S&P 500 Hits Record Close as Companies Report Strong Earnings

NEW YORK, NY — The S&P 500 reached a record close on Wednesday, ticking up 0.2%. The Nasdaq 100 also rose by 0.2%, while the Russell 2000 saw a 0.6% increase. This uptick in the market comes as many companies reported stronger-than-expected earnings.

Among the notable performers, Albemarle surged by 7.5% after Bank of America reiterated its “buy” rating and set a price target of $84 for the stock. Conversely, J.M. Smucker’s shares fell by 4.3%, as the company failed to meet Wall Street’s earnings expectations.

MongoDB recorded an impressive 38% increase in stock price after announcing robust fiscal second-quarter results. The company reported a year-over-year sales growth of 23.7%, bouncing back from a decline in previous quarters.

In addition, Kohl’s saw its shares soar by 24% after the department store chain updated its full-year outlook positively. Shares of Canada Goose also rose by 16.1% following news regarding its controlling shareholder Bain Capital.

American Eagle’s stock jumped 8.6%, benefiting from its collaboration with Kansas City Chiefs tight end Travis Kelce. Signet Jewelers followed suit with a 6.3% increase, spurred on by news around the recent celebrity engagement.

On the flip side, Krispy Kreme shares fell 3.5% after JPMorgan downgraded the company to “underweight,” raising concerns over its turnaround strategy. Abercrombie & Fitch saw a slight dip of 1.3% after mentioning a larger-than-expected tariff impact.

Meanwhile, Nvidia experienced volatility, with its stock price sliding by 4% after reporting second-quarter results that exceeded forecasts despite concerns about demand due to export restrictions. CEO Jensen Huang described demand for their Blackwell platform as “extraordinary,” but investors remain cautious.

Overall, the second-quarter reporting period has highlighted the fierce competition in the cloud market, with Amazon Web Services showing slower revenue growth compared to its rivals.