Enphase Energy, Zoom, Intuit, and More

U.S. equities jumped at midday after Federal Reserve Chair Jerome Powell hinted that policymakers could be cutting interest rates soon. The Dow Jones Industrial Average, S&P 500, and Nasdaq all rose around 2%.

Companies that benefit from lower borrowing costs saw their shares advance. Those included solar power providers Enphase Energy (ENPH) and First Solar (FSLR), electric vehicle makers Tesla (TSLA) and Rivian Automotive (RIVN), and homebuilders D.R. Horton (DHI) and PulteGroup (PHM).

Shares of Zoom Communications (ZM) took off when the provider of video conferencing software beat profit and sales estimates and boosted its guidance as its business was lifted by the boom in artificial intelligence.

Intuit (INTU) was the worst-performing stock in the S&P 500 after the maker of tax and accounting software gave guidance below analysts’ forecasts on weak demand for its MailChimp marketing platform and TurboTax tax filing program.

A disappointing outlook also sent shares of Workday (WDAY) tumbling. The human resources software provider warned about government and educational institutions pulling back spending.

Philip Morris International (PM) shares slumped when Chinese rival RLX Technology (RLX) posted better-than-anticipated revenue on strong sales of its e-cigarettes. U.S.-listed shares of RLX Technology climbed.

Gold futures gained. Oil futures were little changed. The yield on the 10-year Treasury note slipped. The U.S. dollar was down against the euro, pound, and yen. Prices for most major cryptocurrencies rose on the Powell comments.