Dow, S&P 500, Nasdaq gain as tech stocks lead, with Fed’s Powell on deck

UnitedHealth Group (UNH) released a statement Wednesday following the fatal shooting in Manhattan of Brian Thompson, the CEO of UnitedHealthcare.

“We are deeply saddened and shocked at the passing of our dear friend and colleague Brian Thompson,” read the company statement.

“Brian was a highly respected colleague and friend to all who worked with him. We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time. Our hearts go out to Brian’s family and all who were close to him.”

Thompson was shot outside the Hilton hotel in mid-town Manhattan, where the company was holding its investor day.

UnitedHealth halted the event this morning following the shooting.

President-elect Donald Trump has asked Peter Navarro to be senior counselor for Trade and Manufacturing.

Navarro served under Trump’s first term as White House trade adviser.

“I am pleased to announce that Peter Navarro, a man who was treated horribly by the Deep State, or whatever else you would like to call it, will serve as my Senior Counselor for Trade and Manufacturing,” wrote Trump on social media platform Truth Social on Wednesday.

“During my First Term, few were more effective or tenacious than Peter in enforcing my two sacred rules, Buy American, Hire American,” wrote Trump.

Amazon (AMZN) hit an all-time high on Wednesday amid the company’s AWS re:Invent 2024 cloud conference. Shares of the e-commerce and cloud giant rose more than 2% in early trading.

On Wednesday, numerous Wall Street analysts reaffirmed their bullish Buy ratings on the stock, citing the company’s artificial intelligence capabilities.

The stock has 77 Buy ratings, 5 Holds, and zero Sells.

Amazon shares are up 43% year to date.

Foot Locker (FL) shares tumbled 12% in early trading after the footwear retailer cut its full-year guidance while missing third quarter estimates, citing weak consumer demand.

“Consumer spending trends softened following the peak Back-to-School period in August, and the promotional environment was more elevated than anticipated,” the company said in its quarterly release.

The stock is down more than 30% year to date.

US stocks edged higher on Wednesday, as tech rose, led by shares of Salesforce (CRM).

The Dow Jones Industrial Average (^DJI) climbed 0.4%, or around 200 points, while the S&P 500 (^GSPC) added 0.3% on the heels of an all-time closing high. The tech-heavy Nasdaq Composite (^IXIC) gained 0.7%.

Salesforce (CRM) stock climbed around 8% in early trading after the software maker’s quarterly revenue beat boosted hopes for its AI products.

Investors await Fed Chair Jerome Powell’s appearance in New York on Wednesday afternoon. Investors will be looking for clues from his commentary about the direction of Fed policymakers’ next interest rate move. The last Fed rate policy meeting of the year is slated for Dec. 18.

Economic data: MBA Mortgage Applications (week ended Nov. 29); ADP Private Payrolls (November); S&P Global US Services PMI & US Composite PMI (November final); ISM Services index (November); ISM Services prices paid (November); Factory orders & Durable goods orders (October final)

Earnings: American Eagle Outfitters (AEO), Campbell’s (CPB), ChargePoint (CHPT), Chewy (CHWY), Cracker Barrel (CBRL), Dollar Tree (DLTR), Five Below (FIVE), Foot Locker (FL), Hormel Foods (HRL), RBC (RBC), Victoria’s Secret (VSCO)

Here are some of the biggest stories you may have missed overnight and early this morning:

Why Wall Street is betting on a strong economy in 2025

GM to take over $5B hit on China operations

Wells Fargo makes the most bullish 2025 S&P forecast yet

EU probes Nvidia hardware bundling amid Run:ai deal scrutiny

Marvell stock surges amid AI boost to Q4 revenue forecast

Stellantis chairman to pick Apple CFO Maestri as carmaker’s new CEO

Small caps should shine until the dollar ‘wrecking ball’ hits

Wells Fargo to sell San Francisco headquarters, WSJ reports