"The U.S. stock market is drifting near its record levels on Wednesday following mixed reactions to profit reports from Macy's, Marvell Technologies, and other companies. The S&P 500 rose 0.2% and pulled within 0.7% of its all-time high set in late October. The Dow Jones Industrial Average was up 174 points, or 0.6%, as of 11:50 a.m. Eastern time, and the Nasdaq composite was virtually unchanged."
"Outside of earnings reports, Capricor Therapeutics surged 352% after the biotech company reported encouraging results for its potential therapy for people with Duchenne muscular dystrophy. On the losing end of Wall Street were relatively few companies, including one out of every three stocks in the S&P 500 index. But among them were some of the market's most influential stocks, which kept indexes in check."
"Marvell rose 4.1% after the supplier of semiconductor products delivered a stronger profit for the latest quarter than analysts expected. CEO Matt Murphy credited strong demand for its data center products, while also announcing a $3.25 billion purchase of Celestial AI to bolster its artificial-intelligence infrastructure business. American Eagle Outfitters was another winner and rallied 16.1% after the retailer reported a better profit than expected."
The S&P 500 rose 0.2% and moved within 0.7% of its late-October all-time high while the Dow climbed 174 points and the Nasdaq was flat. Marvell gained after a stronger-than-expected quarterly profit and announced a $3.25 billion acquisition of Celestial AI to expand AI infrastructure offerings. American Eagle Outfitters jumped after reporting better-than-expected profit and a strong start to the holiday shopping season. Capricor Therapeutics surged after positive results for a Duchenne muscular dystrophy therapy. Microsoft and Nvidia weighed on the market, and Macy's slipped despite beating profit expectations.
Read at Fast Company
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