Today, the S&P 500 saw some notable movers in the stock market. Amgen led the way with an 11.8% gain, driven by optimism surrounding its experimental weight-loss drug MariTide and strong earnings. GE Vernova, a recently separated energy company from General Electric, also saw an 8.1% increase in its stock price. Enphase Energy bounced back with a 7.7% gain after reporting soft quarterly results last week. Live Nation Entertainment posted better-than-expected first-quarter revenue, leading to a 7.2% increase in its shares.
On the flip side, Expedia Group experienced the heaviest losses among the S&P 500 stocks, dropping 15.3% after lowering its full-year guidance. Fortinet fell 9.7% despite beating revenue and earnings estimates, as its billings fell short of expectations. Paramount Global shares declined 7.0% amid stalled merger talks with Skydance Media, while Trimble saw a 7.0% drop after issuing lower-than-expected sales and profit guidance for the current quarter.
Meanwhile, Apple made headlines with its blockbuster $110 billion stock buyback program, the largest in recent history. This news boosted investor sentiment, driving a relief rally in the stock market. Analysts highlighted potential growth catalysts for Apple, including resilient iPhone revenues and upcoming events that could drive consensus estimates higher. The company’s focus on generative AI and the upcoming WWDC event in June were also cited as major catalysts for future growth.
Looking ahead, Warren Buffett will be addressing investors at Berkshire Hathaway’s annual meeting, where succession planning and the company’s investment strategy will be in focus. Stock futures were on the rise ahead of the jobs report, with Dow Jones futures up 0.7%, S&P 500 futures up 0.4%, and Nasdaq 100 futures up 0.6%.
Overall, the stock market saw a mix of gains and losses today, with specific companies driving movements in the S&P 500 index. Investors are keeping a close eye on developments in the market and upcoming events that could impact stock prices in the future.