Investors were mostly optimistic about stocks on Wednesday, as all the major market indexes were moving up. The S&P 500 jumped 0.3%, and the tech-heavy Nasdaq gained 0.03%. The Dow Jones Industrial Average advanced 245 points, or 0.6%, to 39,469.
Here’s a midday look at what’s moving the market.
Robinhood gets in on the credit card business
Robinhood stock jumped more than 3% as the trading platform entered the credit card market with its new Robinhood Gold Card, which offers 3% cash back on purchases. The stock reached its peak on Wednesday morning, trading around $20 per share.
H&M beats Wall Street expectations
H&M stock surged more than 16% after it beat earnings expectations for its fiscal first quarter. The company’s operating profit increased to 2.08 billion Swedish Krona (~$196 million). Analysts had forecast the company would generate 1.43 billion Swedish Krona (~$134.6 million). The stock was trading at $154 per share around midday.
Coinbase stock falls on a judge’s ruling
Who regulates crypto? We don’t have an answer yet. A judge ruled on Wednesday that a jury could hear the SEC’s claim that the cryptocurrency exchange Coinbase sold unregistered securities. Coinbase stock fell about 2.6% after the federal judge in Manhattan rejected the company’s bid to dismiss the SEC complaint.
GameStop struggles to find customers
GameStop stock dropped more than 18%Â as it struggles with weak revenue and cuts jobs. The video game retailer is trying to stay relevant in a digital age. The stock was at $13 per share around midday and heading toward what could be its worst day in a year.
Merck gets an FDA approval
The Food and Drug Administration on Tuesday approved a Merck drug for a rare, progressive lung disease. Merck stock price was up more than 5% on Wednesday to $130 per share.
Cintas jumps after earnings report
Cintas, a provider of workplace equipment and cleaning supplies, soared on Wednesday after beating third-quarter projections and raising its guidance. Earnings guidance was raised by $14.80 to $15 per share, up from a previous range of $14.35 to $14.65 per share. The revenue forecast for the year was $9.57 billion to $9.6 billion, up from $9.48 billion to $9.56 billion in the prior forecast. Cintas stock rose 9% to $690 per share.
AI stocks take a pause
After weeks of rallying high, AI stocks took a breather on Wednesday. AI chip maker Nvidia’s stock fell 2.7% to $900, and Super Micro Computer stock dropped 2.6% to $998.