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Key Takeaways
- The S&P 500 inched higher by less than 0.1% on Friday, Feb. 23, 2024, as the previous day’s tech-led rally lost some of its momentum.
- Dominion Energy shares jumped following reports that the electric utility would sell a noncontrolling stake in an offshore wind energy project near Virginia Beach.
- Shares of Booking Holdings dropped after the travel platform warned that the conflict in the Middle East and currency fluctuations could affect its business.
Major U.S. equities indexes were mixed on the final trading day of the week. The market rally lost some of its momentum on Friday after strong results from Nvidia ( NVDA ) and renewed enthusiasm about artificial intelligence (AI) helped stocks push higher on Thursday.
The S&P 500 inched less than 0.1% higher on Friday, while the Dow added 0.2%. The minimal upticks were enough to carry both indexes to new all-time closing highs. The Nasdaq slipped 0.3%, failing to build on Thursday’s solid gains.
Shares of cybersecurity firm Palo Alto Networks ( PANW ) advanced 5.3%, making it the day’s top S&P 500 gainer. Friday’s gains recovered a portion of the steep losses posted on Wednesday after Palo Alto slashed its revenue and billings forecasts, citing lower IT spending from its customers. The company aims to drive long-term growth by integrating customers into its unified security platform but concedes that the strategy could restrain near-term performance.
Dominion Energy ( D ) shares jumped 5.0% following reports that the electric utility plans to sell a 50% noncontrolling stake in an offshore wind energy project near Virginia Beach to the investment firm Stonepeak. The partnership with Stonepeak comes as high interest rates and supply chain concerns have reined in wind energy investments. Upon completion, the project is anticipated to be the largest offshore wind farm in the U.S.
Etsy ( ETSY ) shares added 4.8% on Friday, reversing course after suffering heavy declines on Thursday. Although Etsy predicted lower gross merchandise sales for the current quarter, the company is working on reducing expenses and highlighting the handcrafted offerings that distinguish it from other e-commerce platforms.
Although Booking Holdings ( BKNG ) reported better-than-expected gross travel bookings, revenues, and profits for the fourth quarter, its shares dropped 10.2%, marking Friday’s weakest performance among S&P 500 stocks. The online travel platform noted that the ongoing conflict in the Middle East and currency fluctuations could affect its business .
Shares of Warner Bros. Discovery ( WBD ) tumbled 9.9% after the entertainment giant missed top- and bottom-line estimates with its fourth-quarter results. A decline in advertising revenue contributed to the weakness during the quarter as the company navigates challenges related to disruptions in the pay-TV market.
Despite beating analysts’ expectations with its fourth-quarter revenue and earnings per share (EPS) , Insulet ( PODD ) provided underwhelming guidance for the first quarter and full year of 2024. Shares of the insulin delivery device manufacturer fell 6.6%.