Three stocks power S&P 500 to fresh record closing high |
Another day, another record close for the S&P 500. Gains on the day were led by, of course, Oracle, which soared 36% after the cloud giant missed Q1 estimates but reported a 359% surge in its key “booked” revenue, known as “remaining performance obligations” (RPO). Shares pared gains after the company said its revenue backlog was a function of a $300 billion deal with OpenAI. The news lifted most AI-adjacent companies, but Oracle’s fellow hyperscalers were notable underperformers, especially Amazon. Eighty-three basis points of today’s return in the SPDR S&P 500 ETF, more than 2x its daily gain, was attributable to Oracle and the two leading US chip designers, Nvidia and Broadcom. Tech, utilities, and energy were the top-performing S&P 500 sector ETFs, while consumer staples and healthcare were laggards. The Nasdaq 100 (which doesn’t have Oracle as one of its members) barely broke even, while the Russell 2000 gave back 0.2%. |
— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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But it’s just a forecast, of course. Read more. |
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AI appears to be everywhere, but that doesn’t mean big companies have fully embraced the use of the technology in their day-to-day business. Read more. |
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