Top Movers of the Day

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.