S&P 500, Nasdaq Pare Losses, Nab Record Highs
The S&P 500 Index and Nasdaq Composite secured fresh intraday record highs despite geopolitical tensions, driven by upbeat business activity data. Stocks such as Tilray Brands Inc, Applied Digital Corp, and Freeport-McMoRan Inc saw significant movements due to company-specific news.
Wall Street is near record high levels in a choppy session. The S&P 500 Index and Nasdaq Composite have pared losses and secured fresh intraday record highs. Business activity improved in April, with both the S&P Global U.S. flash manufacturing and services purchasing managers' indexes topping estimates. Tilray Brands Inc saw a surge in options activity after the Department of Justice reclassified state-licensed medical marijuana. Applied Digital Corp stock rose 13.2% after signing a 15-year, $7.5 billion AI data center lease. Freeport-McMoRan Inc stock fell 8.7% after trimming its output forecast due to a fatal mud flooding incident at its Grasberg mine.
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