Top Movers of the Day

On Wednesday, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all closed at record highs for the first time since 2021. The Dow gained 400 points (1%), the S&P 500 increased by 0.9%, and the Nasdaq rose by 1.3%. Bond yields decreased, with the 10-year note falling to 4.276% and the 2-year note dropping to 4.621%.

These gains came after the Federal Reserve decided to keep interest rates steady and projected three rate cuts this year. Fed Chair Jerome Powell indicated that strong hiring wouldn't delay rate cuts and highlighted easing in overall price growth. 

• Chipotle Mexican Grill (CMG) announced a 50-for-1 stock split, its first in the company's 30-year history, to make the stock more accessible to employees and a broader range of investors. Shares rose 3.5% to $2,895.

• Nvidia (NVDA) CEO Jensen Huang highlighted the company's aim to capture a larger share of the roughly $250 billion annual spending on data center infrastructure. He also emphasized Nvidia's role in building entire data centers for AI. Shares increased by 1.1%.

• Boeing saw a 3.7% rise in its stock despite CFO Brian West's announcement that the company would use more cash flow than expected in the first quarter, mainly due to production problems.

• PDD Holdings, the parent company of Pinduoduo and Temu, saw its U.S.-listed shares rise 3.5% after reporting fourth-quarter earnings and revenue well above analysts' expectations.

• Mobileye Global experienced a 7.5% increase in its stock after announcing an expansion of its relationship with Volkswagen for advanced driving software.

• JetBlue Airways (JBLU) shares were up 6.9% after the airline announced plans to exit several cities and reduce flights out of Los Angeles to focus on better-performing routes.

• Signet Jewelers saw a 12% drop in its stock after issuing fiscal first-quarter and year forecasts that missed estimates, despite reporting fourth-quarter adjusted earnings that beat expectations.

• BioNTech (BNTX) shares fell 4.4% as fourth-quarter profit declined sharply due to inventory write-downs by its Covid-19 vaccine partner Pfizer.

• Riot Platforms surged 12% after J.P. Morgan upgraded the Bitcoin miner's stock to Overweight and maintained a $15 price target.

• General Mills was up 1.2% after reporting better-than-expected fiscal third-quarter earnings and affirming its full-year guidance.

• Gildan Activewear rose 1.7% following a 10% jump on Tuesday, as the company received a confidential nonbinding expression of interest for acquisition.

• Intel (INTC) gained 0.4% after announcing that the Commerce Department proposed up to $8.5 billion in direct funding for building new chip factories, with additional eligibility for federal loans and tax credits.