The U.S. stock market reached new heights today, following the Federal Reserve's unexpected decision to cut interest rates for the first time in over four years. This bold move led to a surge in the S&P 500 and Dow Jones indices, reaching all-time highs of 5,700 and 42,000 points respectively. The market rally was primarily fueled by the "Magnificent Seven" tech giants, each recording daily gains ranging from 1.5% to 4.5%.
The Dow Jones Industrial Average closed 1.3% higher at 42,025.19, while the S&P 500 climbed 1.7% to 5,713.64. The Nasdaq surged 2.5% to 18,013.98.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Tesla Inc. (NASDAQ:TSLA)
Tesla's stock soared by 7.36% today, closing at $243.92. The electric vehicle maker's shares hit an intraday high of $244.24 and a low of $232.13. The 52-week high and low for Tesla stand at $273.93 and $138.8 respectively. Tesla's stock reached a two-month high following the Federal Reserve's rate cut.
Nike Inc. (NYSE:NKE)
Nike shares saw a slight increase of 0.10% today, closing at $80.98. The stock reached an intraday high of $83.12 and a low of $80.47. The company's 52-week high and low are $123.39 and $70.75 respectively. Nike announced a CEO transition after the market close today, which led to a 9% jump in the company's shares in after-hours trading.
Nike announced that longtime company veteran Elliott Hill will take over as president and CEO, effective October 14. Hill will also join the board of directors and the executive committee. Current president and CEO John Donahoe will retire from his role on October 13, but will stay on as an advisor until January 31, 2025, to help with the transition.
Alibaba Group Holding Ltd. (NYSE:BABA)
Alibaba's stock rose by 4.82% today, closing at $88.49. The shares reached an intraday high of $88.57 and a low of $86.95. The 52-week high and low for Alibaba are $90.46 and $66.63 respectively. The company announced the launch of over 100 new AI models, which led to a 4% rise in its shares during premarket trading.
FedEx Corp. (NYSE:FDX)
FedEx shares increased by 0.74% today, closing at $300.39. The stock hit an intraday high of $308 and a low of $297.87. The 52-week high and low for FedEx are $313.84 and $224.69 respectively. The company reported its first-quarter earnings after the market close today, missing revenue and EPS estimates and lowering its guidance.
Trump Media & Technology Group Corp. (NASDAQ:DJT)
Trump Media & Technology Group's shares fell by 5.89% today, closing at $14.7. The stock reached an intraday high of $15.37 and a low of $14.56. The 52-week high and low for the company are $79.38 and $14.56 respectively. The company's shares traded lower as lockup restrictions preventing certain insiders from selling shares are set to expire.
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Prepare for the day's trading with top premarket movers and news by Benzinga.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal