analysts:
- Analyst updates Oracle stock price target after earnings
- Analyst reboots Trade Desk stock price target after Netflix deal
- Analysts adjust Micron stock price target ahead of earnings
Overnight in Asia, the yen hit a fresh 34-year low of 160.245 against the U.S. dollar, prompting more speculation of intervention from officials in Japan the currency in global markets.
The weakness, however, helped the Nikkei 225 rise 1.26% by the close of trading in Tokyo, well outpacing the 0.21% gain for the regional MSCI ex-Japan benchmark.
Related: Veteran fund manager picks favorite stocks for 2024
