S&P 500 Features and Losses Nowadays: Darden Eating places Inventory Sizzles After Gross sales Beat

Key Takeaways
The S&P 500 slipped 0.1% on Thursday, Dec. 19, 2024, as shares struggled to get well from the prior day’s sell-off regardless of upbeat information on financial enlargement.Frozen potato distributor Lamb Weston reported an surprising quarterly loss, mentioning susceptible world call for, and its stocks tumbled.Darden Eating places stocks surged as gross sales enlargement from its LongHorn Steakhouse chain helped power robust quarterly effects.
Primary U.S. equities indexes completed Thursday little modified after a pointy sell-off an afternoon previous.

Even though buyers endured to digest indications that the Federal Reserve plans a extra muted trail for interest-rate cuts in 2025, a favorable replace to estimated gross home product enlargement within the 3rd quarter demonstrated the resilience of the U.S. economic system.

After buying and selling upper for lots of the consultation, the S&P 500 and the Nasdaq Composite noticed their rebound makes an attempt lose steam within the afternoon, with each indexes completing down 0.1%. The Dow controlled a achieve of lower than 0.1%, finishing a streak of 10 instantly down days.

Stocks of Lamb Weston (LW) plunged 20%, greater than every other S&P 500 inventory on Thursday, after the supplier of frozen fries and different potato merchandise reported an unanticipated loss for its fiscal 2nd quarter. The Idaho-based corporate additionally diminished its full-year outlook and introduced the appointment of a brand new CEO,

Micron Generation (MU) supplied lower-than-expected gross sales steerage for the present quarter, and its stocks tumbled 16%. The chipmaker cited comfortable call for in consumer-oriented markets, pointing to the automobile and commercial sector in addition to an underwhelming PC substitute cycle. Financial institution of The usa analysts downgraded Micron inventory to “impartial” from “purchase” and diminished their worth goal, noting the corporate faces pricing power within the reminiscence chip marketplace.

Vertex Prescription drugs (VRTX) stocks fell 11% following blended effects from a Section 2 scientific trial of a remedy for lumbosacral radiculopathy, a situation inflicting leg and again ache. The biotechnology corporate stated that, even supposing the drug met its number one endpoint of lowering ache, the placebo used within the learn about confirmed identical effects.

Darden Eating places (DRI) inventory skyrocketed on Thursday, main the S&P 500 upper with a surge of just about 15%. The mum or dad corporate of Olive Lawn and different eating place chains posted better-than-expected gross sales and changed earnings for its fiscal 2nd quarter, boosted via robust same-restaurant gross sales enlargement from its LongHorn Steakhouse trade. Darden additionally lifted its full-year income outlook.

A beat-and-raise quarter additionally helped raise stocks of Accenture (ACN), which jumped 7.1% after the pro services and products and consulting company crowned income and web source of revenue forecasts and higher its full-year gross sales outlook. 12 months-over-year enlargement in synthetic intelligence bookings contributed to Accenture’s a success quarter.

Stocks of power apparatus maker GE Vernova (GEV) complicated 4.9%. A number of marketplace observers highlighted the robust efficiency of GE Vernova inventory since its spin-off from Normal Electrical previous this 12 months, noting its doable to take pleasure in expanding call for for blank power, particularly from AI information facilities. Final week, GE Vernova declared a dividend, introduced a inventory buyback plan, and raised its full-year gross sales forecast.