S&P 500 top movers: MCHP and AMZN among top gainers on Tuesday

S&P 500 reached a record high above 3,390 on Wednesday.
Microchip Technology Inc (MCHP) post strong gains on upbeat earnings.
Kohl's Corp (KSS) shares suffer heavy losses on dismal outlook.

Eren Sengezer FXStreet

The S&P 500 Index (SPX) opened in the positive territory on Tuesday and advanced to an all-time high of 3,395. The initial reaction to that movement triggered a short-lasting correction and dragged the SPX to 3,370. Nevertheless, the index remains on track to post daily gains and was last seen up 0.27% at 3,390.

S&P 500 top movers

Earlier in the day, Microchip Technology Inc (MCHP) reported quarterly adjusted earnings of $1.56 per share for the quarter ended in June, This figure beat the mean expectation of 21 analysts of $1.43 per share and provided a boost to the company's stock. As of writing, MCHP was trading at $107.35, rising 3.8% as the top gainer.

Meanwhile, Amazon.com Inc (AMZN) announced on Tuesday that it plans to create 3,500 new jobs in the US tech hubs in Dallas, Detroit, Denver, New York, Phoenix, and San Diego. Moreover, the company said that it is currently hiring for nearly 20,000 positions in the US and will invest more than $1.4 billion in new offices. At the moment, AMZN is up 3.45% on the day at $3,292.

On the other hand, Kohl's Corp (KSS) noted that it continues to battle with low demand and heavy discounts and signalled a slow start to the current quarter. KSS is the worst performer on Tuesday, losing 15.05% on the day at $19.92.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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