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.

EUR/USD clings to gains around 1.1800

EUR/USD manages to regain composure and retests the 1.1800 region in quite a positive start to the week. The pair’s bounce follows the US Dollar’s offered stance post-SCOTUS ruling ahead of important US data and Fedspeak on Tuesday.

GBP/USD treads water near 1.3500 as BoE-Fed divergence debate stalls

GBP/USD spent Monday spinning in place as market participants await a fresh catalyst to break the pair out of its recent range. The BoE's February hold came with a surprisingly dovish 5-4 split, and UK Consumer Price Index data last week showed inflation easing to 3.0%, reinforcing the case for earlier rate cuts, with most economists now looking to April or March for the next move.

Gold climbs above $5,200 on geopolitical tensions, trade uncertainty

Gold price jumps to around $5,230 during the early Asian session on Tuesday. The rally of the precious metal is bolstered by heightened geopolitical tensions and global trade uncertainty following US tariff decisions. Traders brace for the US January Producer Price Index report on Friday for fresh impetus.

Solana DeFi platform Step Finance to close operations following treasury hack

The Solana based decentralized finance platform Step Finance announced it will end all operations effective immediately following a breach that drained its treasury.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.