Top Movers
By Mackenzie Crow
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The U.S. stock market showed resilience in the face of ongoing economic uncertainties, with the S&P 500 Index climbing 0.3% as Federal Reserve Chair Jerome Powell signaled a cautious stance on interest rate cuts. This sentiment was echoed across major indexes, with the Nasdaq 100 and the Dow Jones Industrial Average experiencing gains of 0.5% and 0.1%, respectively.
Several companies stood out in today's trading session, showcasing the dynamic nature of market movements and investor sentiment. Acuity Brands (AYI) saw a 1.4% increase after uplifting its yearly profit forecast, signaling stronger-than-expected fiscal second-quarter performance. In the biotech sector, Arbutus Biopharma (ABUS) surged 17% following a favorable judicial ruling in its vaccine patent litigation against Moderna, which conversely led to a 4% decline in Moderna's stock.
The day also highlighted significant shifts within various sectors. Atai Life Sciences (ATAI) leaped 29% after an upgrade from Maxim Group, emphasizing the growing interest in the psychedelics space. GE (GE) shares rose 7.6% as its power business, GE Vernova, began its journey as a standalone public entity. Conversely, Intel (INTC) faced a 7.1% drop after revealing extended losses in its factory business, underscoring challenges in the semiconductor industry.
Strategic corporate actions also played a pivotal role in today's market dynamics. Signet Jewelers (SIG) announced an advanced buyback of shares, propelling its stock up by 11%. Spotify (SPOT) enjoyed a 6.3% increase amid reports of a forthcoming price hike in several key markets, reflecting the company's confidence in its subscription model. On the downside, Ulta Beauty (ULTA) experienced a significant 14% drop after indicating a slow start to the first quarter, highlighting the volatility within the beauty sector.
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