Key Takeaways
- The S&P 500 and Dow gained while the Nasdaq was little changed at midday Wednesday, March 27, 2024, as most sectors aside from technology and communication services rose.
- Employer return-to-work policies boosted demand for uniforms and business services from Cintas, and shares hit a record high.
- GameStop shares fell after the video game retailer missed earnings and revenue estimates amid an ongoing shift to digital downloads and softening consumer spending.
Cintas (CTAS) shares hit an all-time high as the provider of uniforms and services for businesses beat profit and sales estimates and raised its outlook as return-to-office mandates boosted demand.
Also trading at record highs were shares of Merck (MRK) following approval by the Food and Drug Administration (FDA) of its treatment for a rare condition that causes high blood pressure in patients because of restrictions in their lung arteries.
Moderna (MRNA) shares gained as the vaccine maker announced an up to $750 million investment from Blackstone Life Sciences (BX) to develop a flu shot, and said several new vaccines would move to Phase 3 trials.
The rally in shares of Donald Trump’s Trump Media & Technology Group (DJT) continued after they soared in their first day of trading yesterday.
Shares of Netflix (NFLX) lost ground as a judge refused to dismiss a defamation lawsuit against the streaming service over its miniseries, “Inventing Anna.”
GameStop (GME) shares sank after the video game retailer missed earnings and revenue estimates amid an ongoing shift to digital downloads and softening consumer spending.
Oil futures slipped and gold prices rose. The yield on the 10-year Treasury note dropped. The U.S. dollar gained on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded in the red.