S&P 500 Gains and Losses Today: Cisco Systems Sinks as Orders Slow

The rally for the S&P 500 continued into a third day as the index ticked 0.1% higher following a mix of analyst ratings upgrades and warnings about customer spending from several big firms. The Nasdaq also gained, but the Dow slipped.

Intel (INTC) led gains on the S&P 500 as shares jumped 6.7% after Wedbush upgraded the stock and raised the price target, citing the largest chipmaker’s third-party manufacturing business and new products set to come out.

Home generators maker Generac Holdings (GNRC) benefitted from an upgrade and higher price target from Bank of America, which pointed to its inventory reductions. Shares of Generac added 2.4% following the news.

Bank of America also initiated coverage of Gen Digital (GEN) with a buy rating, and shares of the cybersecurity firm rose 3.2%. 

Cisco Systems (CSCO) shares plunged 9.8%, leading losses on the index after the biggest maker of computer networking equipment slashed its guidance, saying customers were pulling back on placing orders.

Walmart (WMT) shares sank 8.1% as the biggest brick-and-mortar retailer warned that it saw consumer spending slowing down just ahead of the key holiday shopping season.

Palo Alto Networks (PANW) shares slumped 5.4% after the cybersecurity provider’s 2024 first quarter billings and projected second quarter billings were lower than anticipated as businesses limited their IT purchases.