Top Movers of the Day

Mover TrackerTuesday, Jul 16, 2024 6:13 pm ET

1min read

Investors shifted towards industrial and consumer stocks, boosting major indexes to record highs. The Dow Jones Industrial Average saw its largest daily gain in a year amid the ongoing great rotation trade. This move is supported by expectations of lower borrowing costs as the Fed adopts a more accommodative stance.

Small-cap stocks like the Russell 2000 and equal-weighted S&P 500 gained significantly after lagging behind earlier in the year. Despite tech losses, broader market breadth improved, though concerns about market concentration remain.

Here are top movers of the day:

Charles Schwab: Fell over 10% after reporting Q2 earnings of 73 cents per share and revenue of $4.69 billion, slightly beating estimates but missing on net interest margin.

Match Group: Rose 7.5% after Starboard Value pressured the company to improve margins or go private, holding a 6.5% stake.
Bank of America: Increased over 5% with Q2 earnings of 83 cents per share and $25.54 billion revenue, both exceeding expectations.
Morgan Stanley: Gained nearly 1% due to strong trading and investment banking results, with a 41% profit increase to $3.08 billion.
UnitedHealth: Jumped 6.5% on better-than-expected Q2 earnings of $6.80 per share and $98.86 billion revenue.
Shopify: Advanced 8.5% after Bank of America upgraded it to buy, citing revenue growth and disciplined spending.
Reddit: Dropped 3.5% after Loop Capital downgraded it to hold, citing risks outweighing potential upside.
PNC Financial: Rose 4.7% on Q2 earnings of $3.30 per share, surpassing expectations.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.