The stock market experienced a wave of optimism on Wednesday, driven by the latest inflation report. The Nasdaq 100 surged 1.7%, achieving a new record high, while the S&P 500 climbed 0.8%. This bullish sentiment was fueled by expectations of a 25-basis-point rate cut at the upcoming Federal Reserve meeting. The tech sector, particularly the “Magnificent Seven” mega-cap stocks, played a significant role in these gains.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
GameStop Corporation (NYSE:GME)
GameStop shares rose 7.58% to close at $28.97, with an intraday high of $30.16 and a low of $27.51. The stock’s 52-week range is $64.83 to $9.95. The company’s third-quarter financial results revealed net sales of $860.3 million, falling short of the $887.7 million consensus estimate. Sales declined across all segments, with hardware and accessories generating $417.4 million, down from $579.4 million the previous year.
Adobe Inc. (NASDAQ:ADBE)
Adobe’s stock saw a modest gain of 0.53%, closing at $549.93. The day’s high was $552.3, and the low was $541.74, with a 52-week range of $638.25 to $433.98. The company reported fourth-quarter revenue of $5.61 billion, surpassing the $5.54 billion consensus estimate. Adjusted earnings per share were $4.81, beating the $4.66 estimate. Despite this, shares dipped due to soft guidance.
Meta Platforms Inc. (NASDAQ:META)
Meta Platforms’ stock increased by 2.16%, ending the day at $632.68. The stock reached an intraday high of $638.4 and a low of $621.53, with a 52-week range of $638.4 to $324.56. The company faced a major outage affecting Facebook, Instagram, Threads, and WhatsApp, impacting thousands of users. Meta acknowledged the issue, which was reported by Downdetector.com.
Candel Therapeutics, Inc. (NASDAQ:CADL)
Candel Therapeutics’ stock skyrocketed 68.11% to $7.75, with a high of $14.60 and a low of $6.13. The 52-week range is $14.60 to $1. The company announced successful results from a phase 3 trial of its CAN-2409 viral immunotherapy for prostate cancer, meeting its primary endpoint and showing significant improvement in disease-free survival.
Tesla, Inc. (NASDAQ:TSLA)
Image via Pixabay
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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