Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Stock Market Today: S&P 500 closes at record as unprecedented 5,000 level in focus

Published 07/02/2024, 01:26
Updated 07/02/2024, 22:10
© Reuters

Investing.com -- The S&P 500 rallied Wednesday closing at a record high and just shy of 5,000 level as bullish bets on stocks continued, with consumer stocks leading the charge following an earnings-led rally in Chipotle and Ford. 

By 16:00 ET (21:00 GMT), the benchmark S&P 500 had gained 0.4% to 4,995.22, just shy of the 5,000 mark. The tech-heavy Nasdaq Composite rose by 1%, and the blue-chip Dow Jones Industrial Average had advanced by 0.4%.

Chipotle Mexican Grill sizzles on earnings beat, Ford drives in upbeat guidance, Uber turns a profit for first time

Ford Motor Company (NYSE:F) climbed 6% boosting consumer stocks after the automaker delivered annual guidance and fourth-quarter that topped analyst estimates. Ford guided $10-12B in 2024 earnings before interest and taxes, or EBIT, topping analyst estimates of $9.6B, though some on Wall Street flagged waning EV demand as a worry. 

Ford's guidance assumes a reversal of losses at Model E to $5 to 5.5B for 2024, RBC said in a Wednesday note, from $6.3B annualized in 2023, despite "2023 only experiencing worsening EV losses each quarter."

Uber Technologies (NYSE:UBER) posted its first-ever annual operating profit on a net basis thanks in part to solid holiday demand for its ride-sharing and food delivery services. Shares closed marginally higher on the day.

Chipotle Mexican Grill Inc (NYSE:CMG), up 7%, also reported quarterly results that beat on both the top and bottom lines, driven by an 8.1% rise in same-store sales as foot traffic rose 7.4% in the quarter. 

Snap crackles after revenue miss, New York Community Bank weakness continues

Snap (NYSE:SNAP) shares plummeted 34% after the social media giant reported quarterly revenue of $1.36 billion that missed projections of $1.38 billion.

New York Community Bancorp (NYSE:NYCB) fell 1% even as the regional bank tried to cool worries about its financial strength, saying it had a strong enough liquidity base to more than cover bank deposits that were not protected by U.S. government-backed insurance. The update comes after JPMorgan and BofA Securities downgraded the stock. 

Energy stocks lag broader market as oil prices rise pare gains

Energy stocks were flat as oil prices pared some gains following a much bigger than expected increase in U.S. weekly crude stockpiles. In the week ended Feb. 2, weekly U.S. crude inventories rose by 5.5 million barrels, well above the prior week's 1.2 million build and estimates for 1.7 million barrels. 

Schlumberger NV (NYSE:SLB),Halliburton Company (NYSE:HAL), and Hess Corporation (NYSE:HES) were among the biggest losers in the energy sector.

Scott Kanowsky, Oliver Gray contributed to this report.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.