The S&P 500’s Biggest Gains and Losses: April 11, 2024
Key Takeaways
- The S&P 500 gained 0.7% on Thursday, April 11, 2024, after a report showed wholesale prices rose less than expected in March.
- Apple shares jumped following a report it plans to overhaul its Mac computers with newer versions of its in-house processors with AI features.
- Shares of insurer Globe Life plunged after Fuzzy Panda disclosed a short position in the stock and cited allegations of fraud.
On April 11, 2024, major U.S. equities indexes experienced a mixed trading day as investors received positive news on inflation. The latest Producer Price Index (PPI) report revealed that wholesale prices rose less than expected in March, leading to a boost in market sentiment.
S&P 500 Performance
The S&P 500 index pushed 0.7% higher on the day, while the Nasdaq outperformed with a 1.7% jump, driven by strong performance in the technology sector. The Dow, however, remained relatively unchanged throughout the trading session.
Top Performers
Paramount Global (PARA) shares saw the highest performance on the S&P 500, surging by 7.3%. Reports of progress on a potential merger with Skydance Media contributed to the stock’s rally. However, the merger has faced criticism from Paramount shareholder Matrix Asset Advisors, leading to concerns and potential board member changes.
In the tech sector, Broadcom (AVGO) shares rose by 4.5% following positive analyst reports linking the company’s growth potential to artificial intelligence (AI) investments. This wave of enthusiasm around AI also lifted other semiconductor stocks, with Micron Technology (MU) and Nvidia (NVDA) gaining 4.3% and 4.1%, respectively.
Apple (AAPL) shares surged by 4.3% after reports emerged about the company’s plans to revamp its Mac computers with advanced in-house processors featuring AI capabilities. Analysts highlighted Apple’s potential to benefit from AI technologies in the future.
Biggest Losers
On the flip side, shares of insurer Globe Life (GL) tumbled by 53.1%, marking the steepest decline on the S&P 500. The plunge came after short seller Fuzzy Panda disclosed a short position in the stock and raised allegations of insurance fraud against Globe Life and its subsidiaries.
CarMax (KMX) shares also took a hit, dropping by 9.2% after the company reported lower-than-expected fourth-quarter sales and profits. Challenges related to vehicle affordability and limited used car supply impacted CarMax’s financial performance.
Fastenal (FAST), a supplier of construction and manufacturing fasteners, saw its shares decline by 6.5% as the company fell short of quarterly estimates. Factors such as bad weather and calendar complexities affected Fastenal’s sales performance during the period.
Conclusion
The trading day of April 11, 2024, showcased a mix of gains and losses among major companies listed on the S&P 500 index. While positive news on inflation buoyed market sentiment, individual stock performances varied based on company-specific developments and external factors impacting their respective industries.
Investors will continue to monitor market trends and company announcements closely to navigate through the dynamic landscape of the stock market and capitalize on potential opportunities for growth and value creation.
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