Top Movers of the Day

On Wednesday, most sectors gained amid eased inflation concerns, with the S&P 500 rising 0.38% and Treasury yields falling. The Consumer Price Index (CPI) for July showed inflation slowing to 2.9% year-over-year, the first time below 3% in over three years, driven mainly by housing costs. Core CPI dropped to 3.2%, the lowest since April 2021. 

These figures bolstered expectations for a potential Federal Reserve rate cut next month. Despite some weakness in tech stocks, the market showed resilience, and analysts are closely watching upcoming jobless claims and retail sales data for further economic insights.

Here are the top movers and reasonings:

Brinker International's stock dropped over 10% after the Chili's parent company issued a disappointing profit forecast for fiscal 2025 and missed fourth-quarter earnings expectations, posting adjusted earnings of $1.61 per share, below the expected $1.72. 

Victoria's Secret shares surged more than 16% following the appointment of former Savage X Fenty CEO Hillary Super as the new CEO, along with preliminary Q2 results that exceeded prior guidance for adjusted operating income and earnings per share. 

Flutter, the parent company of FanDuel, saw its stock jump over 10% after reporting better-than-expected second-quarter revenue of $3.61 billion, surpassing forecasts, and subsequently raising its full-year guidance. 

Kellanova shares rose more than 7% after it agreed to be acquired by Mars in a $36 billion deal, following its recent split from Kellogg. 

Alphabet shares fell about 2.3% after reports surfaced that the Department of Justice may seek to break up the tech giant, potentially targeting its Android operating system and Chrome browser. 

Arm Holdings' U.S.-listed shares increased by 1.7% as Intel sold its 1.18-million share stake amid a broader restructuring effort. 

Cardinal Health's stock gained over 3% after its fourth-quarter earnings of $1.84 per share beat expectations, alongside a revenue of $59.87 billion, leading the company to raise its full-year earnings guidance. 

Lastly, Starbucks shares dipped around 2%, following a 24.5% surge the previous day after announcing the replacement of its CEO with Chipotle's Brian Niccol, a move that also led to multiple upgrades from firms like Deutsche Bank and Stifel.