Dow Jones Today: S&P 500 Hits Another Record as Major Stock Indexes Rise; Supermicro Continues Surging, Palantir Plunges from All-Time High

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The S&P 500 hit a record high for the second straight session on Wednesday as major stock indexes closed slightly higher.

The S&P 500 and Dow Jones Industrial Average each gained 0.2%, while the tech-heavy Nasdaq Composite tacked on 0.1% to finish higher for the fifth consecutive day. Stocks have kicked off the holiday-shortened trading week on a positive note, adding to last week's solid gains. The Dow and Nasdaq Composite are less than 1% away from record closing highs of their own.

Shares of major tech companies were mixed on Wednesday. Microsoft (MSFT), Apple (AAPL), Alphabet (GOOG), Tesla (TSLA) and Broadcom (AVGO) gained ground, while Nvidia (NVDA), Amazon (AMZN) and Meta Platforms (META) retreated. For Meta, it was the second straight day of declines after a 20-session winning streak.

Super Micro Computer (SMCI) shares rose 8%, extending a huge rally that followed the server maker's release last week of a rosy outlook for AI-fueled sales growth. The stock, which jumped as much as 19% during Wednesday's session, has gained 56% over the past week.

Intel (INTC) shares tumbled 6% after surging 16% on Tuesday amid reports that the beleaguered chipmaker could sell parts of its business. The Wall Street Journal reported over the weekend that Broadcom and Taiwan Semiconductor Manufacturing Company (TSM) are considering bids for parts of Intel, while Bloomberg reported Tuesday that private equity firm Silver Lake Management is nearing a deal to buy a majority stake in the company's Altera programmable chips unit.

Palantir (PLTR) shares finished 10% lower after hitting a record high earlier in Wednesday's session. The stock took a sharp downturn in the final hour of trading following a report the Trump administration directed the Pentagon to trim the U.S. defense budget.

A handful of stocks made big moves after the release of quarterly earnings reports. Shares of homebuilder Toll Bros (TOL) and cloud networking company Arista Networks (ANET) each dropped about 6%, while speciality chemicals maker Celanese (CE) plunged 21% to lead S&P 500 decliners. Among post-earnings gainers, semiconductor company Analog Devices (ADI) and GPS device maker Garmin (GRMN) rose nearly 10% and 13%, respectively.

The yield on 10-year Treasurys, which is sensitive to expectations about where interest rates are headed, was at 4.54% in late trading, little changed from yesterday's close. The Federal Reserve is in no rush to cut its benchmark rate, according to minutes from the central bank's latest policy meeting in January. The report, released Wednesday afternoon, cited concerns about lingering inflation and uncertainty about the impact of Donald Trump's economic policies

Bitcoin was at $96,700, up from an overnight low around $94,000. Gold futures were down slightly at around $2,940 an ounce, while West Texas Intermediate crude oil futures rose 0.6% to $72.25 a barrel.

Palantir Stock Plunges on Report of Lower Defense Spending

Palantir (PLTR) shares plunged from their all-time highs Wednesday following a report the Trump administration directed the Pentagon to trim the U.S. defense budget.

The Washington Post reported Wednesday that Defense Secretary Pete Hegseth ordered Pentagon officials to cut the U.S. defense budget by 8% annually for the next five years.

The move could negatively affect military contractors like Palantir, which derived more than 40% of its fourth-quarter revenue from the U.S. government and recently extended a contract with the U.S. Army.

Palantir’s stock price dropped 10% to close at $112.06 Wednesday after closing at an all-time high yesterday and setting an intraday record at $125.41 earlier in Wednesday's session. Shares of some other firms that service the U.S. military, including Northrop Grumman (NOC), Booz Allen Hamilton (BAH), and L3 Harris (LHX), also lost ground Wednesday.

However, several analysts suggested earlier this month that Palantir could be better positioned than most to benefit from the Trump administration’s focus on artificial intelligence and the Elon Musk-led Department of Government Efficiency’s goals to cut spending.

Separately, Palantir disclosed late Tuesday that CEO Alex Karp adopted a new trading plan to sell up to 9.98 million shares through Sept. 12.

Even with Wednesday’s losses, Palantir shares have nearly quintupled in value over the past 12 months as demand for its Artificial Intelligence Platform soared.

-Kara Greenberg

Hims & Hers Stock Jumps on Blood Testing Lab Acquisition

Hims & Hers Health (HIMS) shares jumped to a record high on Wednesday following the announcement that the company acquired lab testing facility Trybe Labs.

The online healthcare provider said the deal will allow it to roll out at-home blood testing, which will let customers get more information about "hormone levels, cardiac risk, stress markers, cholesterol, liver function, thyroid function, and prostate health." The company said it plans to roll out the at-home blood draw service over the next year.

The company said the acquisition has already been completed, but did not release financial terms. Hims & Hers said it funded the deal with cash on hand; it said it had about $166 million in cash or cash equivalents, and more than $600 million in total assets, at the end of the third quarter.

The announcement comes ahead of the company's fourth-quarter earnings, set for release after markets close on Monday.

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Shares of Hims & Hers gained 18% on Wednesday. The stock has risen nearly 600% over the past 12 months.

-Aaron McDade

Morgan Stanley Thinks Walmart Stock Can Reach $150

Some Wall Street analysts think Walmart (WMT) shares are nearing a top. One research team thinks the retailer's strong profit margins could help them keep climbing.

The market doesn’t appreciate how much momentum Walmart’s strategy has, Morgan Stanley analysts wrote in a Tuesday note, saying that the company has the profit margins to invest in robots and other technology to drive efficiencies in its e-commerce businesses, for example.

Morgan Stanley gave the retailer a price target of $115—about 10% above Wednesday’s $104 closing price–ahead of the company’s scheduled earnings release tomorrow morning.

But its analysts' bull case sees the shares rising above $150, which would mark a higher level than any of the analysts tracked by Visible Alpha currently predict.

Read the full article here.

-Sarina Trangle

Analog Devices Stock Jumps After Earnings Beat

Analog Devices (ADI) shares soared to an all-time high Wednesday after the company’s fiscal first-quarter results topped expectations and the company boosted its share-buyback program.

The chipmaker posted first-quarter revenue of $2.42 billion, down 4% year-over-year but above the analyst consensus from Visible Alpha. Its adjusted earnings per share of $1.63 also topped expectations.

CFO Richard Puccio said Analog Devices expects to return to growth in fiscal 2025, driven by rising bookings and strength in its industrial and automotive segments. The company projects revenue of $2.4 billion to $2.6 billion for its fiscal second quarter, above the analyst consensus at the midpoint.

Analog Devices also said it authorized an additional $10 billion for share repurchases, bringing its total authorization to $11.5 billion. The company raised its dividend 8% to 99 cents per share as well.

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Shares of Analog Devices gained nearly 10% on Wednesday. The stock has added 28% over the past 12 months, outpacing the performance of the S&P 500 over the period.

-Andrew Kessel

Garmin Surges to Record High on Strong Outlook

Garmin (GRMN) shares surged to an all-time high Wednesday after the company's fourth-quarter results and full-year outlook exceeded analysts' expectations.

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The maker of navigation and fitness devices posted pro-forma earnings per share of $2.41 for the fourth quarter, a 40% jump from the year before. Revenue was up 23% to $1.82 billion. Both figures topped estimates compiled by Visible Alpha.

The gains came as sales grew 31% at Garmin's fitness division, 30% at its auto OEM segment, and 29% at its outdoor segment, trailed by a 9% rise in aviation, and 5% climb in its marine division. The performance helped Garmin's full-year revenue reach a record high at $6.3 billion.

CEO Cliff Pemble credited the company's success to its “robust product lineup,” and said Garmin has “many product launches” set for the year ahead.

The company said it anticipates pro-forma EPS of $7.80 for fiscal 2025 and sales of $6.8 billion, above analysts' projections.

Garmin shares were up 12% in afternoon trading. The stock has nearly doubled in value over the past 12 months.

-Bill McColl

EV Maker Nikola Files for Chapter 11

Electric vehicle startup Nikola (NKLA) filed for Chapter 11 bankruptcy and plans to move forward with an auction of its assets, pending court approval, the company said Wednesday.

The hydrogen truck maker and the EV industry at large have “faced various market and macroeconomic factors” that affected the company’s operations, Chief Executive Office Steve Girsky said.

He said recent attempts to raise capital and sustain Nikola's operations “have not been enough to overcome these significant challenges.”

Nikola’s bankruptcy filing is the culmination of a dramatic few years. The company went public in June 2020 without selling a single truck and at one point reached a higher market cap than Ford Motor (F). Then came a mass recall of its vehicles in 2023 and a four-year prison sentence for founder Trevor Milton later that year on charges of misleading investors.

The company said it has roughly $47 million in cash on hand to support its bankruptcy activities. If an auction is approved by the court, parties will be able to submit bids to acquire Nikola's assets.

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Shares of Nikoka tanked nearly 40% intraday Wednesday. The stock has dropped from a 52-week high of around $34 last April to 46 cents today

-Andrew Kessel

Bumble Tumbles on Weak Outlook

Bumble (BMBL) shares lost more than a quarter of their value Wednesday after the online dating service issued a weaker-than-expected first-quarter outlook and said it lost 57,000 paying customers in the fourth quarter versus the third.

The women-focused dating app also said it would wind down two of its dating apps, Fruitz and Official, in the first half of the year.

The announcement came as Bumble projected revenue of $242 million to $248 million in the current quarter. The outlook was softer than expected, according to Jefferies, reflecting a decrease of between 100,000 and 120,000 paying users over the fourth quarter, versus the 30,000 decline expected by Wall Street analysts.

Bumble Founder Whitney Wolfe Herde, who is set to return to the CEO role next month, said the company is continuing its push into making Bumble a “much broader lifestyle brand” allowing users to find not just dates but also friends.

“When you look at the post-grad audience, which is Gen Z, they are eager, and I hate to use this word, but quite literally desperate to find friends,” she said in the call, the transcript of which was made available by AlphaSense. “Women in particular have no issue joining our product even when they're in a romantic relationship so that they can find community and friends.”

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Bumble shares were down 28% in recent trading and have now lost more than half their value over the past year.

-Nisha Gopalan

Toll Brothers Stock Slides on Earnings Miss

Toll Brothers (TOL) shares slumped Wednesday after the homebuilder posted weaker-than-expected results and warned about demand in some markets.

The company reported fiscal first-quarter earnings per share of $1.75, with revenue down 1.6% year-over-year to $1.86 billion. Both figures were short of estimates compiled by Visible Alpha. The results came as home sales slipped 4.7% to $1.84 billion, and deliveries climbed 3.3% to 1,991 units. Those missed expectations, as well.

David Paul Morris / Bloomberg / Getty Images

CEO Douglas Yearley, Jr. said the soft profit numbers were mainly because of “impairments and a delay in the sale of a stabilized apartment property in one of our joint ventures.” However, he added that while demand for higher-priced homes has been solid, “affordability constraints and growing inventories in certain markets are pressuring sales—especially at the lower end.”

Toll Brothers said it anticipates current-quarter deliveries of 2,500 to 2,700 units, while analysts surveyed by Visible Alpha were looking for 2,766.

Shares of Toll Brothers were down 7% in late-morning trading.

-Bill McColl

Celanese Stock Plunges on Weak Outlook

Celanese (CE) shares plunged Wednesday after the specialty chemicals maker warned a slowdown in its business could continue in the current quarter.

The company reported a fourth-quarter operating loss of $1.4 billion, with revenue of $2.4 billion, a 10% drop from the third quarter. The company said it faced decreases of 7% in volume, 2% in price, and 1% in currency.

CEO Scott Richardson said that during the period Celanese dealt with “further demand deterioration that gave no sign of easing.”

The company added it expects “sequential demand and pricing challenges experienced in the fourth quarter to be largely unchanged in the first quarter,” and anticipates “continued weakness in core end-markets like automotive, construction, paints, coatings, and industrial.”

Celanese projected first-quarter earnings per share (EPS) in the range of 25 cents to 50 cents, below analysts' expectations compiled by Visible Alpha. However, the company added it could see "meaningful improvement" in the second quarter.

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Celanese shares were down more than 20% in early trading Wednesday, leading S&P 500 decliners, and have lost nearly two-thirds of their value over the past 12 months,

-Bill McColl

Meta Levels to Watch After 20-Day Winning Streak Snapped

Meta (META) shares fell in early trading Wednesday, one day after posting their first decline in more than a month.

The stock on Tuesday snapped a 20-session winning streak during which it gained 20%. The rally started on Jan. 17 and spanned a period that included the inauguration of President Donald Trump, an upbeat fourth-quarter earnings report and the emergence of AI Chinese startup DeepSeek.

Meta shares have outpaced their Magnificent Seven peers since the start of the year amid optimism that the company’s significant investments in AI are helping drive advertising revenue and increasing user engagement.

Meta shares have trended higher in an orderly ascending channel since last July, with price action contained between the pattern’s two trendlines. More recently, the stock has rallied into the channel’s upper trendline, but has failed to make a decisive breakout, potentially undermining buying momentum.

In another troubling sign for the bulls, the relative strength index (RSI) on Tuesday fell from its highest reading since February last year to below the overbought threshold, potentially setting the stage for further declines.

Investors should watch key support levels on Meta's chart around $680, $632, and $600.

Share were down 2% at $702 about 20 minutes after Wednesday's opening bell.

Read the full technical analysis piece here.

-Timothy Smith

Celsius Jumps Ahead of Earnings, Conference Presentation

Shares of energy drink maker Celsius Holdings (CELH) jumped on Wednesday morning, ahead of the scheduled release of the company's earnings report and a presentation from executives at a conference.

While there is no clear financial reason for the premarket move, the gain is in line with analysts' thoughts on the company.

Despite its 65% drop over the last 12 months, analysts have remained bullish on the stock. Analysts tracked by Visible Alpha have eight "buy" and four "hold" ratings, with an average price target of $38.91, more than 70% above the stock's Tuesday closing price.

After the bell Tuesday, Celsius said it would announce its fourth-quarter results on Thursday afternoon. The company also announced that three of its executives are presenting at the Consumer Analyst Group of New York conference on Friday morning.

Analysts expect sales of $325.5 million for the quarter, and earnings of $0.15 per share, according to estimates compiled by Visible Alpha.

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Celsius shares, which entered the day near their lowest point since July 2022, were up more than 7% ahead of the bell.

-Aaron McDade

Supermicro Levels to Watch as Stock Continues to Soar

Super Micro Computer (SMCI) shares gained ground in premarket trading Wednesday, extending an impressive rally that followed the server maker’s upbeat business update last week.

Investors bid the stock up for a fourth consecutive trading session on Tuesday after the company guided significant revenue growth in fiscal 2026 during the update, as demand grows for artificial intelligence (AI) infrastructure.

Buying enthusiasm has also been bolstered after the company said during the same update that it expects to submit its delayed fiscal 2024 financial reports by the Nasdaq’s Feb. 25 deadline to avoid being delisted from the exchange.

Since last week’s update, Supermicro shares have soared 45% through Tuesday's close, but still trade down 30% over the past twelve months following a number of high-profile accounting and corporate governance issues. The stock was up nearly 8% at around $60 in recent premarket trading.

Supermicro shares broke out from a falling wedge pattern earlier this month, signaling a continuation move higher. Indeed, the stock has seen follow-through buying on above-average volume, with gains accelerating in recent trading sessions.

Investors should watch crucial overhead areas on Supermicro's chart around $70 and $96, while also eyeing key support levels near $50 and $38.

Read the full technical analysis piece here.

-Timothy Smith

Major Stock Index Futures Mixed

Futures tied to the Dow Jones Industrial Average were down 0.1%.

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S&P 500 futures were off less than 0.1%.

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Nasdaq 100 futures rose 0.1%.

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