Wall Street experienced a bullish rally on Wednesday, with the S&P 500 and the Dow Jones Industrial Average both hitting record highs. This surge in the market was fueled by optimism surrounding the upcoming Consumer Price Index (CPI) inflation report scheduled for Thursday and the start of the third-quarter earnings season. The Dow Jones Industrial Average closed the day nearly 1% higher, reaching 42,512, while the S&P 500 gained 0.7%, finishing at 5,792.04. The Nasdaq also experienced positive momentum, closing the day up 0.6% at 2,200.59.
Several stocks caught the attention of retail traders and investors throughout the day. Palantir Technologies Inc. (PLTR) saw a significant gain of 4.05%, closing at $43.13. The stock hit an intraday high of $43.34, surpassing its previous 52-week high. Palantir’s shares have experienced a remarkable surge in 2024, with a year-to-date gain of 133%. The company’s Artificial Intelligence Platform, launched in 2023, is making significant strides across various industries, from defense to healthcare.
Costco Wholesale Corporation (COST) shares also performed well, trading 2.10% higher and closing at $909.10. The company reported strong net sales of $24.62 billion for September, representing an 8.9% increase compared to the same period last year. Comparable sales, excluding the impact of gasoline price changes and foreign exchange fluctuations, were up in the U.S., Canada, and e-commerce.
On the other hand, Boeing Inc. (BA) shares faced pressure, closing down 3.41% at $149.37. The company is currently facing a potential credit downgrade due to strike risks and complicated financial issues. A prolonged strike by the company’s machinist union has disrupted production schedules and is anticipated to cost Boeing over $1 billion per month.
Celsius Holdings, Inc. (CELH) shares saw a positive surge of 6.16%, closing at $30.51. The stock has become a popular choice among retail investors, with social media chatter highlighting the stock reaching key support levels and bouncing higher.
Tesla Inc. (TSLA) shares traded lower by 1.41%, closing at $241.05. The company’s upcoming unveiling of its dedicated robotaxi product is expected to be a significant step towards unlocking a multi-trillion dollar market, according to Ark Invest analyst Tasha Keeney. She anticipates Tesla’s upcoming robotaxi unveiling and subsequent launch of its autonomous ride-hailing platform to dominate Tesla’s valuation, nearing about 90% of its enterprise value over the next five years.
