The S&P 500 index has achieved a record close, climbing 0.3% fueled by significant performances from leading technology companies that have driven its growth in recent years. Known as the “Magnificent 7,” this group of tech giants outperformed the benchmark index by a considerable margin, with Alphabet surging over 2% and Meta, Nvidia, and Amazon also showing gains of at least 1%. However, Apple’s stock stood out negatively, declining 1.5% following the introduction of its newly unveiled products at the annual event, which included an ultra-slim iPhone Air and iPhone Pro with extended battery life, updated AirPods Pro 3 featuring live language translation, and a refreshed Apple Watch lineup. Typically, Apple shares experience a dip during such product announcements.
In related movements, the Nasdaq 100 mirrored the S&P’s rise, also increasing by 0.3%, while the Russell 2000 faced a downturn, dropping 0.5%. Within the S&P 500 sectors, materials were the standout laggards, experiencing significant losses, whereas communications services and healthcare sectors thrived, demonstrating substantial gains.
Among the key players, UnitedHealth emerged as a notable performer, surging 8.7% after the health insurance giant signaled that it expects the majority of its Medicare Advantage enrollees to transition to more profitable plans in the upcoming year. Conversely, Albemarle saw its shares fall by 11.5% amid reports indicating that Chinese electric vehicle battery manufacturer Contemporary Amperex Technology plans to restart its lithium mine in Yichun.
In other market highlights, Robinhood Markets Inc. reached an all-time high after being designated for inclusion in the esteemed S&P 500 index last Friday. The brokerage firm is positioned as a critical player in the financial sector, further emphasizing its rising profile.
Meanwhile, Nebius experienced a nearly 50% surge following the announcement of a major deal to provide computing power for Microsoft’s artificial intelligence operations. CoreWeave also enjoyed a 7.1% increase, underscoring the strong demand and significant value within the AI data center ecosystem.
On the downside, Planet Labs saw a 6.6% decline as it gave back gains from Monday, despite having reported better-than-expected quarterly results. Additionally, shares of Fox and News Corp fell by 6.7% and 1.7%, respectively, in the wake of Rupert Murdoch’s heirs agreeing to a $3.3 billion settlement, effectively ending a prolonged succession dispute.
