S&P 500 Gains and Losses Today: Intel, Super Micro Computer Surge on AI Boost
What caused the S&P 500 to hit a record high on July 8, 2024?
The S&P 500 hit a record high on July 8, 2024, due to a combination of factors, including strong performances by tech stocks such as Intel, which surged after analysts highlighted its potential to benefit from artificial intelligence in the second half of the year4. Additionally, shares of Corning soared after the specialty glass maker boosted its guidance for the current quarter, citing high demand for its optical connectivity products used in AI applications.
Why did Intel shares surge recently?
Intel shares surged recently due to bullish coverage from Melius Research analyst Ben Reitzes, who highlighted the company's potential to benefit from artificial intelligence (AI) in the second half of 2024. The analyst believes Intel is a top AI play, with upcoming processors strengthening the company's position in the AI space and gaming hardware market1.
What led to the decline in Paramount Global shares?
Paramount Global shares fell due to a merger deal with Skydance Media, ending months of negotiations. The entertainment giant's first-quarter report didn't meet expectations, with Paramount's first-quarter sales dropping 1% lower year over year to $7.27 billion. The company also cut its dividend payouts dramatically, causing investors to walk away from the greatly reduced cash-sharing policy.