The three major U.S. equities indexes closed higher Tuesday, staging a turnaround in the final hour of trading that doubled the gains made earlier in the day. The Dow Jones industrials closed up by 1.06%, the S&P 500 up 0.84% and the Nasdaq up by 1.28%. Among S&P 500 stocks, winners outnumbered losers by more than three to one in Tuesday’s trading. Eight of 11 sectors closed higher, led by materials (up 1.5%), consumer cyclicals (up 1.4%) and financials (also up 1.4%). Energy was the day’s big loser, closing 2.1% lower.
At around 7:00 a.m. ET Tuesday morning, S&P 500 futures traded up about 0.8%, the Nasdaq was up 1.2% and the Dow 0.6% higher.
Crude oil settled at $89.36 a barrel on Tuesday and traded down by about 0.5% in early trading Wednesday at $88.88. The 10-year/two-year U.S. Treasury note spread ended the day at 0.61%, down three basis points from Monday’s settlement. The yield curve had narrowed by about one basis point in premarket trading Wednesday.
Here are the five S&P 500 stocks that closed with the largest gains on Tuesday: Amgen (up 7.82%), Zimmer Biomet (up 7.35%), Abiomed (up 6.62%), DuPont (up 6.32%) and NortonLifeLock (up 6.25%).
Tuesday’s biggest losers among S&P 500 stocks were Fiserv (down 6.00%), Simon Property (down 4.62%), Willis Towers Watson (down 4.56%), Incyte (down 4.47%) and Diamondback Energy (down 4.46%).
Among Wednesday’s premarket leaders was Enphase Energy Inc. (NASDAQ: ENPH), which traded up by around 20%, at $173.64 in a 52-week range of $108.88 to $282.46. Enphase reported a big beat on profits last Tuesday, along with record quarterly revenue. First-quarter guidance calls for revenue in a range of $420 million to $440 million, a total that would be a new record. Analyst Craig Hallum raised his rating on the stock from Hold to Buy.
Paycom Software Inc. (NYSE: PAYC) traded up about 8% early Wednesday, at $361.80 in a 52-week range of $2.96.68 to $558.97. The company reported fourth-quarter results that beat on both profits and revenue. Paycom also released upside guidance for the current quarter and the 2022 fiscal year.
Standard Lithium Ltd. (NYSEAMERICAN: SLI) traded up by around 8.1%, at $6.54 in a 52-week range of $2.25 to $12.92. Last week, short seller Hindenburg Research alleged that the company’s technology does not work, and Standard Lithium’s share price plunged by 27%. The lithium producer has denied the charges.
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