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Key Takeaways
- The S&P 500 gained 0.6% on Friday, Feb. 9, 2024, closing above the 5,000-point milestone for the first time in the history of the index.
- Shares of semiconductor equipment companies pushed higher amid AI-driven enthusiasm and following dividend announcements from a pair of industry players.
- Expedia Group shares plunged after the online travel company reported weaker-than-expected bookings and announced the departure of its CEO.
Major U.S. equities 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 index’s history. The Nasdaq gained 1.3% on Friday, while the Dow recorded a slight decline of 0.1%. All three indexes were in positive territory for the full week.
Semiconductor equipment companies have garnered attention from investors for their potential to benefit from a boom in artificial intelligence (AI) technology. Shares of Applied Materials (AMAT) led the way for the S&P 500 on Friday, gaining 6.9% as the firm prepares to release its quarterly financial results on Thursday, Feb. 15.
Shares of two other players in the chip fabrication industry—Lam Research (LRCX) and KLA Corp. (KLAC)—advanced 5.5% and 5.1% respectively after both firms declared quarterly dividends.
It was also a strong end to the week for solar energy companies after Enphase Energy (ENPH) expressed optimism about a recovery in demand. Enphase shares added 4.8%.
The day’s weakest performance 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 profits for its recently completed quarter and guided earnings for this quarter well below expectations. The company cited underperformance from its “NBA 2K24” game and weakness in mobile advertising as factors affecting its results.
Moderna (MRNA) shares slipped 6.7% amid concerns about the efficacy of the company’s vaccine against respiratory syncytial virus (RSV). Data suggested that the protection provided by Moderna’s vaccine may decline quickly when compared with competing products.