The S&P 500 rose slightly on Wednesday as investors watched to see if the benchmark index could return to its all-time high.
The benchmark jumped more than 1% in Tuesday’s session as oil prices fell on bets that the ceasefire between Iran and Israel could last. With that gain, the index now sits less than 1% off its record high.
The Nasdaq Composite also popped more than 1%, while the Dow rallied more than 500 points. The Nasdaq 100 added 1.5% to end at a record closing level. Oil prices have cratered over the past two days, with West Texas Intermediate crude futures dropping 6% Tuesday. These declines have helped lift stocks.
The Israel-Iran conflict marks the latest obstacle the market has seemingly shaken off this year. Traders hoped that a delicate ceasefire between the two nations — announced by President Donald Trump — would hold. Even as investors worry about variables like a resurgence of inflation tied to tariffs and the strength of the consumer, U.S. stocks have continually rebounded from dips over recent months.
“The market continues to drive higher,” said Joe Terranova, senior managing director for Virtus Investment Partners, on CNBC’s “Halftime Report.” “I use the world ‘resiliency’; I will use that word over and over again because this is one of the most resilient markets that I have ever witnessed.”
Investors will watch Wednesday for data on new home sales due in the morning. They’ll also monitor Federal Reserve Chair Jerome Powell as he speaks before the Senate Banking Committee.
Goldman Sachs upgrades Duke Energy to buy rating
In a Wednesday note, Goldman Sachs upgraded Duke Energy to a buy rating from neutral.
Analyst Carly Davenport’s price target of $132 is approximately 13% above where the stock closed on Tuesday. Shares of Duke Energy are up nearly 9% this year but still lag behind their more defensive peers, Davenport noted.
At its current levels, the company’s valuation looks attractive, especially versus its business fundamentals.
“We upgrade Duke Energy (DUK) to Buy from Neutral as we become more constructive on the company’s outlook from a load growth, generation capex, regulatory and balance sheet perspective and view valuation as more compelling as the stock trades at a discount to other premium utilities,” she wrote.
— Lisa Kailai Han
Jefferies sees nearly 40% upside for Stellantis
Danielle DeVries | CNBCDodge Ram display is seen at the New York International Auto Show on April 16, 2025.A new CEO at Stellantis and turnaround in earnings should help push shares of the automaker higher, according to Jefferies. The firm upgraded the stock to buy from hold and raised its price target to $13.20, implying about 38% upside from Tuesday’s close.
“Reversing years of share loss takes time, but data looks encouraging,” analyst Philippe Houchois said in a note Wednesday.
Plus, Antonio Filosa, a company veteran who was named CEO in May, has had time to put together a plan to make Stellantis competitive, he added.
“We expect fast decisions and more internal support (vs outsider),” Houchois wrote. “From new platforms to alliances with Chinese companies, STLA has laid foundations for global relevance,”
Shares of Jeep parent were up 4% in premarket trading.
— Michelle Fox
FedEx slides after weak earnings guidance
FedEx‘s stock slid more than 5% in premarket trading after the company’s earnings guidance for the current quarter was weaker than expected.
FedEx forecast adjusted earnings per share of $3.40 to $4.00, below the $4.05 expected by analysts, according to FactSet.
The drop came despite results for FedEx’s fiscal fourth quarter that topped expectations. FedEx reported $6.07 in adjusted earnings per share on $22.22 billion in revenue. Analysts surveyed by LSEG were looking for $5.84 per share on $21.79 billion of revenue.
— Jesse Pound
Goldman Sachs upgrades Kraft Heinz to neutral from sell
In a Wednesday note, Godman Sachs upgraded Kraft Heinz to a neutral rating from sell. Analyst Leah Jordan accompanied the upgrade by raising her 12-month price target to $27, which implies a mere 4% upside from the stock’s Tuesday closing price. Jordan added that her price target increase includes an M&A valuation.
Shares of Kraft Heinz have stumbled 15% this year.
Jordan wrote that she was upgraded the stock after the company’s previously announced review of strategic alternatives could lead to a more balanced risk-reward ratio.
“On May 20th, KHC announced it has been evaluating potential strategic transactions to unlock shareholder value, along with the step down of two board members from its top shareholder, Berkshire Hathaway (owns 27.5%),” she said. “Should its largest shareholder be looking to sell-down its position after 10+ years of ownership (as suggested by media reports), monetizing assets could be utilized to enable buybacks.”
Jordan continued: “Specifically, KHC has a portfolio of well-known brands, thus we acknowledge there are potential actions which could be accretive to shareholders.”
— Lisa Kailai Han
Wells Fargo cuts Sunrun price target citing Trump’s proposed budget bill
President Donald Trump’s proposed budget bill has made Wells Fargo less uncertain when it comes to Sunrun.
While analyst Michael Blum stood by his overweight rating on the solar stock, he cut his price target to $8 per share from $10. The potential upside he sees for the stock now sits at just 11%.
Shares of Sunrun have tumbled 22% in 2025.
In its base case, Blum assumed that Sunrun pivots to a battery only model going forward.
“Battery tax credits were maintained in the Senate draft & will last through 2032+. We assume no meaningful cost savings & a sustained $85MM/yr of cash burn,” he wrote. “While the Big Beautiful Bill significantly cuts resi solar tax credits, we believe RUN can still generate cash under a battery only model with LT upside tied to grid services or a pivot to PPAs.”
While Sunrun’s grid services business is still in its early stages, the analyst sees “significant long-term potential.” Current revenue is estimated at around $20 million per year, but Sunrun could eventually scale the business, leading to $500 million in upfront proceeds from securitizing $100 million in annual cash flow, Blum added.
— Lisa Kailai Han
Tesla’s European car sales fall for fifth consecutive month
Tesla’s new car sales in Europe slipped for a fifth-consecutive month in May, according to a report from the European Automobile Manufacturers Association (ACEA) on Wednesday.
Sales of Tesla’s in the European Union, Britain and the European Free Trade Association declined to 13,863 vehicles last month, the report said, equating to a fall of 27.9% year-on-year.
Shares of Tesla were marginally higher in the premarket.
— Brian Evans
How far are the major averages from their record highs
Timothy A. Clary | Afp | Getty ImagesTraders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City on June 23, 2025.The Nasdaq-100 on Tuesday posted a fresh record close, while other major benchmarks moved within striking distance of their all-time highs. Here’s where the others stand relative to their record levels:
S&P 500: less than 1% belowNasdaq Composite: 1.5% belowDow Jones Industrial Average: 4.4% below— Fred Imbert
Nasdaq 100 notches new record close
The Nasdaq 100 notched a record close on Tuesday. That marked the index’s first all-time closing high since February.
The index is up about 4% in June, on track for its third positive month in a row. It has rallied more than 15% this quarter, which would mark its biggest quarterly gain since 2023.
— Alex Harring, Christopher Hayes
See the stocks moving after hours
Justin Sullivan | Getty ImagesA pedestrian walks by a parked FedEx delivery truck on March 21, 2024 in San Francisco, California.These are the stocks moving after hours:
FedEx — The package delivery stock fell 4.7%. Despite earnings for the fourth fiscal quarter coming in better than expected, the company’s current quarter guidance was weaker than anticipated.AeroVironment — The defense technology stock slipped 3.4% after guidance for full-year earnings per share came in at between $2.80 and $3, excluding items, while analysts polled by FactSet estimated $3.82. However, the company beat expectations on both lines for the fiscal fourth quarter.Worthington Enterprises — The Coleman parent rallied 9.7% on a stronger-than-predicted earnings report for the fiscal fourth quarter. Worthington recorded $1.06, excluding items, for earnings per share, beating the consensus forecast of 83 cents from analysts polled by FactSet. Revenue came in at $317.9 million, also topping the Street’s estimate of $301.4 million.— Alex Harring
Stock futures are near flat
Futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed shortly after 6 p.m. ET Tuesday night.
— Alex Harring
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