Index Tops 6500 After Nvidia Earnings; Hormel Drops

Major U.S. equities indexes rose as investors digested quarterly results from Nvidia (NVDA), the world’s highest valued company, and a report showing a positive revision to gross domestic product growth in the second quarter.

The S&P 500 advanced 0.3% on Thursday, securing a second straight all-time closing high and finishing a day above 6500 for the first time. The Dow gained 0.2%, joining the broader benchmark index in record closing territory, while the Nasdaq was up 0.5%, closing just below its record level. Nvidia, for its part, fell less than 1%. Read Investopedia’s full daily markets coverage here.

Datadog (DDOG) shares logged the S&P 500’s top daily performance, jumping 7%. Thursday’s surge for Datadog stock added to gains posted in the previous session following a strong earnings report from fellow database software specialist MongoDB (MDB). Datadog has launched several new products this year that leverage artificial intelligence technology to enhance its platform’s database-monitoring capabilities, helping revenue growth.

Shares of Fair Isaac (FICO), the data analytics company known for its consumer credit scores, advanced 6.1%. The stock has come under pressure in recent months following criticism of its pricing scheme by William Pulte, director of the Federal Housing Finance Agency, who announced in July that mortgage lenders would be able to use FICO competitor VantageScore to evaluate the credit of potential borrowers. Some analysts have lately grown more positive on the shares, citing among other reasons its pricing strength for credit evaluations.

Agilent Technologies (A) surpassed sales and profit expectations for its fiscal third quarter, and shares of the health sciences company gained 5.3%. The company also issued stronger-than-expected sales guidance for the current quarter, highlighting strong demand in its pharmaceutical end markets and its chemicals and advanced materials segment.

Hormel Foods (HRL) shares plummeted 13%, falling the furthest of any S&P 500 stock. The maker of deli meats and parent company of brands including Spam and Skippy reported mixed results for its fiscal third quarter, topping revenue estimates but falling short of adjusted profit expectations. The company attributed its lackluster performance to increases in commodity input costs. Hormel expects this trend to continue in the current quarter and said it plans pricing action to address the inflationary pressure.

Cooper Companies (COO) lowered its revenue guidance for fiscal 2025, citing soft demand for contact lenses, and shares of the medical device maker dropped nearly 13%. Cooper’s revenue for the third quarter also missed analysts’ forecasts, although adjusted profit came in slightly ahead of estimates. Citi analysts downgraded Cooper stock to “neutral” from “buy.”

Shares of Brown-Forman (BF.B) sank 4.9% after the alcoholic beverage maker reported lower-than-expected earnings per share for its fiscal first quarter. Although the Jack Daniel’s parent slightly surpassed estimates with its top-line results for the period, boosted by demand for its ready-to-drink beverages, sales were down from a year ago. The company discussed consumer uncertainty amid the volatile macroeconomic and geopolitical backdrop, noting that the absence of U.S.-made spirits in most Canadian markets added to pressure on its international business.