S&P 500 Gains and Losses Today: Bright Growth Outlook Lifts First Solar Stock

KEY TAKEAWAYS
$S&P 500 Index(.SPX.US)$ added 0.3% on Tuesday, May 21, 2024, ahead of a noteworthy earnings report and as a Federal Reserve official expressed caution on rate cuts.
First Solar shares soared after UBS analysts boosted their price target on the stock, noting the solar panel maker is poised to benefit from tax credits.

Major U.S. equities indexes ticked higher on Tuesday ahead of the eagerly awaited quarterly report from semiconductor behemoth $NVIDIA(NVDA.US)$ , due to be released after the markets close on Wednesday afternoon.

Investors also heard from Federal Reserve Governor Christopher Waller, who became the latest central bank official to confirm that he needs to see more evidence of a sustainable decline in inflation before supporting an interest rate cut.

$S&P 500 Index(.SPX.US)$ advanced 0.3% on the day, edging past the record posted last Wednesday to notch a new all-time closing high. $Nasdaq Composite Index(.IXIC.US)$ added 0.2%, printing its second consecutive record close this week. $Dow Jones Industrial Average(.DJI.US)$ was also up 0.2%.

First Solar $First Solar(FSLR.US)$ shares logged Tuesday's top performance in $S&P 500 Index(.SPX.US)$ , jumping 8.0% after UBS boosted its price target on the stock and reiterated its "buy" rating. Analysts expect the solar panel maker to grow its earnings per share (EPS) and gross margin as it benefits from domestic manufacturing tax credits under the U.S. Inflation Reduction Act (IRA).

Shares of $Tesla(TSLA.US)$ charged 6.7% higher after the company provided an update on its program to develop electric semi-trucks. Although the project has faced delays since its launch in 2017, the company said Monday production-spec deliveries of the Tesla Semi remain on track for 2026. Reports said the company is building a factory in Nevada and expects to eventually ramp up to a capacity of 50,000 EV trucks per year.

Shares of Maryland-based electric utility Constellation Energy $Constellation Energy(CEG.US)$ gained 3.5% after Keybanc increased its price target on the stock. Analysts highlighted Constellation's initiatives to expand its energy production capacity, including upgrades to its existing fleet, the return to service of plants that had been shut down, and collaborations with other companies.