Russell 2000 Extends Records, SanDisk Rallies 7%: Stock Market Today
Key takeaways
- The S&P 500 slipped 0.2% from its all-time closing high, while the Russell 2000 bucked the trend and added 0.3%.
- S&P 500 slipped 0.2% from its all-time closing high
- Russell 2000 added 0.3% and extended record highs
- Nu Holdings Ltd. climbed 9.8%
What happened
The S&P 500 slipped 0.2% from its all-time closing high on Thursday, while the Russell 2000 bucked the trend, adding 0.3% and extending record highs. Nu Holdings Ltd. climbed 9.8% after reporting quarterly net income above $1 billion for the first time in its history. Applied Optoelectronics Inc. led the Russell 1000 with a 15.4% surge, extending gains tied to its record second-quarter revenue of $191.9 million.
Why it matters
The unexpected contraction in retail sales and decline in consumer sentiment led to a stall in Wall Street's record run. The Russell 2000's continued growth is a positive sign, while Nu Holdings' strong earnings report and Applied Optoelectronics' revenue surge are also notable.
Short-term and longer-term
Short-term. The market's reaction to the unexpected contraction in retail sales and decline in consumer sentiment suggests a correction may be underway.
Longer-term. Over the next few months, ask whether this changed growth, prices, or the path of interest rates.