Key Takeaways
- The S&P 500 jumped 0.8% on Friday, March 1, 2024, as another wave of enthusiasm around AI helped tech stocks lead the index to a record close.
- NetApp shares skyrocketed after the data storage company posted strong quarterly results on solid demand for its new all-flash products.
- Electric utility Dominion Energy issued underwhelming full-year earnings guidance, and its shares moved lower.
Major U.S. eq🐷uities indexes were in positive territory on the final session of the trading week and the first day of March. Bullishness about artificial intelligence (AI) technology helped drive outperformance from the tech sector.
Gains of 0.8% drove the S&P 500 to an all-time𒅌 high close, the second straight Friday that the benchmark index has ended the week at record levels. The Nasdaq also reached its highest-ever close, as strength in tech stocks helped it jump 1.1% on the day. The Dow was up 0.2%.
NetApp (NTAP) led the way for the S&P 500 on Friday. Shares skyrocketed 18.2% after the cloud storage provider posted 澳洲幸运5开奖号码历史查询:better-than-expected revenue and ea🐓rnings for its fiscal third quarter, boosted by demand for its new all-flash products. NetApp also lifted guidance for the full year, expecting strong demand from companies looking to streamline their IT operations. Shares of fellow data storage firm Western Digital Corp. (WDC) were up 8.1%.
Cooper Companies (COO) shares popped 9.2% higher after the medical device manufacturer 澳洲幸运5开奖号码历史查询:posted 9% year-over-year reve♏nꦬue growth, well ahead of analysts' forecasts. 澳洲幸运5开奖号码历史查询:Earnings per share (EPS) also exceedꦏed estimates, with strength in Cooper's contact lenses and fertility solutions underpinning the strong performance🌃.
A new wave of enthusiasm swept over the tech sector after Dell (DELL) reported solid growth in orders for its AI-optimized servers. Shares of Dell soared 31.6%, while semiconductor stocks also pushed higher. Broadcom (AVGO) shares added 7.6%, while shares of KLA Corp. (KLAC), Advanced Micro Devices (AMD), and Micron Technology (MU) all gained more than 5%.
Shares of Dominion Energy (D) posted the day's heaviest losses on the S&P 500, tumbling 6.4% after the Virginia-based electric utility guided its full-year earnings below consensus forecasts. The company noted that it has completed a review of its business and wil𝔍l aim to drive long-term valu🥂e.
Las Vegas Sands (LVS) sh🍨ares dropped 5.9% on Friday. The company recently faced a setback when a judge in New York ruled that it does not have a valid l🍸ease to operate a planned casino at the Nassau Veterans Memorial Coliseum site in Long Island.
Shares of Xcel Energy (XEL) slipped 5.9%, extending the losses posted on Thursday when the utility disclosed that it could face liability for damages from the devastating wildfires affecting Texas.