Major U.S. equity indices showed a mixed performance today as Federal Reserve Chair Jerome Powell testified before the Senate Banking Committee. The S&P 500 and Nasdaq each saw marginal upticks of about 0.1%, extending their streak of record highs from last week. Meanwhile, the Dow experienced a slight decline of approximately 0.1%.
In corporate news, Incyte shares surged 4.4% following the announcement of restricted stock units and stock options issuance, suggesting positive prospects for talent retention. Corning also reported gains, rising 3.8% over strong demand for its optical connectivity products crucial for AI applications.
Tesla continued its upward trajectory, marking its tenth consecutive day of gains with a 3.7% increase. The EV maker’s performance was bolstered by robust second-quarter delivery numbers and anticipation surrounding upcoming events.
Conversely, Albemarle, the world’s leading lithium producer, faced an 8.8% decline after Baird lowered its price target due to persistently low lithium prices. Analysts highlighted concerns over the impact on Albemarle’s second-quarter earnings, exacerbated by uncertainties surrounding U.S. election outcomes and their implications for EV market policies.
Elsewhere, Lamb Weston Holdings saw its shares drop 4.5% amidst legal challenges related to alleged investor misrepresentation regarding ERP system issues earlier this year.
