The S&P 500 Closes Flat Ahead of Fed Rate Announcement
The S&P 500 was essentially flat on Tuesday, Sept. 17, 2024, closing less than 0.1% higher on the last day before the Federal Reserve’s key rate announcement. Investors were cautious as they awaited the central bank’s decision on the magnitude of a likely rate cut.
Enphase Energy Soars on New Product Launch
Enphase Energy (ENPH) shares soared 6.3% on Tuesday, making it the top performer in the S&P 500. The solar technology firm experienced a surge in its stock price after launching a new home battery product in Belgium. Enphase also introduced a new energy management software that utilizes artificial intelligence (AI) to optimize energy usage. The software has the capability to integrate third-party electric vehicle (EV) chargers and heat pumps, further enhancing its appeal to consumers.
Hewlett Packard Enterprise Receives Upgrade
Hewlett Packard Enterprise (HPE) saw its shares jump 5.6% after Bank of America upgraded the stock to “buy.” Analysts cited several catalysts for the company, including increased demand for AI products. The team also believes that Hewlett Packard Enterprise can cut costs under its new chief financial officer (CFO) while generating revenue and synergies through its intended acquisition of Juniper Networks (JNPR).
Moderna’s COVID-19 Vaccine Approved in Canada
Health regulators in Canada approved an updated COVID-19 vaccine from Moderna (MRNA) to be used in fall immunization campaigns in the country. This news led to a 4.1% increase in Moderna’s stock price. Officials in Canada are continuing their expedited review of competing vaccines from Pfizer (PFE) and Novavax (NVAX).
Accenture Delays Staff Promotions
Accenture (ACN) shares fell 4.8% on Tuesday, losing more than any other S&P 500 stock. The decline came after reports that the business strategy and consulting giant plans to delay staff promotions by six months. Accenture informed employees that the majority of promotions will now occur in June, deviating from the firm’s usual cycle of awarding promotions in December. This decision reflects the challenging environment for the professional services business.
Edwards Lifesciences Slips Amid Takeover Speculation
Shares of Edwards Lifesciences (EW) slipped 3.1% on Tuesday, reversing gains from the previous session. Speculation arose that the medical device maker could be a potential takeover target. Truist analysts lowered their price target on Edwards stock, expressing concerns about the impact of the company’s recent sale of its Critical Care division.
Express Scripts Files Lawsuit Against FTC
Express Scripts, the pharmacy benefit management subsidiary of health insurance giant Cigna (CI), filed a lawsuit against the Federal Trade Commission (FTC). The lawsuit claims that a recent report released by the regulator is defamatory against the pharmacy benefit management (PBM) industry. Cigna shares were down 2.9% amid the heightened tensions with the antitrust regulator.
Overall, the S&P 500 closed with minimal gains on Tuesday as investors awaited the Federal Reserve’s interest-rate decision. Enphase Energy’s stock soared after the launch of its new home battery product and energy management software, while Accenture faced a decline due to the delay in staff promotions. Hewlett Packard Enterprise received an upgrade, and Moderna’s COVID-19 vaccine was approved in Canada. Edwards Lifesciences slipped amid takeover speculation, and Express Scripts filed a lawsuit against the FTC.
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