Closing Bell Movers: Costco nudges higher after September sales

The modest pullback across major indices on Tuesday proved to be fleeting as S&P 500 and Nasdaq Composite stacked more gains to fresh record highs on Wednesday, and the first hour of the evening session is a continuation of positive sentiment – S&P e-minis, Dow Industrials, and Nasdaq 100 are all up by 0.1%.  Growthier areas of the market led the charge once again – Big Tech was at the forefront of the rally with six of the MAG7 names – with exception of Alphabet (GOOGL) – ending the day higher.  Nvidia (NVDA) was the best performer of the bunch – up over 2% and within a whiff of record highs – as Semiconductors saw an especially broad-based investor demand.   Hardware names, likewise, performed very strongly – Dell (DELL) and Sandisk (SNDK) rallied 9% amid speculative momentum. 

In commodities, WTI Crude Oil traded firmer for the fourth straight day on Wednesday, though the evening session is seeing some pullback toward $62 per barrel level.  Metals are also finding some resistance after fresh record highs in Gold and Silver, with 0.8% and 1.8% respective pullbacks.   On the macro front, while the government shutdown has delayed the release of economic data, minutes from the last FOMC policy meeting did little to dissuade expectations of two more Fed rate cuts this year, with policymakers focused on the downside risks to employment and most participants indicating that further easing would be appropriate.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Richardson Electronics (RELL) up 20.0%
• Resources Connection (RGP) up 5.1%

ALSO HIGHER –

• Costco Wholesale (COST) up 1.7% after September sales data

DOWN AFTER EARNINGS –

• AZZ Inc. (AZZ) down 5.2%
• Bassett Furniture Industries (BSET) down 1.8%

ALSO LOWER –

• Apogee Therapeutics (APGE) down 10.0% after equity offering