S&P 500 Gains and Losses Today: Garmin Jumps on Fitness, Outdoor Device Sales

Major U.S. equities indexes posted gains that were enough to send the S&P 500 to another record high as investors shook off tariffs and watched corporate earnings. 

The S&P 500 gained 0.2% for its second-straight all-time high, while the Dow and Nasdaq posted more modest increases. 

The gains came as market watchers reviewed minutes from the January meeting of the Federal Reserve, which showed that officials expressed worries about the impact that tariffs could have on inflation. However, traders didn’t share the same concerns, as President Donald Trump’s latest tariff proposal didn’t derail recent market advances.

Garmin (GRMN) shares jumped more than 12.6%, setting a new intraday record and leading S&P 500 gainers. The GPS device maker reported better-than-expected results after its quarterly sales grew in its fitness, auto, and outdoor segments. Garmin’s full-year revenue reached a record high of $6.3 billion.

Microchip Technology (MCHP) was up by 9.9% after it announced the release of an artificial intelligence (AI) coding assistance with chat capability to help software developers. 

Chipmaker Analog Devices (ADI) rose 9.7% after it topped quarterly estimates while also raising its dividend and boosting its stock buyback program. The maker of low-end chips saw sales increase on demand for consumer electronics spurred by AI adoption. 

Super Micro Computer (SMCI) shares maintained their hot streak by adding nearly 8.0% to notch its fifth straight winning session. The server maker has been soaring following an ambitious revenue projection based on its artificial intelligence technology. The rebound comes after Supermicro stock fell last year after it wasn’t able to meet filing requirements. The deadline to turn in its delayed annual report is Feb. 25.

Specialty chemical maker Celanese (CE) suffered the biggest drop in S&P 500 trading, falling 21.4% after forecasting that its operating losses could continue into the current quarter. The company reported a fourth-quarter operating loss of $1.4 billion after its revenue fell 10% from the prior quarter. 

Taser maker Axon Enterprises (AXON) fell 16.4% after an analyst downgrade on potential increases in competition for the police equipment firm. Northcoast Research lowered its rating on Axon from “Buy” to “Neutral.”

Cadence Design Systems (CDNS), the maker of software for designing microchips, declined by 8.8% after its annual revenue and profit forecast came in lower than analyst estimates. Analysts cited a slowdown in the automotive market as a reason.

Cloud networking giant Arista Networks (ANET) fell 6.4% despite topping its quarterly estimates. The company reported a drop in sales from Meta Platforms (META), raising worries that the firm was too reliant on the Facebook parent.

Shares of Intel (INTC) dropped by 6.1% as the tech firm gave back some recent gains. This followed reports that several firms, including Broadcom (AVGO), Taiwan Semiconductor Manufacturing Co. (TSM), and private equity firm Silver Lake Management, were looking to acquire segments of the company.