The S&P 500 hit a record high today as it opened higher and continued its upward trend for the seventh straight session. The broad market index climbed 0.2%, while the Nasdaq Composite also reached a new record after a 0.4% gain. The Dow Jones Industrial Average remained near the flatline.
In premarket trading, several stocks made significant moves. Tesla saw a nearly 1% gain after Goldman Sachs raised its stock price target by $73 to $248 per share following better than expected second quarter deliveries. Taiwan Semiconductor Manufacturing also saw a 2% increase after beating revenue estimates for the April-June period. However, 3M Company’s shares declined 1.2% after its finance chief announced his departure.
Taiwan Semiconductor’s stock rose 2% after reporting revenue of T$673.51 billion, surpassing analyst expectations. The company, known for making semiconductor chips for tech giants like Nvidia and Apple, posted strong revenue growth compared to the previous year.
On the other hand, Volkswagen’s shares dipped as the company issued a profit warning due to sluggish electric vehicle demand and the possibility of closing a plant in Brussels. The European automaker revised its operating return on sales outlook, leading to a 1% decline in its European listed shares.
LegalZoom.com experienced a significant drop in its stock price, falling over 23% after cutting its full-year revenue guidance and announcing the resignation of its CEO. The company now expects revenue to be in the range of $675 million to $685 million, lower than its previous guidance.
Overall, the stock market saw a mix of gains and losses today, with various companies making headlines for their performance in premarket trading and recent earnings reports. Investors will be closely watching these developments as they navigate the ever-changing landscape of the financial markets.
