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The S&P 500 jumped 2.0% on Thursday, April 24, with surging tech stocks and hopes for thawing trade relationships helping drive a third consecutive day of gains.
Enterprise software firm ServiceNow posted strong quarterly results, highlighting demand for its AI-enabled products, and its shares pushed higher.
Shares of financial technology firm Fiserv dropped as softness in its point-of-sale and payment processing business weighed on results.
Major U.S. equities indexes gained ground for the third straight session. Although Trump administration officials have offered mixed comments on trade policy, this week’s rally has coincided with increased optimism that negotiations could result in lower tariffs.
The S&P 500 advanced 2.0%, while the Dow ended 1.2% higher. Strength in the tech sector helped boost the Nasdaq, which soared 2.7%.
ServiceNow shares (NOW) jumped 15.5%, notching the top performance in the S&P 500, after the cloud-based enterprise software firm topped sales and profit forecasts with its first-quarter results. ServiceNow indicated that tariffs, trade negotiations, and government efficiency efforts represent an opportunity, rather than a headwind, for its products designed to help organizations automate and modernize their processes.
Hasbro (HAS) reported better-than-expected sales and profits for the first quarter, and shares of the toymaker surged 14.6%. The home to brands like Nerf and Play-Doh also maintained its full-year guidance, despite uncertainties about the potential impact of tariffs. In addition, Hasbro announced an extension of its licensing deal with Disney (DIS), meaning the company will continue producing toys for the entertainment giant’s popular franchises such as Marvel and Star Wars.
Semiconductor manufacturer Microchip Technology (MCHP) unveiled a new power module designed to improve power management for data centers and industrial automation processes. Microchip’s new product aims to boost efficiency and minimize power loss with a compact solution that requires less board space. Microchip shares advanced 12.4% on Thursday.
Shares of financial technology firm Fiserv (FI) plunged 18.5%, suffering the steepest drop of any S&P 500 constituent, following a mixed quarterly earnings report. Although profits topped expectations, revenue fell short of forecasts, reflecting slower growth in the company’s Clover point-of-sale business and lower payment processing activity in its merchant solutions segment. Fiserv also announced an agreement to acquire Brazilian fintech firm Money Money, aiming to supplement Clover’s operations by providing financing to small businesses in the country.
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