US Share Market Today: S&P 500 extends gains after Fed minutes shows resolve to fight inflation; check top gainers and losers
Share Market Today In The US
US stocks moved slightly higher on Wednesday as investors cheered Fed’s commitment to tame high inflation. The Dow Jones gained 0.23% to 31,037.68. The S&P 500 added 0.36% to 3,845.08. The tech-heavy Nasdaq Composite rose 0.35% to close at 11,361.85. After starting lower, stocks move higher after the Fed minutes showed that the central bank was committed to bringing down inflation. Fed members said the meeting on July 26 and 27 likely also would see another 0.5% to 0.75% hike.
Top Gainers and Losers in US Stock Market Today
Adobe rallied 2%: Adobe jumped on the back of a partnership with retail giant 'The Home Depot' to enhance the customer experience.
ARK Innovation ETF fell 2%: ARK Innovation ETF fell on the back of profit booking in underlying growth stocks such as Zoom, Roku and UiPath.
Cisco rallied 2%: Cisco jumped as the networking company plans to partner with hyperscalers Microsoft and Amazon to expand in Africa.
Coinbase crashed 7%: Coinbase shares fell sharply post a downgrade by Atlantic Equities amid fall crypto prices and volumes.
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF fell 3%: Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF fell sharply on the back of sharp decline in energy stocks following the fall in oil prices.
Direxion Daily Semiconductor Bull 3X ETF jumped 2%: Direxion Daily Semiconductor Bull 3X ETF jumped tracking the gains in Semiconductors stocks of Nvidia, AMD, and Intel.
Invesco NASDAQ 100 ETF ended 1% higher: Invesco NASDAQ 100 ETF ended higher tracking the positive momentum in Tech stocks at Nasdaq post favorable jobs data.
Invesco QQQ Trust Series 1 ETF ended 1% higher: Invesco QQQ Trust Series 1 ETF ended 1% higher tracking the gains in Tech stocks on the back of strong jobs data.
Nu lost 2%: Nu Holdings fell as New Street Research lowered its target share price to $7.00 on the back of concerns over business growth.
Pfizer jumped 2%: Pfizer rallied after the US drugs regulator allowed pharmacists to prescribe Pfizer's COVID-19 pill.
ProShares Bitcoin Strategy ETF ended 1% higher: ProShares Bitcoin Strategy ETF ended lower tracking the weakness in Bitcoin prices.
ProShares Ultra Semiconductors gained 2%: ProShares Ultra Semiconductors ETF jumped tracking the gains in Semiconductors stocks of Nvidia, AMD, and Intel.
ProShares UltraPro S&P 500 ETF ended 1% higher: ProShares UltraPro S&P 500 ETF ended higher tracking the S&P 500 index as strong jobs data led to a positive day.
Rivian rallied 10%: Rivian share jumped on the back of robust delivery data - nearly quadrupling on the back of production growth.
Robinhood jumped 3%: Robinhood stock jumped post news around settlement with hacking victims for about $19.5 Million.
SPDR S&P 500 ETF ended flat: SPDR S&P 500 ETF ended flat tracking the flat to positive momentum in S&P 500 index post reassuring US central bank's minutes of meeting to manage the economic growth.
Uber fell 5%: Uber stock crashed amid increased competition as Amazon agreed to take a 2% stake in Just Eat Takeaway.com's struggling food delivery business, Grubhub.
Upstart lost 7%: Upstart fell sharply as investors accessed the negative impact on lending due to the economic downturn.
Vanguard S&P 500 ETF ended flat: Vanguard S&P 500 ETF ended flat post an assurance in US central bank's minutes of meeting to manage the economic growth.
Vanguard S&P 500 Growth ETF ended 1% higher: Vanguard S&P 500 Growth ETF ended higher as growth stocks rallied over strong jobs data, easy recession expectations ahead of the July meeting of the US central bank.
WeWork crashed 4%: WeWork fell sharply post news around data breach of visitors (personal info, selfies) at Indian entity, bug fixed.
What happened in the US stock market?
Dow up 0.23%, SP 500 climbed 0.36%, Nasdaq ended 0.35% higher.
Why did US stocks end higher?
Stocks bounced after the Federal Reserve released the minutes from its June meeting, showing that the central bank was committed to bringing down inflation.
What was the key highlight from Fed minutes?
Fed members said the meeting on July 26 and 27 likely also would see another 0.5%- 0.75% basis point move.
Which stocks outperformed?
Defensive stocks such as pharma, utilities, and high quality tech were some of the best performers on Wednesday. Northrop Grumman jumped 3.8%, while UnitedHealth Group added nearly 2%. Constellation Energy climbed more than 3%.
Which sector lagged?
Energy stocks were some of the worst performers on the day, as oil prices continued to fall. Chevron slipped 1.3%, and Diamondback Energy fell 3.4%.