S&P 500 Hits All-Time High, Garmin Soars, Celanese Plummets
The S&P 500 rose 0.2% on Wednesday, continuing its upward trend to set a new all-time high for the second consecutive session. Investors focused on Fed meeting minutes, which raised concerns about the potential impact of tariffs on inflation, but brushed off President Trump's latest tariff proposals.
Garmin (GRMN) led the S&P 500 gainers, surging 12.6% on strong results driven by increased sales in fitness, auto, and outdoor segments. Microchip Technology (MCHP) followed with a 9.9% gain after announcing an AI coding assistance tool. Analog Devices (ADI) also climbed 9.7%, exceeding quarterly estimates and raising its dividend and stock buyback program.
Super Micro Computer (SMCI) extended its winning streak, adding 8.0% for its fifth consecutive positive session. The server maker attributed its surge to an ambitious revenue projection based on AI technology.
In contrast, Celanese (CE) suffered a significant loss of 21.4%, the largest decline on the S&P 500. The specialty chemical maker forecasted continued operating losses in the current quarter and reported a 10% revenue drop compared to the previous quarter.
Other notable decliners included Axon Enterprises (AXON), which fell 16.4% after an analyst downgrade citing increased competition in the police equipment market. Cadence Design Systems (CDNS) declined 8.8% due to lower-than-expected revenue and profit forecasts, attributed to a slowdown in the automotive sector. Arista Networks (ANET) dropped 6.4% despite beating quarterly estimates, raising concerns about reliance on Meta Platforms (META). Intel (INTC) shed 6.1% following reports of potential acquisitions involving certain segments of the company.