Stock Market Today, May 28: Tech Stocks Rise as Snowflake Surges After $6 Billion Amazon Deal and Strong Earnings
As of 1 p.m. ET, the S&P 500 (SNPINDEX:^GSPC) rose 0.49% to 7,557.17, the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.65% to 26,847.19 on tech strength, while the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.01% to 50,641.15, lagging growth benchmarks but holding near record territory.
Market movers
Snowflake surged after blowout Q1 earnings and a $6 billion deal with Amazon, while Microsoft advanced on plans to deploy in-house coding AI models.
In healthcare, Eli Lilly gained as CVS restored coverage for the obesity drug Zepbound, and France became the first EU country to cover weight loss drugs in certain cases.
What this means for investors
Snowflake is today’s headlining stock, rising 38% after reporting Q1 earnings after earnings yesterday. The cloud-based data platform provider grew sales by 33%, agreed to a $6 billion deal with Amazon, and now counts 813 of the Forbes Global 2000 as customers. The AI boom remains a major tailwind for the company.
Elsewhere, it was a good day for many consumer-facing stocks. Dollar Tree, Best Buy, and Hormel are up 19%, 18%, and 13%, respectively, today after each stock reported earnings. I’d argue that these results are promising for the broader economy, especially after Walmart and Target's earnings last week showed that the U.S. consumer remains surprisingly resilient.
The S&P 500’s biggest loser so far today is Synopsys, despite the semiconductor design company’s earnings beat and raised guidance. Investors shouldn’t panic over the company’s 9% decline today, especially considering the company has been a 9-bagger over the last decade.
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Josh Kohn-Lindquist has positions in Snowflake. The Motley Fool has positions in and recommends Amazon, Best Buy, Eli Lilly, Microsoft, Snowflake, Synopsys, Target, and Walmart. The Motley Fool has a disclosure policy.
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