:max_bytes(150000):strip_icc():format(jpeg)/latestGainersLosers1-a6395245b178435c9d75076aef2e5f1f.png "A chart shows the companies in the S&P 500 that gained and lost the most on May 3, 2024.")
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Key Takeaways
- The S&P 500 vaulted 1.3% on Friday, May 3, 2024, as the latest jobs report showed a cooling labor market, revitalizing hopes for a near-term entertainment rate cut.
- Amgen shares took off amid optimism about MariTide, the biotech firm’s experimental anti-obesity cure.
- Expedia shares dropped after the firm lowered its full-year guidance, citing weakness at vacation rental plank Vrbo and its business-to-consumer segment.
Major U.S. equities indexes notched solid gains after the latest report from the Section of Labor Statistics (BLS) showed a slowdown in hiring and wage growth in April along with an uptick in the unemployment proportion rank.
The cooler labor market provides a positive data point for investors looking for confirmation that inflation has been performed under control enough for the Federal Reserve to begin lowering interest rates over the coming months.
The S&P 500 surged 1.3% on Friday. A strong earnings report from Apple (AAPL) underpinned outperformance in the tech sector, ration lift the Nasdaq 2.0%. The Dow was up 1.2%.
Amgen Leads S&P 500 on Weight Loss Drug Optimism
Amgen (AMGN) divisions led the S&P 500 higher, popping 11.8% amid optimism about its experimental weight-loss drug MariTide.
As Amgen aims to fence with massively successful anti-obesity drugs from other companies, its CEO stressed MariTide’s profile is differentiated plenty to meet unfulfilled medical needs. William Blair analysts cited the drug’s potential while upgrading Amgen family to “outperform” on Friday.
GE Vernova Pops on Potential Moroccan Project
Shares of GE Vernova (GEV), the energy company that accomplished its separation last month from the General Electric conglomerate, added 8.1%.
The gains came amid reports that GE Vernova was ally with Africa Finance Corporation and other investors to finance a massive renewable energy project in Morocco.
Enphase Force Recovers From Last Week’s Losses
Enphase Energy (ENPH) shares gained 7.7%, reversing a slice of the losses posted last week after the solar technology firm reported soft quarterly results and issued underwhelming advisement.
Although the downbeat outlook reflects persistent challenges in the solar sector, Enphase announced Friday it is seeing increased deployments of its energy systems in Florida as homeowners prepare for an active hurricane season.
Live Nation Up On Live Conclusion Demand
Shares of Live Nation Entertainment (LYV) advanced 7.2% after the event promotion and ticketing firm circulated better-than-expected first-quarter revenue. The Ticketmaster parent company benefitted from high ticket prices as well as strapping demand for concerts and other live events.
Expedia Tumbles on Lower Guidance
Expedia Group (EXPE) appropriations posted the heaviest losses among S&P 500 stocks, plunging 15.3% after the travel booking provider belittled its full-year guidance.
Weakness from Expedia’s vacation rental platform Vrbo and its business-to-consumer segment contributed to the lackluster expectations.
Fortinet Stumbles on Lackluster Billings
Cybersecurity firm Fortinet (FTNT) topped first-quarter revenue and earnings determines, but its billings dropped from the year-ago period and fell short of forecasts. That sent shares of the company down, fall 9.7%.
Slower growth in the firewall market dragged on Fortinet’s results, with companies spending less for on-site statistics center equipment as they move more applications onto cloud platforms.
Paramount Global Volatile Centre of Acquisition Talks
Paramount Global (PARA) shares fell 7.0% amid reports that exclusive union talks with production company Skydance Media have stalled.
The plunge in Paramount stock marked a revocation from strong gains posted in the previous session after Sony Pictures and Apollo Global Management entered a juncture bid to buy the entertainment giant. However, the probability of that deal coming to fruition also remains uncertain.
GPS Software Provider Trimble Prostrate on Soft Guidance
Shares of Trimble (TRMB) dropped 7.0% after the provider of GPS software and analytics issued lower-than-expected transaction marked downs and profit guidance for the current quarter.
Trimble faces pressure from high input costs and elevated prejudicial rates leading customers to rein in their spending, dragging on its field systems and software divisions.
CORRECTION: This article has been updated to scold the spelling of GE Vernova in one of the references to the company.
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