- S&P 500 is gaining more than 2.5% on Wednesday.
- Qorvo Inc (QRVO: NASDAQ) shares are up more than 8%.
- Airline and cruise liners stocks are suffering heavy losses.
After falling sharply in the previous three trading days, the S&P 500 Index (SPX) opened decisively higher on Wednesday and preserved its bullish momentum. As of writing, the SPX was up 2.55% on the day at 3,416.
S&P 500 top movers
Following the closing bell on Tuesday, Qorvo Inc (QRVO: NASDAQ) release its updated financial guidance and said that it sees second-quarter revenue of $1-$1.03 billion. At least five brokerages, including JP Morgan, UBS and Piper Sandler, hiked their price target for QRVO. Boosted by these developments, QRVO is trading at $123.81, up 8.5% on the day as the top daily percentage gainer.
Among the other major technology stocks, NVIDIA Corp (NVDA: NASDAQ), Align Technology Inc (ALGN: NASDAQ) and Microsoft Corp (MSFT: NASDAQ) are up between 6.6% and 5.2%.
On the other hand, reports of AstraZeneca halting its phase-3 COVID-19 vaccine trial after one person participating in the experiment fell ill with inflammation in the spinal cord seem to be weighing on airline and cruise liner stocks. At the moment, American Airlines Group Inc (AAL: NASDAQ), Norwegian Cruise Line Holdings Ltd (NCLH: NYSE), United Airlines Holdings Inc (UAL: NASDAQ) and Alaska Air Group Inc (ALK: NYSE) shares are losing between 4.4% and 2.7%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.