The stock market saw a flurry of activity today, with various companies experiencing significant gains and losses. Industrials led the S&P 500’s gain, while Papa John’s stock fell after Shake Shack named Papa John’s CEO Rob Lynch as its new chief. Apple shares also dropped after the Department of Justice sued the tech giant in an antitrust case.
On a positive note, existing home sales posted a surprise jump, marking the largest gain in a year. Additionally, U.S. manufacturing activity hit a 22-month high in March, showing positive signs for the economy.
Micron Technology experienced a significant surge in its stock price after reporting strong AI-driven earnings, heading for its best day since 2011. Meanwhile, Five Below saw a decline in its stock price after disappointing earnings and guidance.
In other news, the Bank of England left interest rates unchanged, but hinted at possible cuts in the future. Jobless claims edged lower, below expectations, indicating stability in the job market.
Gold prices hit a new record, with market watchers expecting the rally to continue. The Nikkei 225 index in Japan also hit a new record high, driven by improved business sentiment and exports. However, New Zealand unexpectedly slipped into a technical recession as its economy contracted.
Fundstrat’s Tom Lee predicted a 50% rise in the Russell 2000 index for the year, citing various factors that could drive the small-cap benchmark higher. Reddit priced its IPO at $34 per share, valuing the company at around $6.5 billion.
Lastly, corporate buybacks of stock surged, with Bank of America noting that buyback trends are hitting multi-year highs. Overall, the stock market showed a mix of positive and negative movements, reflecting the dynamic nature of the financial markets.
