Wall Street witnessed a historic day with the S&P 500 and Dow Jones Industrial Average reaching record highs. The Russell 2000 index also hit an all-time high, driven by easing global geopolitical tensions, post-election bullish momentum, and favorable seasonal trends. However, Bitcoin and Gold experienced a decline.
The Dow Jones Industrial Average climbed nearly 1% to 44,736.57, the S&P 500 edged up 0.3% to 5,987.37, and the Nasdaq gained a comparable percentage to close at 19,054.84.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Cassava Sciences Inc. SAVA plummeted by over 83% to $4.30. The stock’s crash followed an update on its Phase 3 trial for an Alzheimer’s disease treatment. The results did not meet primary endpoints, as predicted by ‘Pharma Bro’ Martin Shkreli.
Zoom Communications Inc. ZM surged by 3.67% to $89.03. The company reported third-quarter revenue of $1.18 billion, beating the consensus estimate of $1.16 billion. Zoom has now surpassed analyst estimates for nine consecutive quarters.
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Kohl’s Corp KSS rose by 7.69% to $18.34. The company is set to release its third-quarter results on Tuesday before the market opens. Despite sales pressure, Kohl’s has been focused on improving operational efficiency and saw a 59-basis-point expansion in gross margin to 39.6% in the second quarter.
Rivian Automotive Inc. RIVN soared by 13.28% to $11.60. The EV stock reacted to reports of a “conditional” settlement with Tesla Inc. in a 2020 lawsuit. Tesla plans to seek dismissal of the case by Dec. 24 if the terms of the settlement are met.
Tesla Inc. TSLA dropped by 3.96% to $338.59. California Governor Gavin Newsom announced a new proposal that would exclude Tesla’s EV models from tax credit eligibility if President-elect Donald Trump gets rid of the current federal $7,500 tax break for EV buyers.
Prepare for the day’s trading with top premarket movers and news by Benzinga.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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