Wall Street closed higher on Wednesday as investors weighed mixed economic data and awaited former President Donald Trump’s decision on possible tariffs. The S&P 500 rose 1.12% to 5,842.63, the Dow Jones Industrial Average gained 1.1% to 43,006.59, and the Nasdaq climbed nearly 1.5% to 18,552.73.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Alibaba Group Holding Limited (NYSE:BABA) surged 8.61% to close at $141.03, with an intraday range of $133.34 to $141.83 and a 52-week range of $68.36 to $145.30. The Chinese e-commerce giant’s stock rally was fueled by a wave of patriotic sentiment in China, as investors celebrated the success of domestic films like “Ne Zha 2.” This cultural phenomenon has boosted Chinese stocks, with Alibaba benefiting from the renewed enthusiasm for homegrown companies. Earlier in the month, Chinese president Xi Jinping met Alibaba founder Jack Ma and other tech leaders at a rare high-level symposium. This was seen as a turnaround by Beijing.
Marvell Technology, Inc. (NASDAQ:MRVL) gained 2.05% to end at $90.14, trading between $85.18 and $90.74, with a 52-week range of $53.19 to $127.48. The stock crashed more than 14% to $76.75 in the after-hours trading. The semiconductor company reported fourth-quarter earnings that slightly beat analyst estimates, with adjusted earnings per share of $0.60 and revenue of $1.81 billion. Marvell’s CEO Matt Murphy highlighted strong growth in the data center end market, which saw a 78% year-over-year increase in the fourth quarter.
Rigetti Computing, Inc. (NASDAQ:RGTI) climbed 4.07% to $8.18, with a daily range of $7.61 to $8.24 and a 52-week span of $0.66 to $21.42. The quantum computing firm announced a strategic partnership with Quanta Computer, a Taiwan-based Fortune 500 company. Both companies plan to invest over $100 million each over the next five years, with Quanta also committing to a $35 million investment in Rigetti common shares. This collaboration aims to strengthen Rigetti’s position in the quantum computing market. The company also announced a fourth-quarter revenue of $2.3 million missing a Street consensus estimate of $2.5 million.
Broadcom Inc. (NASDAQ:AVGO) rose 2.19% to $191.58, fluctuating between $187.10 and $194.08, with a 52-week range of $119.76 to $251.87. Investors are eagerly anticipating Broadcom’s first-quarter earnings report, scheduled for release after market close on Thursday. Analysts expect the company to report revenue of $14.61 billion and earnings per share of $1.49. The semiconductor giant recently unveiled VeloSky, a new networking solution aimed at enhancing 5G and satellite services, potentially diversifying its revenue streams.
Tesla, Inc. (NASDAQ:TSLA) rebounded 2.60% to close at $279.10, trading between $267.71 and $279.55, with a 52-week range of $138.80 to $488.54. The electric vehicle maker’s stock has been under pressure recently, with Barstool Sports founder Dave Portnoy questioning CEO Elon Musk’s focus on the company. Tesla faced a significant drop in new car registrations in January while competitors gained ground. Some analysts suggest that Musk’s political involvement may be impacting consumer sentiment toward the brand.
Image via Shutterstock
Prepare for the day’s trading **with top premarket movers and news by Benzinga.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
