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Key Takeaways
- The S&P 500 moved up by nearly 0.3% to hit a new all-time high on Tuesday, June 11, as the tech sector helped lift markets ahead of fresh inflation data and economic projections from the Federal Reserve.
- Apple shares jumped as investors responded to announcements of new artificial intelligence (AI) features, including the integration of ChatGPT.
- Paramount shares plummet on reports that merger talks with Skydance have fallen apart.
Lifted higher by a big day for Apple (AAPL), both the S&P 500 and Nasdaq hit all-time highs on Tuesday.
The S&P 500 gained 0.3%, the Nasdaq jumped by almost 0.9% on tech sector momentum, and the Dow closed Tuesday lower by 0.3%.
The tech sector helped lead gains while financials fell as investors eyed several economic releases tomorrow, including the Consumer Price Index (CPI) inflation report for May and economic projections from the Federal Reserve.
Apple shares surged more than 7.3% to a record high to lead the benchmark index, as investors continued to digest the artificial intelligence (AI) developments introduced by the iPhone maker during its Worldwide Developers Conference, including integrating ChatGPT. Arista Networks (ANET), Seagate Technology (STX) and NetApp (NTAP) were other tech companies that moved higher today.
Agricultural sciences company FMC Corp (FMC) was up nearly 4.0% after its President and CEO Mark Douglas announced he would step down, effectively immediately. The company’s former CEO, Pierre Brondeau, will come out of retirement to take over the role.
Shares of O’Reilly Automotive (ORLY) were higher by 2.6% after the auto parts retailer moved forward with a settlement over workplace issues on pay and breaks.
Paramount Global (PARA) shares dove more than 7.9%, the most in the S&P 500 today, after reports said talks broke down over a proposed merger deal with Skydance. The Wall Street Journal reported that Chairwoman Shari Redstone is still seeking a deal for the company, citing sources.
Shares of NextEra Energy (NEE) moved lower by 5.5% after investors were unhappy with the forward guidance the company released at its investor day today, which showed earnings per share (EPS) projections for 2027 were lower than analyst estimates.