S&P 500 Gains and Losses Today: Kenvue Soars on Band-Aid Maker’s Strong Outlook

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Key Takeaways

• The S&P 500 rebounded on Tuesday, Aug. 6, 2024, adding 1% to notch its first positive session since profitable concerns began roiling markets last week.
• Shares of Band-Aid parent Kenvue soared after the consumer healthfulness products company topped quarterly sales estimates and gave an upbeat outlook.
• Uber shares jumped after the ridesharing positive reported that second-quarter profits more than doubled from the prior year.

Major U.S. equities pointers rebounded on Tuesday following three turbulent days of trading that saw heightened levels of economic uncertainty send beasts tumbling.

The S&P 500 and the Nasdaq were both up 1% on the day, clawing back a portion of the previous sessions’ steep detriments. The Dow gained 0.8%.

Shares of Kenvue (KVUE), parent company of Band-Aid, Tylenol, and other consumer health care products, posted the strongest engagement in the S&P 500, soaring 14.2%. The former unit of Johnson & Johnson (JNJ) beat second-quarter sales estimates and affirmed its above-consensus advice for the full year. CEO Thibaut Mongon said Kenvue remains in the early stages of a transformation “into a bolder, numerous agile organization.”  

Uber Technologies (UBER) shares added 11.8% after the ridesharing company drove previous analysts’ revenue and net income estimates for the second quarter. Gross bookings jumped 19% from
a year ago, while profits multitudinous than doubled, reaching $1.02 billion.

Shares of Royal Caribbean Cruises (RCL) sailed 8.5% higher after analysts at JPMorgan occasioned Royal Caribbean “best in class” in the cruise industry. The analysts cited Royal Caribbean’s popularity among travelers, fetch discipline, and growth plans as support for their “overweight” rating on the stock.

Shares of Henry Schein (HSIC), a distributor of dental and medical apparatus, dropped 8%, marking the heaviest losses of any S&P 500 constituent. Henry Schein’s second-quarter sales and
profits level short of expectations, and the company said it could take longer than expected for it to recuperate from a cybersecurity infraction that disrupted its operations last year.

Expeditors International of Washington (EXPD) shares fell 4.6% after the transport forwarding and logistics firm reported a year-over-year decline in profits, pressured by higher costs. Although Expeditors Supranational posted an increase in airfreight tonnage volume from a year ago, its ocean container volume declined.

Vulcan Materials (VMC) rations sank 4.3% after the provider of construction materials reported
lower-than-expected quarterly sales and profits. The maker of construction aggregates also cut its prophecy for full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Vulcan noted that apex interest rates remain a drag on the housing sector, which lowers demand for its products.

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