S&P 500 Gains and Losses for January 30th: UPS Stock Drops as Amazon Deliveries Decline

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Samiat

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Nov 12, 2024
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S&P 500 Gains and Losses for January 30th: UPS Stock Drops as Amazon Deliveries Decline

Key Highlights:

  • The S&P 500 gained 0.4% on Thursday, January 30, as consumer spending continued to support economic growth despite slower GDP growth.
  • Las Vegas Sands shares rose sharply, benefiting from strong sales at its Singapore property.
  • UPS stock plunged after missing quarterly estimates and announcing plans to reduce Amazon delivery volumes.
Market Overview:
U.S. equities climbed on Thursday, buoyed by a Bureau of Economic Analysis report showing resilient consumer spending. Despite a slight slowdown in GDP growth, investor sentiment remained positive.

  • S&P 500: Up 0.5%
  • Dow Jones: Up 0.4%
  • Nasdaq: Up 0.3%

Top Performers​

  • Vistra (VST): Shares surged 13.6%, marking the best performance in the S&P 500. The energy producer recovered from earlier losses as optimism grew around its potential to power AI data centers. Over the past year, Vistra's stock has skyrocketed 330%.
  • IBM (IBM): The tech giant’s stock rose 13.0% after beating Q4 earnings and sales estimates. IBM highlighted strong growth in its software division, driven by demand for AI technology and its Red Hat Linux platform.
  • Las Vegas Sands (LVS): Shares climbed 11.1% following a strong quarterly sales report. Although its Macao operations underperformed, the Marina Bay Sands resort in Singapore exceeded expectations. The company also repurchased $450 million worth of shares during the quarter.

Biggest Decliners​

  • United Parcel Service (UPS): Shares fell 14.1%, the worst performance in the S&P 500. UPS missed quarterly revenue and profit estimates and announced plans to cut Amazon delivery volumes by 50% by next year. While Amazon accounted for 12% of UPS's 2024 revenue, the company plans to pivot toward higher-margin opportunities to improve profitability.
  • ServiceNow (NOW): The software and IT services firm dropped 11.4% after reporting Q4 results. While profits exceeded expectations and sales were in line, subscription revenue growth missed guidance, with a slight slowdown projected for Q1.
  • Comcast (CMCSA): Shares declined 11.0% after the company reported a sharper-than-expected drop in broadband subscribers. However, Comcast beat profit and sales estimates, driven by record revenue from its Peacock streaming service.
 
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