Top Movers of the Day

Major indexes reached new highs, with the S&P 500 closing above 5,600 for the first time, driven by strength in the tech sector, particularly semiconductors. Federal Reserve Chairman Jerome Powell's testimony reiterated disinflation and a cooling labor market. The June CPI report, due Thursday, could impact market momentum if it deviates from expectations of 0.1% monthly headline growth and 0.2% core growth. Meanwhile, the 10-year Treasury note yield fell below 4.28%, and financials rallied ahead of upcoming bank earnings reports.

Here are the top movers:

• Intuit: Shares fell 2.6% after announcing a 10% workforce cut (1,800 jobs) to boost AI investments. They plan to rehire for engineering, product, and consumer roles.

• LegalZoom.com: Shares dropped over 25% after CEO Dan Wernikoff's departure and a reduced full-year revenue forecast to $675-$685 million, down from $700-$720 million.

• Taiwan Semiconductor Manufacturing: Shares rose 3.5% on strong revenue results, with June revenue up 32.9% year-over-year despite a monthly decline.

• Carvana: Shares increased over 4% after a Needham upgrade to buy, citing potential sales growth leveraging customer experience and physical footprint.

• Baidu: Shares rose 2.7% as its Apollo Go robotaxi gains popularity, with Shanghai allowing driverless robotaxis without safety supervisors.

• Mastercard, Visa: Shares dropped (Mastercard 2.5%, Visa 1%) after Bank of America downgraded both to neutral, citing limited upside for estimates and valuation multiples.

• Manchester United: Shares rose 5.6% after reporting Q3 earnings, with full-year revenue expected near the higher end of guidance at €660 million.

• 10x Genomics: Shares fell 14% after Illumina announced acquiring Fluent BioSciences, signaling a potential leadership shift.

• Teva Pharmaceutical Industries: Shares increased 7.4% after an Argus upgrade to buy and UBS raising the price target to $24 per share.

• Deckers: Shares slid nearly 5% after M Science noted a deceleration in Hoka and Ugg sales growth, trimming Q1 direct-to-consumer net sales estimate to $297 million from $309 million.

• Advanced Micro Devices: Shares jumped nearly 4% after announcing the acquisition of Silo AI for $665 million, expected to close in H2 2024.