Tech Companies Lift Wall Street to New Records

GameStop falls 12.1% after shareholder meeting
By Newser Editors and Wire Services
Posted Jun 17, 2024 3:44 PM CDT
Big Tech Lifts Wall Street to More Records
Trader William Lovesick, right works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

US stocks rallied to more records Monday as gains for technology companies continued to push the market higher.

  • The S&P 500 rose 41.63 points, or 0.8%, to 5,473.23 , beating the all-time high it set on Thursday.
  • The Dow Jones Industrial Average rose 188.94 points, or 0.5%, to 38,778.10 , but remains below its all-time high.
  • The Nasdaq composite rose 168.14 points, or 1%, to a record 17,857.02.
Chip company Broadcom piled more onto its strong gains from last week and helped lift the market along with other technology companies benefiting from the frenzy around AI. The company rose 5.4% after it reported better profit than expected and said it would undergo a 10-for-one stock split to make its price more affordable, the AP reports.

Broadcom was one of the strongest forces pushing the S&P 500 upward, along with a 2% rise for Apple and 1.3% climb for Microsoft. Autodesk jumped 6.5% for one of the market's biggest gains after after an investment firm said it will try to delay the software company's annual meeting so that it can nominate new directors for the board. Starboard Value also outlined how it says Autodesk hasn't performed as well financially as it should have. In response, Autodesk said it will review Starboard's suggestions but added that it has "a clear strategy that is working." Super Micro Computer, which sells server and storage systems used in artificial intelligence and other computing, leaped 5.1% to bring its gain for the year so far to a staggering 211%.

GameStop fell 12.1% following its annual shareholder meeting. The stock has been soaring and sinking, as it rides waves of enthusiasm by smaller-pocketed investors. At the meeting, CEO Ryan Cohen said the struggling video game retailer will focus on cutting costs that would involve a "smaller network of stores."

  • This upcoming week has few top-tier economic reports for the United States, outside of Tuesday's update on how much customers are spending at US retailers and Friday's preliminary look at the state of US business activity. Markets will be closed Wednesday for the Juneteenth holiday.
(More stock market stories.)

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