S&P 500 Gains and Losses Today: Starbucks Shares Jump Following Profit Record

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Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published November 02, 2023
This chart shows the companies in the S&P 500 with the biggest gains and losses in share price on Nov. 2, 2023.

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Key Takeaways

  • The S&P 500 added 1.9% on Thursday, Nov. 2, 2023, amid optimism that the Federal Reserve might stop boosting interest rates to bring down inflation.
  • Starbucks reported profits that reached an all-time high, and shares of the coffee chain moved into positive territory for the year.
  • Moderna faced falling demand and cut back manufacturing of its COVID-19 vaccine, sending the biotech firm to a quarterly loss.

U.S. equities posted strong gains Thursday, with the S&P 500 rising 1.9% amid optimism that the Federal Reserve might be finished raising interest rates in its effort to bring down prices.

The Dow and Nasdaq also advanced more than 1%. Bond yields plunged following yesterday's decision by policymakers to hold rates steady.

Starbucks (SBUX) shares gained 9.5% when the biggest coffee chain recorded a record profit as it sold pricier drinks. The strong results helped Starbucks shares move out of negative territory for the year.

Teleflex (TFX) shares soared 11.6% after the medical device maker indicated that demand for its equipment jumped as non-elective surgeries that patients had put off during the COVID-19 pandemic increased.

Tyler Technologies (TYL) shares added 9.5% after the software provider exceeded earnings estimates on a boost in subscription revenues.

Moderna (MRNA) shares tumbled 6.5% as the COVID-19 vaccine maker reported a steep loss. Moderna indicated that it "resized" its manufacturing of the shot because of falling demand.

Aptiv (APTV) shares sank 10.3% after the auto parts supplier said that full-year sales would be hurt by the six-week-long auto workers' strike against the Big Three carmakers.

Dentsply Sirona (XRAY) shares dropped 7.5% as the dental equipment manufacturer slashed its full-year outlook because of a "challenging external environment."

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