S&P 500 Gains and Losses Today: Stocks Rise After Nvidia Earnings; Alphabet Falls

Major U.S. equity indexes moved higher a day after Nvidia (NVDA), the world’s most-valuable company, topped third-quarter revenue and profit forecasts but said supply chain issues could crimp revenue growth in the current quarter.

The S&P 500 ticked up 0.5%, while the Dow advanced 1.1%. After trading down for much of the day, the Nasdaq recovered in the afternoon to eke out a gain of less than 0.1%.

Super Micro Computer (SMCI) shares jumped 15%, logging the top daily performance in the S&P 500 for the third time this week. Thursday’s gains came after Nvidia mentioned its partnership with the server maker during its earnings call last night. Earlier this week, Supermicro filed a compliance plan related to the release of its delayed annual report, which should help it steer clear of a possible delisting by the Nasdaq. Nvidia’s shares rose 0.5%.

Shares of Amentum (AMTM) jumped 10.5%, clawing back a portion of the stock’s recent losses as the efficiency priorities of the incoming presidential administration create an uncertain outlook for government contractors. Amentum has seen some positive developments this week, securing a $389 million contract to provide logistical support for the U.S. Army and partnering with the government of the Netherlands to evaluate potential nuclear power projects in the country.

Deere (DE), manufacturer of tractors and other heavy-duty farming equipment, reported better-than-expected profit for its fiscal fourth quarter, and its shares plowed 8.1% higher. More moderate raw material prices and freight expenses contributed to lower production costs, helping Deere overcome a slump in demand for farm equipment. Deere’s full-year profit guidance came in below expectations, as the firm expects persistent pressure on farm incomes to continue dragging down spending on major agricultural equipment.

Vistra (VST) shares surged 7.8% Thursday, adding to gains posted Wednesday after the electricity generator announced a private offering of $1.25 billion in senior secured notes. The opportunity for the Texas-based utility to provide power for energy-intensive data centers has helped catapult Vistra stock to the best performance in the S&P 500 for 2024, with gains of above 330%.

Shares of Google parent Alphabet (GOOGL) fell 4.7%, the most of any S&P 500 stock, after the Justice Department said the tech giant should be forced to divest its Chrome browser, arguing the company has a monopoly in the search business. The DOJ also recommended that Google make changes to ensure its control of the Android mobile operating system does not disadvantage others. The company said it will submit its own proposals in December.

A newsletter focused on short-selling opportunities released a report on Thursday alleging that aerospace component supplier TransDigm Group (TDG) has engaged in price gouging and taken advantage of government inefficiencies to boost its profits. Pointing to past accusations of exorbitant and accounting irregularities, the report suggested TransDigm could face scrutiny under emerging government efficiency efforts. TransDigm shares lost 4.1%.

GE Healthcare Technologies (GEHC), the medical technology firm that completed its spinoff from General Electric early last year, hosted its 2024 investor day. The company boosted its quarterly dividend and reconfirmed its organic revenue growth targets, highlighting its innovation pipeline, but shares slipped 3.4%. GE Healthcare faces a challenging environment in China and has indicated that it expects recovery in the country to remain muted in the first half of 2025.