The stock market is trading lower after reaching record highs. The S&P 500 lost 0.77% while the tech-heavy Nasdaq Composite fell 1.12%. The Dow Jones Industrial Average lost 0.68%. The Russell 2000 Index rose 0.62%.
S&P 500 big stock movers today
Five S&P 500 stocks making big moves are:
- Walgreens Boots Alliance (WBA) +13.8%
- Charles Schwab (SCHW) +6.8%
- Carnival (CCL) 6.7%
- Norwegian Cruise Line (NCLH) +4.9%
- Viatris (VTRS) +3.8%
The worst-performing five S&P 500 stocks with sharp drops are:
- KLA (KLAC) -14.9%
- Lam Research (LRCX) -10.3%
- Applied Materials (AMAT) -10.2%
- Enphase Energy (ENPH) -9.7%
- UnitedHealth Group (UNH) -7.8%
Stocks also worth noting include:
ASML tumbles on weak outlook
ASML Holding shares dropped over 11% following the Dutch semiconductor equipment maker's unexpectedly early earnings release and a weaker-than-expected 2025 forecast.
“While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover. It now appears the recovery is more gradual than previously expected,” CEO Christophe Fouquet said in a statement.
Related: Analyst revamps Nvidia stock price target after investor meetings
The decline came despite third-quarter profit rising to 5.28 euros per share from 4.01 euros per share a year earlier. Revenue increased to 7.47 billion euros. The results surpassed analysts' forecasts of 4.86 euros per share on revenue of 7.15 billion euros, according to FactSet.
ASML's extreme ultraviolet lithography machines are crucial for producing advanced chips for many leading chipmakers, including Nvidia and TSMC.
Enphase Energy falls after analyst lowers price target
Enphase Energy stock lost nearly 10% after BMO Capital lowered its price target to $104 from $114 and affirmed a market perform rating, thefly.com reported.
Analyst Ameet Thakkar highlighted that the earnings season aligns with U.S. elections, advising investors to exercise caution when adding positions or investing new capital. Instead, Thakkar suggests focusing on "relative value."
Related: Analysts revamp stock price targets for Microsoft’s AI-power supplier
The analyst added that while a full rollback of the Inflation Reduction Act is unlikely, a Donald Trump win or Republican gains in the Senate and House could introduce policy uncertainty.
BMO also pointed out that both data and industry commentary from the U.S. and Europe indicate minimal recovery in residential solar demand, which is essential to boosting the company's top-line results.
Enphase Energy specializes in solar energy solutions, with clients including residential homeowners, commercial businesses, and solar installation companies.
Walgreens Boots Alliance pops on store closure announcement
Walgreens Boots Alliance gained 2% after it announced plans to close 500 stores by the end of next year, and a total of 1,200 closures over the next three years, as it faces pressure from online prescription delivery platforms and retail challenges.
The announcement came together with the company’s fiscal-fourth-quarter earnings results. Walgreens reported a loss of 39 cents per share adjusted, surpassing analysts’ estimate of 36 cents. Revenue grew 6% year-over-year to $37.5 billion, which beat the $35.7 billion forecast.
More Retail Stocks:
- Popular luxury brand invests in 'sober market'
- NRF sounds the alarm on growing retail issue
- US senator targets shrinkflation in letter to Pepsi, Coke, General Mills
Walgreens CEO Tim Wentworth highlighted the store closures as part of a larger “footprint optimization” strategy, prioritizing cash flow-negative locations.
“This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,” said Wentworth in a company statement.
Related: Veteran fund manager sees world of pain coming for stocks
