Biggest S&P 500 Movers on Wednesday

Decliners

• Shares of human resources services provider Paycom Software (PAYC) dropped 10.1% on Wednesday, the most of any S&P 500 constituent. Concerns about cannibalization have weighed on Paycom stock over the past year, with the efficiency of its Beti automated payroll solution reportedly eating into demand for other products and services. Although analysts at Mizuho and Stifel recently lifted their price targets on Paycom stock, both firms' forecasts remain below the current share price.
• Tesla (TSLA) shares tumbled 8.3%, retreating from  in the wake of upgrades by several research firms. Analysts have touted tailwinds for the electric vehicle company's autonomous driving and artificial intelligence initiatives under the incoming presidential administration. The pullback for the stock on Wednesday followed reports that Tesla CEO Elon Musk and his SpaceX business are the subject of federal reviews related to national security concerns.
• Shares of BXP (BXP), a 澳洲幸运5官方开奖结果体彩网:rea🐼l estate investment trust (REIT) focused on premium office properties, fell 7.6%. While the company has seen metrics improve for its markets on the East Coast and in Central Business Districts, underperformance has persisted in West Coast and suburban markets, pointing to an uneven recovery for office real estate that presents a challenge for REITs with geographically diverse workplace property portfolios.

Advancers

• Following a series of gains that lifted the semiconductor maker above the 澳洲幸运5官方开奖结果体彩网:$1 trillion market capitalization m♔iles🦹tone, Broadcom (AVGO) shares declined for a second straight day, losing 6.9%. Although Broadcom's AI-driven earnings beat and positive outlook encouraged a slew of research firms to boost their price targets, the recent rally lifted the share price above analysts' average forecast, suggesting the stock may be fully valued at current levels.
  
• Wednesday's top performance in the S&P 500 came from shares of circuit board manufacturer Jabil (JBL), which surged 7.3%. The Apple (AAPL) supplier 澳洲幸运5官方开奖结果体彩网:topped sales and profit forecasts for its fiscal first quarter of 2025 and lifted its full-year guidance, pointing to robust demand for its cloud, data center infrastructure, and digital commerce products. Jabil 澳洲幸运5官方开奖结果体彩网:announced a restructuring plan earlier this year that included layoffs and other cost-cutting measures as well as a realignment of its manufacturing capacity.
• Shares of several healthcare companies bounced higher on Wednesday, clawing back some of the heavy losses posted in recent sessions as political headwinds against the 澳洲幸运5官方开奖结果体彩网:pharmacy benefit management (PBM) business gathered force. Although the industry has been the subject of bipartisan criticism and could be required to transform its business model, analysts suggested that growth outlook remains healthy. Cigna (CI) shares recovered 6.3%. Shares of UnitedHealth (UNH), Centene (CNC), and CVS Health (CVS) also regained ground.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Mircon Slides in Extended Trading as Outlook Disappoints

Micron Technology (MU) issued a revไenue outlook that came in below analysts’ expectat🍌ions, sending shares lower in extended trading Wednesday. 

The memory chip maker and Nvidia (NVDA) partner projected fiscal second-quarter revenue of $7.9 billion, give or take $200 million, below the analyst consensus of $8.93 billion compiled by Visible Alpha. The company's forecast for diluted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of between $1.16 to $1ꦛ.36 was also below estimates.

“While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year," Micron CEO Sanjay Mehrotra said in a release.

In its fiscal first quarter, which ended Nov. 28, Micron swung to a better-than-expected profit of $1.87 billion, or $1.67 per share, from a loss of $1.23 billion, or $1.12 per share, a year earlier. Revenue rose 84% to a record $8.71 billion, just below analysts' estimates and just above the midpoint of management's earlier guidance.

Shares of Micron were down 13% in recent after-hours trading. Thꦐey were up nearly 22% for 2024 through Wednesday’s clos🏅e.

-澳洲幸运5官方开奖结果体彩网:Kara Greenberg

S&P 500 and Dow Post Biggest One-Day Losses Since August

Stocks had their worst day in months on Wednesday after the Fed policymakers scaled back their forecast for future rate cuts and noted thꦡeir uncertainty about the path of inflation had ꧒increased over the past few months.

The Dow and the S&P 500 each suffered their largest daily declines 澳洲幸运5官方开奖结果体彩网:since August 5, tumbling 2.6% and 3%, respectively. That was the day the 澳洲幸运5官方开奖结果体彩网:yen carry trade, a leveraged investment strategy that was enormously popular on Wall Street, backfired and caused the worst stock market rout since 2022.

The Nasdaq Composite plummeted 3.6%, making Wednesday its worst day 澳洲幸运5官方开奖结果体彩网:since July 24 when disappointing earnings reports from Tesla (TSLA) and Alphabet (GOOG)(GOOGL) sparked a tech sector sell-off.

-澳洲幸运5官方开奖结果体彩网:Colin Laidely

Fed Says Today's Rate Cut Was a Close Call

Fed Chaꦇir Jerome Powell said the decision to cut rates today was closer than in past meetings.

"We thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability," Powell said.

"We see the risks as two-sided. Move too slowly and needlessly undermine economic activity in the labor market, or move too quickly and needlessly undermine our progress on inflation. So we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut."

Powell Says Economy and Policy are Both in a Good Place

Fed Chair Jerome Powell, speaking to reporters after the December meeting of the Fed's policy committee, said that the U.S. economy and monetary policy are both in a good place.

He said that growth has been higher than expected lately, while unemployment has been lower than anticipated. At the same time, inflation has been higher than expected, even as the Fed has made progress in 🌜its ef🌠forts to tame it.

Powell said the central bank is still working to balance its dual mandate of maxim𝔍um employment and low inflation. With employment remaining stable and inflation staying stubborn, central bankers can b🔯e less aggressive in the upcoming year.

"With today's action, we have lowered our policy rate by a full percentage point from its peak, and our policy stance is now significantly less restrictive," Powell said. "We can, therefore, be more cautious as we consider further adjustments to our policy rate."

Fed Cuts Key Rate But Expects to Slow Pace of Further Easing

The Federal Reserve cut its 澳洲幸运5官方开奖结果体彩网:federal funds rate by a quarter percentage point to a range ✃of 4.25% to 4.5%.

Thi꧑s is the third cut central bankers have made in as many meetings and brings 💖the fed funds rate range to a full percentage point lower than it was at the start of the year.

There was one dis🃏senting vote to the policy move♊, cast by Cleveland Federal Reserve President Beth Hammack.

Members of the policy-setting Federal Open Market Committee are now projecting just two additional cuts next year, according to the latest Sum൲mary of Economic Projꦑections, compared to the four cuts they had previously expected.

You can follow our coverage of the Fed decision, including Chair Jerome Powell's press conference, in the 澳洲幸运5官方开奖结果体彩网:Fed Meeting Live Blog.

Here's Why Dow is Having Its Worst Slump in 40 Years

The Dow Jones Industrial Average inched higher in intraday trading Wednesday after falling yesterday澳洲幸运5官方开奖结果体彩网: for a ninth consecutive sಌession, capping off its longest stretch ൲of daily losses since 1978.

The blue chip index slumped 3.5% dur🐻ing its latest losing streak, while the S&P 500 gave up just 0.6% and the Nasdaq Composite ros🧸e nearly 2%. 

So why have these th🐈ree major indexes, each containing the stocks of some of America’s largest companies, diverged lately? 

The killing of a UnitedHealth Group executive earlier this month has put a spotlight on the business of health care, weig🐈hing on stocks in the sector and, subsequently, the price-weighted Dow.

Nvidia, one of the Dow's newest members, has also trailed the market and dragged down the index in recent weeks.

Read the 澳洲幸运5官方开奖结果体彩网:full article here.

-澳洲幸运5官方开奖结果体彩网:Colin Laidley

Jabil Stock Soars on Quarterly Results, Outlook

Jabil (JBL) shares soared Wednesday after the manufacturer of ☂circuit boards posted better-than-expected results and boosted its guidance.

The firm, which counts Apple (AAPL) as a customer, reported fiscal 2025 first-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $2.00, with revenue falling 𒀰nearly 17% year-over-year to $6.99 billion. Both beat consensus forecasts of analysts polled by Visible Alpha.

Chief Executive Officer Mike Dastoor said the performance exceeded the company's expectations, "driven by incremental strength in our Cloud, Data Center Infrastructure, and Digital Commerce end-markets."

In September, Jabil said it would be instituting layoffs across its 澳洲幸运5官方开奖结果体彩网:selling, genera🐼l and administrative (S💯G&A) and manufacᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚturing cost base, as well as capacity realignment, in order to "align our support infrastructure to further optimize organizational effectiveness."  

The company now sees full-year adjusted EPS of $8.75, up from its earlier outlook of $8.65. It anticipate💟s revenue of $27.3 billion, versus its previous estimate of $🏅27.0 billion.

Jabil shares were up 10% in recent trading. The stock has now gained 16% since the start of the year, lagging the S&P 500's 27% increase over the period.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Nvidia Levels to Watch as Stock in Technical Correction

Nvidia (NVDA) shares rose Wednesday morning following four consecutive days of losses that have taken the stock into 澳洲幸运5官方开奖结果体彩网:technical correction territory.

Shares in the AI investor favorite were up 3.6% at around $135 in recent trading. The stock is down 13% from its record high last month but is still up about 175% since the start of 2024, as 澳洲幸运5官方开奖结果体彩网:analysts remain bullish on the compa🔯ny’s prospects heading into next year.

Since setting a record high, the stock traded mostly sideways before falling below the 50-day moving average late last week, potentially setting the stage for further consoli💝dation.

Investors should watch key support levels on Nvidia's chart around $115 and $102, while also monitoring important resistance levels near $140 and $150.

Read the full 澳洲幸运5官方开奖结果体彩网:technical analysis piece here.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Birkenstock Jumps on Strong Earnings Report

Birkenstock Holdings (BIRK) posted better fourth-quarter results than analysts had expected and outlined its ꦏexpectations for its second full fiscal year as a public company, sending shꦚares higher.

The shoema꧃ker on Wednesday reported profit of 52.5 million euros ($55.1 million) on revenue of 455.8 million euros ($478.2 million). Analysts had expected EUR48 million in net income on revenue of EUR437.2 million, according to estimates compiled by Visible Alpha.

Full-year revenue of EUR1.80 billion grew 21% from fiscal 2023. 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Oliver Reichert said Birkenstock is "delivering" on the expansion opportunities it identified ahead of its 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO) in October 2023.

Birkenstock 澳洲幸运5官方开奖结果体彩网:said it expects constant-currency revenue🃏 growth of 15% to 17% in fiscal 2025, and said it expects gross profit margins to improve after taking a step back this year as its investments into new production capacity start to take effect.

Birkenstock shares were up 7% in early trading. The stock is up 23% since the start of the🌳 year, lagging the 27% gain of the S&P 500 index.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

DJIA Levels to Watch as Index Rides 9-Day Losing Streak

T🌳he Dow Jones Industrial Average enters trading Wednesday on a nine-day losing streak, the longest stretch of co꧒nsecutive daily declines for the blue chip index since 1978.

The slump, which equates to nearly 1,600 points, comes after the in𓄧dex closed above the closely watched 45,000 level for the first time on Dec. 4 following an extended post-election rally fueled by expectations of a market-friendly W🐠hite House and Congress.

Despite the recent losing streak, the index is still up 15% in 2024. However, that return significantly underperforms the 澳洲幸运5官方开奖结果体彩网:S&P 500’s 27% gain and the 澳洲幸运5官方开奖结果体彩网:Nasdaq Composite’s 34% jump over the same period due to the Dow's smaller exposure to mega cap tech companies.

The index has continued to t🐠rend lower after running into resistance near the top trendline of an ascending channel earlier this month, raising the possibility of a potential breakdown.

Investors should watch major support levels on the Dow's chart around 43,300, 41,600, and 40,000, while also monitoring a key overhead area near 45,000.

Read the full 澳洲幸运5官方开奖结果体彩网:technical analysis piece here.

-澳洲幸运5官方开奖结果体彩网:Tim Smith

Major Indexes Poised to Open Higher

Futures tied to the Dow Jones Industrial Average were up 0.3𝔉%.

S&P 500 futures were up 0.3%.

Nasdaq 100 futures also gained 0.3%.