S&P 500 Gains and Losses Today: Index Edges Lower as AI-Fueled Rally Loses Steam

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Key Takeaways

  • The S&P 500 fell 0.2% connected Friday, June 21, 2024, arsenic nan AI-fueled tech rally cooled and information showed a diminution successful nan Conference Board's Leading Economic Index successful May.
  • Shares of Nvidia and different chipmakers moved little arsenic nan rally successful AI-related stocks faltered.
  • FactSet Research shares roseate aft nan financial information supplier hit quarterly expectations and raised its full-year forecast.

Major U.S. equities indexes were mixed to adjacent retired nan trading week. The sluggish capacity for nan banal markets connected Friday came amid reports that existing location sales and nan Conference Board's Leading Economic Index declined successful May.

The S&P 500 edged 0.2% lower, while nan Nasdaq besides fell 0.2%, while nan Dow eked a flimsy summation of little than 0.1%.

Shares of Nvidia (NVDA) and different chipmakers that person been awesome beneficiaries of nan artificial intelligence (AI) roar were among nan weakest performers connected Friday, arsenic nan caller rally fueled by expectations for AI exertion faltered adjacent nan extremity of nan week. Chipmaker Broadcom (AVGO) suffered nan heaviest losses of immoderate S&P 500 stock, pinch shares dropping 4.4%. Nvidia (NVDA) and Micron Technology (MU) shares sank 3.2%.

Shares of Resmed (RMD), which makes aesculapian devices to dainty slumber apnea and different aesculapian conditions, fell 3.5%. Analysts reportedly noted that Resmed's operating expenses person been moving higher, while precocious levels of indebtedness stay a concern.

FactSet Research Systems (FDS) shares precocious 3.8%, marking Friday's apical capacity successful nan S&P 500, aft nan financial information supplier posted better-than-expected earnings for its fiscal 3rd 4th and raised its outlook for nan afloat year. Increased revenues from organization plus managers, plus owners, partners, and corporates underpinned nan beardown capacity and improved outlook.

Shares of cultivation sciences patient FMC (FMC) precocious 3.7%. When FMC released its astir caller quarterly study past month, nan supplier of insecticides and different harvest protection products guided full-year gross supra expectations, citing expectations for caller products to underpin income growth.

Shares of Catalent (CTLT), which has a statement pinch Sarepta Therapeutics (SRPT) to manufacture a supplier to dainty a uncommon musculus disease, climbed aft Sarepta Therapeutics received Food and Drug Administration approval for wider usage of nan drug.

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