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Key Takeaways
- Tech stocks rebounded from Tuesday’s losses to help boost the major U.S. equities indexes Wednesday afternoon.
- Seagate Technology and other data storage stocks led gains on the S&P 500.
- McDonald’s shares also climbed as its U.S. same-store sales exceeded expectations.
Tech stocks rebounded from Tuesday’s losses to help boost the major U.S. equities indexes Wednesday afternoon. The Dow, S&P 500, and Nasdaq all advanced.
Seagate Technology (STX) and other data storage stocks like Western Digital (WDC) led gains on the S&P 500. Seagate said it has a deal with lenders to exchange $500 million in debt for cash and stock.
Targa Resources (TRGP) shares also soared as the natural gas distribution firm reported strong results and boosted its dividend on record Permian Basin volumes.
Shares of McDonald’s (MCD) rose after the giant fast-food restaurant chain posted better-than-expected U.S. same-store sales.
Zimmer Biomet (ZBH) was the worst-performing stock in the S&P 500 as the medical device maker cut its forecast because of soft demand in international markets.
Shares of Trex (TREX) plunged after the deck building materials manufacturer reported weaker-than-anticipated results and lowered its guidance on a slowdown in spending for home repairs and remodeling.
Pinterest (PINS) shares sank after the visual social media and search platform reported profit below forecasts and gave a weak holiday quarter outlook.
Oil futures were little changed, and gold prices climbed. The yield on the 10-year Treasury note gained. The U.S. dollar was up on the euro and yen, but lost ground to the pound. Most major cryptocurrencies traded higher.
