Key Takeaways
- The S&P 500 added to its all-time high set Friday, and the Dow also reached a record level at midday Monday, Jan. 22, 2024 amid optimism about the strength of the U.S. economy.
- Solar stocks advanced after SolarEdge Technology announced layoffs to cut costs as the solar market slumps.
- Archer-Daniels-Midland shares slumped after it put its CFO on leave and reduced its forecast as federal regulators look into its accounting practices.
The S&P 500 added to its all-time high set Friday at midday amid optimism about the strength of the U.S. economy. The Dow also traded above its record high, and the Nasdaq was up as well.Â
Shares of Enphase Energy (ENPH) and other solar power providers took off after SolarEdge Technologies (SEDG) slashed its workforce to cut costs because of slowing demand.
Western Digital (WDC) shares also advanced as Morgan Stanley named it as the firm’s top semiconductor pick and raised the price target. Morgan Stanley said Western Digital would benefit from it separating its hard disk drive and storage businesses.
J.B. Hunt Transport Services (JBHT) shares climbed after UBS upgraded the stock and increased the price target on a gain in intermodal transportation.Â
Archer-Daniels-Midland (ADM) shares plummeted after the food provider put its CFO on leave and cut its earnings guidance as federal regulators investigate the company’s accounting practices.
Shares of Gilead Sciences (GILD) sank as a trial of the drug maker’s experimental lung cancer treatment failed to meet goals.
Boeing (BA) shares lost ground as federal regulators called for inspections of additional Boeing planes following the midair blowout of a door plug on a 737 Max aircraft.Â
Oil futures moved higher while gold prices fell. The yield on the 10-year Treasury note declined. The U.S. dollar gained on the euro, but sank versus the pound and yen. Most major cryptocurrencies traded in the red.
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