Wall Street extended its rally on Tuesday, advancing on the day as last week's dovish policy pivot from the Federal Reserve continued to reverberate and investors looked ahead to crucial inflation data. The blue-chip Dow nabbed another all-time closing high.
Market Snapshot
The Dow Jones Industrial Average rose 251.9 points, or 0.68%, to 37,557.92, the S&P 500 gained 27.81 points, or 0.59%, to 4,768.37 and the Nasdaq Composite added 98.03 points, or 0.66%, to 15,003.22.
Market Movers
Affirm (AFRM) - Affirm rose 15.5% after the buy-now-pay-later company said it would provide pay-over-time options at Walmart self-checkout kiosks in the U.S.
Sunnova Energy (NOVA) - Sunnova Energy was up 15% and Sunrun gained 8.4% after Piper Sandler upgraded shares of the solar companies to Overweight from Neutral.
Enphase Energy (ENPH) - Enphase Energy jumped 9.1% after the maker of microinverters, battery storage, and other products for the solar industry, said it would be cutting 10% of its workforce and close its contract manufacturing plants in Wisconsin and Timisoara, Romania.
Lyft (LYFT) - Lyft fell 3.6% after John Zimmer, co-founder and vice chairman of the ride-hailing company, sold nearly $3.5 million of stock, according to regulatory filings.
Chewy (CHWY) - Chewy rose 9.2% after shares of the online pet products retailer were initiated with a Buy recommendation at Jefferies and with a price target of $27.
Boeing (BA) - Boeing rose 1.2% after German airline Lufthansa announced it was buying 100 MAX jets and as Wall Street price targets on shares of the aerospace company have continued to rise.
Bluebird Bio (BLUE) - Bluebird Bio fell 20.3% after the biotech company said it would sell $150 million of common stock in a public offering.
FuelCell Energy (FCEL) - FuelCell Energy declined 4.6% after the clean energy company reported fiscal fourth-quarter revenue that fell 43% from a year earlier and missed Wall Street expectations.
UBS Group (UBS) - UBS rose 5.2% after it was disclosed that activist investor Cevian Capital has taken a stake of 1.3% in the Swiss banking giant. Cevian paid €1.2 billion ($1.31 billion) for the stake, saying it sees significant value potential in UBS after its takeover of rival Credit Suisse.
Market News
FedEx Profit Misses, Cuts Full-Year Revenue Forecast
FedEx cut its full-year revenue forecast and reported quarterly profit that fell far short of analysts' targets on Tuesday, sending shares tumbling 8.5%, as it battles for business in what is shaping up to be a weak holiday season.
The company's shares fell to $256.20 in extended trading after closing at $280 on Tuesday. The results also dragged down shares of rival United Parcel Service 2.6%.
TSMC Chair Steps Down in Power Shift at Global Chip Linchpin
Taiwan Semiconductor Manufacturing Co. Chairman Mark Liu plans to retire in 2024 and cede his role to Chief Executive Officer C.C. Wei, handing the reins of the world’s most important chipmaker to a fellow engineering maven.
The reshuffle means Wei is set to become one of the most influential executives in technology, steering Apple Inc.’s and Nvidia Corp.’s main chipmaking partner while fielding requests for manufacturing investment from governments around the world.
