The S&P 500 Gains and Losses Today: A Recap of April 4, 2024

Key Takeaways

• The S&P 500 dropped 1.2% on Thursday, April 4, 2024, reversing early gains after a Fed official warned that interest rate cuts may not be imminent.
• Lamb Weston shares plunged after the supplier of frozen potatoes and other packaged foods said the implementation of a new ERP system had dragged on its performance.
• Shares of packaged foods company Conagra moved higher after it beat quarterly estimates, citing cost-cutting and productivity improvements.

After climbing to start the trading day, major U.S. equities indexes reversed early gains after Minnesota Federal Reserve President Neel Kashkari said the central bank might not cut interest rates this year if progress falters in the fight against inflation. Thursday’s stock market declines came in advance of Friday’s employment report. The fresh jobs data will provide the latest gauge of economic resilience and economic pressure, with the potential to influence the Fed as policymakers deliberate the path forward. The S&P 500 fell 1.2% while the tech-heavy Nasdaq and the Dow both posted losses of 1.4%.

Lamb Weston Holdings (LW) Faces Challenges

Lamb Weston Holdings shares plummeted 19.4%, marking the weakest performance on the S&P 500 Thursday. The supplier of frozen potato products and other foods reported lower-than-expected sales for its fiscal third quarter and trimmed its full-year guidance. The implementation of a new enterprise resource planning (ERP) system hurt the results, complicating inventory management processes and reducing Lamb Weston’s order fulfillment capacity.

Paramount Global (PARA) and Advanced Micro Devices (AMD) in Focus

Shares of Paramount Global fell 8.5% on Thursday, giving back a portion of the gains posted in the previous session after reports of exclusive acquisition talks with production company Skydance Media. Amid uncertainties about the merger, analysts at JPMorgan affirmed their “underweight” rating on Paramount stock. Despite a report showing global semiconductor sales jumped 16.3% year over year in February, shares of chipmaker Advanced Micro Devices slumped 8.3%.

Conagra (CAG) Shines Bright

Conagra shares posted the strongest gains among S&P 500 stocks, jumping 5.4% after the owner of Orville Redenbacher’s popcorn and other packaged foods brands posted better-than-expected quarterly results. Conagra attributed its strong profits to successful cost-cutting measures and increased productivity.

Solventum (SOLV) and MarketAxess (MKTX) Show Resilience

Shares of Solventum, the health care business carved out from 3M in a recent spinoff, added 4.9%. While facing challenges related to its separation from the conglomerate, Solventum intends to pursue growth via bolt-on acquisitions and shore up its global infrastructure. MarketAxess shares advanced 4.6% after reporting a year-over-year increase in average daily trading volume in the first quarter of 2024.

Overall, the S&P 500 experienced a mix of gains and losses on April 4, 2024, reflecting the ongoing economic uncertainties and market fluctuations. Investors will continue to monitor key indicators and corporate performances to navigate through the volatility in the coming days.

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