- The S&P 500 gained 0.6% on Friday, February 9, 2024, closing above the 5,000-point milestone for the first time in the history of the index.
- Shares of semiconductor equipment companies rose amid AI-driven enthusiasm and following dividend announcements from a couple of industry players.
- Shares in Expedia Group plunged after the online travel company reported weaker-than-expected bookings and announced the departure of its chief executive.
Major U.S. stock indexes were mixed on the final trading day of a week marked by earnings reports from a variety of major companies.
The S&P 500 added 0.6%, reaching and closing above 5,000 for the first time in the history of the index. The Nasdaq gained 1.3% on Friday, while the Dow posted a slight drop of 0.1%. All three indices were in positive territory throughout the week.
Semiconductor equipment companies have caught the attention of investors for their potential to benefit from the rise of artificial intelligence (AI) technology. Applied Materials (AMAT) stock led the way for the S&P 500 on Friday, gaining 6.9% as the company prepares to release its quarterly financial results on Thursday, February 15.
Shares of two other chip manufacturing industry players, Lam Research (LRCX) and KLA Corp. (KLAC), rose 5.5% and 5.1% respectively after both companies declared quarterly dividends.
It was also a good end to the week for solar companies after Enphase Energy (ENPH) expressed optimism about a recovery in demand. Enphase shares rose 4.8%.
The weakest performer of the day on the S&P 500 belonged to Expedia Group (EXPE). Shares plunged 17.8% after the online travel platform reported lower-than-expected gross bookings for the fourth quarter and announced the resignation of its chief executive officer (CEO).
Shares of Take-Two Interactive (TTWO) sank 8.7% after the video game maker reported lower-than-expected earnings for its recently completed quarter and guided earnings for this quarter well below expectations. The company cited poor performance of its “NBA 2K24” game and weakness in mobile advertising as factors that affected its results.
Moderna (MRNA) shares fell 6.7% amid concerns about the effectiveness of the company’s vaccine against respiratory syncytial virus (RSV). The data suggested that the protection provided by Moderna’s vaccine may wane rapidly compared to competing products.