The three major U.S. equities indexes closed higher for a second consecutive day on Wednesday, with stocks opening higher and all three indexes holding on or rising throughout the regular trading session. The Dow Jones industrials closed up by 0.9%, the S&P 500 up 1.5%, and the Nasdaq up 2.1%. Among S&P 500 stocks, winners outnumbered losers by more than five to one in Wednesday trading. All 11 sectors closed higher, led by communications services (up 2.8%), real estate (up 2.4%) and technology (up 2.2%). Consumer closed essentially flat on the day.
At around 7:00 a.m. ET Thursday morning, S&P 500 futures traded down about 0.2%, the Nasdaq was down about 0.3% and the Dow traded up by 0.1%.
Crude oil settled at $89.66 on Wednesday and traded up by around 0.9% in early trading Thursday at $90.47. The 10-year/two-year U.S. Treasury note spread ended the day at 0.57%, down four basis points from Tuesday’s settlement. The yield curve had widened by about two basis points in premarket trading Thursday.
Here are the five S&P 500 stocks that closed with the largest gains on Wednesday: Omnicom (up 14.19%), Enphase Energy (up 12.03%), Chipotle (up 10.16%), Paycom (up 8.93%) and Fox (up 7.42%).
Wednesday’s biggest losers among S&P 500 stocks were CVS Health (down 5.45%), Incyte (down 2.55%), CDW (down 2.46%), Allstate (down 1.97%) and Henry Schein (down 1.66%).
Among Thursday’s premarket leaders was Datadog Inc. (NASDAQ: DDOG), which traded up by around 20%, at $187.33 in a 52-week range of $69.73 to $199.68. The cloud monitoring and analytics company reported quarterly results before markets opened Thursday morning that beat on both the top and bottom lines. Free cash flow for the year totaled $250.5 million.
Twilio Inc. (NYSE: TWLO) traded up about 18.6%, at $239.50 in a 52-week range of $172.61 to $457.30. The cloud communications platform provider posted a smaller loss than expected and hammered revenue estimates. It appears that Twilio delivered far more than investors expected.
Twitter Inc. (NYSE: TWTR) traded up nearly 9% in Thursday’s premarket to $41.19, in a 52-week range of $32.05 to $80.75. When the social media giant reported results Thursday morning, it missed earnings per share (EPS) estimates by a penny and fell short of revenue estimates by around $5.5 million. But it issued guidance in line with analysts’ estimates and said it would repurchase $4 billion in stock. That amounts to about 13% of the company’s market cap as of Wednesday’s closing bell.
Walt Disney Co. (NYSE: DIS) traded up about 7%, at $157.41 in a 52-week range of $129.26 to $203.02. The House of Mouse reported quarterly results Wednesday that beat EPS estimates by more than 60% and revenue estimates by about 5%. Resorts revenue doubled year over year and Disney+ subscriptions increased by 37% year over year to 129.8 million.
Micron Technology Inc. (NASDAQ: MU) traded up about 4%, at $91.63 in a 52-week range of $65.67 to $98.45. The company had no specific news, but investors could be reacting to Tuesday’s earnings report from chipmaker Globalfoundries, whose CEO Tom Caulfield said investors should have confidence that chipmakers are going to get their act together to avoid the boom/bust cycles of the past.
Lumen Technologies Inc. (NYSE: LUMN) traded down by about 10.7%, at $11.45 in a 52-week range of $11.09 to $15.45. The telecom company formerly known as CenturyLink missed EPS and revenue estimates late Wednesday.
Ceridian HCM Holding Inc. (NYSE: CDAY) traded down about 8.7% to $74.00, in a 52-week range of $67.58 to $130.37. The human resources management firm beat on both the top and bottom lines and issued upside guidance for both the current quarter and the 2022 fiscal year. Not good enough, apparently.
Western Digital Corp. (NASDAQ: WDC) traded down about 2.4%, at $53.19 in a 52-week range of $48.62 to $78.19. After markets closed, the company announced production has been affected by contamination of some materials used to manufacture its 3D NAND flash memory devices and it will reduce production by at least 6.5 exabytes.
Zebra Technologies Corp. (NASDAQ: ZBRA) traded down about 2.2% Thursday, at $495.00 in a 52-week range of $422.19 to $615.00. The enterprise software company reported fourth-quarter results Thursday morning that beat estimates, but it issued downside guidance for the current quarter.
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) traded down about 1.4%, at $23.40 in a 52-week range of $17.78 to $34.48. Citigroup has downgraded the cruise line operator’s stock from Buy to Neutral. The price target remains at $25.
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