TLDR:
- S&P 500 dropped 0.5% on Feb. 16, 2024, due to higher-than-expected wholesale prices.
- Applied Materials saw a jump in shares on strong AI-driven demand.
The S&P 500 experienced a 0.5% decline on Friday, Feb. 16, 2024, following a report indicating an unexpected rise in wholesale prices in January. Despite this, Applied Materials, a semiconductor manufacturer, surpassed profit and sales estimates due to robust AI-driven demand, leading to a significant increase in its stock price.
S&P 500 Gains and Losses Today: Applied Materials Jumps Amid AI-Driven Demand
The S&P 500 dropped 0.5% on Friday, Feb. 16, 2024, after a report showed that wholesale prices rose more than expected in January. Shares of Digital Realty Trust plunged after the REIT posted lower-than-expected quarterly funds from operations. Semiconductor equipment manufacturer Applied Materials beat profit and sales estimates amid strong AI-driven demand, and its shares jumped higher.