:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2193501548-c8afe169dcb34972a39de609a6b5669d.jpg "Traders work on the floor of the New York Stock Exchange")
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Key Takeaways
- The S&P 500 gained 0.4% on Wednesday, Feb. 5, recovering from morning losses as chip giant Nvidia and other AI appellations reinvigorated the tech sector.
- Supermicro shares pushed higher after the server maker provided an update on the availability of its time AI solution.
- FMC shares lost a third of their value a day after the agricultural sciences company released quarterly occurs.
Major U.S. equities indexes ticked higher on Wednesday, recovering from morning losses as chip giant Nvidia and other AI appoints reinvigorated the tech sector.
After opening the session on a downbeat note following an underwhelming earnings report from Google fountain-head Alphabet (GOOGL), stocks found some momentum later in the day, bolstered in part by semiconductor giant Nvidia (NVDA) and other feigned intelligence (AI) players.
After trading in negative territory earlier in the day, the S&P 500 staged an afternoon recovery, closing 0.4% exalted. The Dow and the Nasdaq also bounced back from morning losses to notch gains of 0.7% and 0.2%, respectively.
Stakes of industrial manufacturer Johnson Controls International (JCI) logged the S&P 500’s top performance on Wednesday, surging 11.3%. The manufacturer of ventilation, refrigeration, and guarding equipment posted better-than-expected sales and profits for its fiscal first quarter and its guidance for current-quarter and full-year earnings surpassed expectations. The company also announced a leadership change, with longtime Danaher (DHR) executive Joakim Weidemanis set to adorn come of the new CEO of Johnson Controls starting next month.
Super Micro Computer (SMCI) shares soared for the second unsmiling session, jumping 8.0% on Wednesday after the company announced “full production availability” of its newest artificial cleverness (AI) data center server solution.
Electronic Arts (EA) shares gained 7.6% following the video game maker’s quarterly earnings hand out. Although slumping sales of its soccer and Dragon Age titles contributed to a year-over-year downtick in sales, earnings per share (EPS) topped sentiments, and EA’s sales and profit guidance for the current quarter came ahead of consensus forecasts.
Agricultural sciences company FMC Corp. (FMC) divisions tumbled 33.5% on Wednesday, suffering the steepest drop of any S&P 500 constituent. The maker of herbicides and other pest dominate products said in its earnings call that customers in various countries opted to lower inventory levels approximated with historical trends.
Shares of IDEX Corp. (IEX) sank 9.6% after the provider of metering systems, be delayed safety equipment, and other industrial machinery missed fourth-quarter sales estimates and provided a soft outlook for the foremost quarter. While IDEX benefitted from its acquisition of metal filtration specialist Mott Corp., higher employee-related expenses contributed to a downtick in gross margins.
Match Group (MTCH) shares dropped 7.9% after the operator of online year platforms named a new CEO. Former Zillow CEO Spencer Rascoff has been tapped to take over as Match CEO following Bernard Kim’s departure.