S&P 500 almost reaches 5,000, sets new record

Equity Indexes Update: Cybersecurity and Big Tech Propel Indexes Higher, Entertainment Stocks Decline Ahead of Disney Earnings

The Dow saw a 2.1% rise in Microsoft (MSFT) shares, while Boeing (BA) climbed 1.6% despite concerns over missing bolts on a 737 Max 9. Amgen (AMGN) sank 6.4% due to lower-than-expected sales of Enbrel. Disney (DIS) finished flat ahead of its quarterly report.

The S&P 500 saw Enphase Energy (ENPH) shares soar 16.9% after CEO optimism about a potential demand rebound in the solar industry. Emerson Electric (EMR) delivered better-than-expected earnings, boosting its stock by 10.5%.

In the tech sector, Chipotle (CMG) jumped 7% to a record high after beating earnings estimates. Ford (F) gained 6% after announcing a special dividend. CVS Health (CVS) added 3.1% despite cutting its full-year outlook. Eli Lilly (LLY) rebounded from losses, rising 2.8% after an earnings beat. Uber (UBER) inched up 0.3% after its earnings beat.

Across the Nasdaq 100, cybersecurity stocks including Fortinet (FTNT), Palo Alto Networks (PANW), and CrowdStrike Holdings (CRWD) all saw gains. Big tech also performed well, with Meta (META), Nvidia (NVDA), and Amazon (AMZN) gaining.

Chipotle Mexican Grill shares rose to an all-time high following better-than-expected results, including a 15.4% increase in revenue.

Amgen shares fell despite surpassing Wall Street estimates, as Enbrel sales slipped and the company lowered its 2024 guidance. CVS Health shares gained after reporting better-than-expected earnings but cutting its full-year profit outlook due to higher medical costs.

Alibaba’s stock tumbled close to 6% after the company’s holiday quarter results missed expectations, despite raising its stock buyback program.

Enphase Energy led the S&P 500 as CEO forecasted a demand rebound, despite the company’s quarterly earnings miss. Analysts shared the company’s optimistic outlook, upgrading the stock and raising price targets after its earnings report.