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S&P 500 Gains and Losses Today: Western Digital Shares Soar Amid Spinoff Plan

A chart shows the S&P 500's biggest gains and losses for Oct. 30, 2023.

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Key Takeaways

  • The S&P 500 gained 1.2% on Monday, Oct. 30, 2023, ahead of more big earnings releases, the Fed meeting, and the October jobs report.
  • Western Digital announced that it would split up its disk drive and flash memory businesses, and its shares skyrocketed.
  • Onsemi shares plummeted when the chipmaker gave fourth-quarter guidance below forecasts as its sales and operating margin declined.

U.S. equities roared back from last week's selloff, posting gains on Monday ahead of more big earnings releases as well as this week's Fed meeting and October employment report. The S&P 500 gained 1.2%, pulling it out of correction territory. The Dow and Nasdaq also advanced more than 1%.

Western Digital (WDC) shares picked up 7.3% as the data storage device maker said it planned to spin off its disk drive and flash memory businesses into 澳洲幸运5开奖号码历史查询:two individual firms.

Shares of biopharma AbbVie (ABBV) rose 2.1% after Barclay's upgraded the stock and lifted its 澳洲幸运5开奖号码历史查询:price target. Analyꦦsts argued that the recent selloff of shares was overdඣone.

McDonald's (MCD) shares added 1.7% after the fast-food restaurant chain 澳洲幸运5开奖号码历史查询:exceeded earn🔯ings and revenue fဣorecasts as it raised prices and had higher♓ average tickets.

Onsemi (ON) was the worst-performing stock in the S&P 500. Shares plummeted 21.8% after the chipmaker gave a current quarter outlook that was 澳洲幸运5开奖号码历史查询:below forecasts as sales and operating margins fell.

Revvity (RVTY) shares sank 16.1% as the h༒ealth sciences company's profit was short of estimates and it cut its outlook because of "increased market uncertainty."

Realty Income Corporation (O) shares lost 5.7% after the 澳洲幸运5开奖号码历史查询:real estate investment trust (REIT) announced that it would pay $9.3 billion to acquire Spirit Realty Capital (SRC). Spirit shares jumped 7.8%.

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