S&P 500 and Nasdaq See Largest Increases Since 2022 Amid Decreased Economic Concerns and Surge in Tech Stocks

The stock market saw some significant movements on Thursday, with several companies making headlines for their performance in the S&P 500 index. Let’s take a closer look at some of the biggest movers of the day.

Advancers:
1. Monolithic Power Systems (MPWR) led the S&P 500 higher, jumping 11.4% after posting strong quarterly financial results. The semiconductor firm specializes in power management technology and has been benefiting from growing demand for artificial intelligence power solutions.

2. Parker-Hannifin (PH) saw its shares soar 10.8% after surpassing quarterly sales and profit estimates. The provider of motion and control technologies experienced robust demand in its aerospace services segment, despite challenges in diversified industrials. Aftermarket strength helped boost sales and margins in Parker-Hannifin’s aviation business.

3. Eli Lilly (LLY) shares surged 9.5% following better-than-expected sales and profits for the second quarter. Sales of the company’s diabetes and weight-loss treatments, Mounjaro and Zepbound, drove the strong performance. Eli Lilly also raised its full-year revenue and earnings outlook, citing production expansions to improve its supply of these popular drugs.

Decliners:
1. McKesson (MCK) saw its shares plummet 11.3% after missing quarterly sales estimates. The distributor of healthcare supplies cited fewer product launches, slumping demand for COVID test kits, and a key customer shifting from arthritis treatment Humira to a biosimilar as factors behind the revenue shortfall.

2. Monster Beverage (MNST) shares dropped 10.9% following weaker-than-expected financial results. The company highlighted slower foot traffic at convenience stores as a factor pressuring sales of energy drinks.

3. Warner Bros Discovery (WBD) shares fell 8.9% after the entertainment giant reported a loss of nearly $10 billion for the second quarter. The results included a $9.1 billion non-cash goodwill impairment charge reflecting a write-down in value of the company’s cable networks, which have been disrupted by streaming services.

In other news, Palantir Technologies (PLTR) shares soared after announcing a partnership with Microsoft to provide secure cloud, artificial intelligence, and analytics capabilities for national security missions. The agreement will give U.S. defense and intelligence agencies access to advanced technology for their missions.

Overall, the stock market experienced a mix of positive and negative movements on Thursday, reflecting the ongoing dynamics of the market. Investors will continue to monitor these developments closely as they navigate the ever-changing landscape of the financial world.