S&P 500 Gains and Losses Today: Tech Stocks Lead Index Higher

Jul 09, 2023

The S&P 500 posted a 0.7% gain to start the trading week on Monday, Aug. 21, 2023, boosted by a strong performance from technology stocks. The advances across the tech sector helped send the Nasdaq 1.6% higher, while the Dow Jones Industrial Average (DJIA) was 0.1% lower.

Shares of Palo Alto Networks (PANW) led the charge for tech stocks and topped the S&P 500 leaderboard as shares skyrocketed 14.8% after the cybersecurity company beat earnings estimates and issued a positive medium-term outlook on strong demand. Shares had tumbled last week as the timing of its Friday afternoon earnings release raised concerns.

Nvidia (NVDA) also helped power the tech rally, with shares jumping 8.5% ahead of the chipmaker's earnings report due to be released Wednesday afternoon. Broadcom (AVGO) and Applied Materials (AMAT) shares gained 4.8% and 4.3%, respectively, benefitting from their exposure to artificial intelligence (AI) applications.

Shares of Moderna (MRNA) also soared 9.3% after a report that the Biden administration plans to urge Americans to step up their defenses against COVID-19 with a booster shot this fall.

After dropping more than 8% last week, shares of electric vehicle (EV) powerhouse Tesla (TSLA) recovered on Monday, posting gains of 7.3%. Baird Equity Research added Tesla stock to its "best ideas" list, citing enthusiasm over the launch of the Cybertruck and the company's potential for expansion into new markets.

The opinion of Baird analysts also affected the S&P 500's worst performer on the day, as the firm's downgrade of insulin pump manufacturer Insulet (PODD) helped send shares tumbling 4.2%. The research firm said that adoption of GLP-1 and other alternatives by diabetes patients could have a negative impact on Insulet's sales.

Shares Estee Lauder (EL) dropped 3.7% on Monday after the cosmetic company's outlook for 2024 missed expectations as consumer demand in the U.S. and China waned, and several analysts lowered their price targets.

Fortrea Holdings (FTRE), a clinical trial management company spun off from Labcorp in July, saw shares dip 3.7% amid concerns about its future growth prospects.