The Daily Wrap: S&P 500 Modestly Up, Ulta Big Drop, Iger Wins Proxy Vote
Today’s Daily Wrap covers the modest increase in the S&P 500, Ulta’s significant drop, and Iger’s victory in a proxy vote.
S&P 500 Performance
The S&P 500 saw a marginal increase of just 1/10 of 1%, with cyclical sectors leading the rally. Despite the minimal movement, the bond market experienced upward pressure, particularly in yields.
- The ten-year yield remained stagnant
- The five-year yield showed potential to reach four and a half percent by Friday
Market Insights
Despite rising yields, the dollar index dropped by 3/10 of 1%, while crude oil continues to outperform, showing a 0.5% increase. The S&P energy index emerged as one of the top-performing sectors.
Key Movers
Two significant movers in the market today were General Electric (GE) and Ulta Beauty.
- General Electric: The best performer in the S&P 500, GE witnessed a nearly 7% gain following the spin-off of its wind turbine and electric business, focusing solely on its jet engine business.
- Ulta Beauty: The biggest loser of the day, Ulta Beauty plummeted by 15%, hitting a four-month low, attributed to slow sales in the quarter and a decline across various categories.
Disney’s Proxy Vote
Disney’s shareholders expressed their support for the company’s board picks, siding with Iger over Nelson Peltz’s proposed changes to the business and succession strategy.
Hot Take: Market Overview
Despite minimal movements in the S&P 500, notable shifts were observed in individual companies like General Electric and Ulta Beauty. Disney’s victory in the proxy vote reflects investor confidence in the company’s current direction.
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