Top Market News and Analysis for July 12, 2024

On Friday, the S&P 500 saw some significant movements in both gainers and decliners. Enphase Energy (ENPH) was the top gainer, with shares rising by 6.9% after the company introduced new U.S.-made solar equipment that qualifies for federal tax credits. Bank of New York Mellon (BK) also saw a surge in its stock price, reaching an all-time high after reporting better-than-expected revenues and profits for the second quarter.

On the other hand, Wells Fargo (WFC) experienced the heaviest losses among S&P 500 components, with shares plunging by 6% due to a decline in net interest income. Delta Air Lines (DAL) also saw a decline of 3.1% after missing second-quarter profit estimates.

Overall, the major indexes showed slight gains for the week, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posting modest increases. The Russell 2000 index also saw a rise, jumping 1.7% as investors rotated from mega-cap tech stocks into smaller companies.

In other news, Novo Nordisk (NVO) saw a rise in its stock price after a study showed that its Ozempic diabetes drug was linked to lower rates of dementia. Apple (AAPL) shares remained in an uptrend despite a pullback on Thursday.

Overall, the market showed a mix of gains and losses on Friday, with some companies outperforming expectations while others faced challenges. Investors will be closely watching these developments as they navigate the ever-changing landscape of the stock market.