S&P 500 Rises 0.3% on Dec 14, 2023: Solar Stocks Skyrocket as Fed Hints at 2025 Rate Cuts

Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading teams of anchors, reporters, and editors to deliver impactful news coverage on major global events.

Highlights

• The S&P 500 advanced 0.3% on Thursday, December 14, 2023, while the Dow reached a new record high, following Federal Reserve indications of potential interest rate cuts in 2024.
• Shares of solar energy firms and regional banks surged amid optimism over reduced borrowing costs.
• Adobe's stock dropped after its 2024 forecasts fell short of expectations, compounded by warnings of possible regulatory fines affecting future results.

U.S. stock markets extended gains for the second consecutive day due to remarks from Federal Reserve officials hinting at interest rate decreases next year. Additionally, rising retail sales data fueled investor confidence.

The S&P 500 increased by 0.3%, and the Dow continued climbing to new record levels. Meanwhile, bond yields declined, with the 10-year Treasury note's yield dipping below 4%.

Lower borrowing expenses have made solar energy companies particularly appealing; SolarEdge Technologies (SEDG) led the S&P 500 with an impressive 16.6% gain. Enphase Energy (ENPH) and First Solar (FSLR) rose 11.7% and 8%, respectively.

Regional bank stocks also benefited from the prospect of lower interest rates, marking their second consecutive day of gains. Zions Bancorporation (ZION) stood out with a 9.2% increase.

Moderna (MRNA) shares surged 9.2% following promising results from a collaborative skin cancer vaccine study with Merck (MRK), whose shares declined slightly by 0.4%.

Adobe (ADBE), renowned for Photoshop, experienced a 6.3% drop after releasing 2024 guidance that missed analyst expectations. The company also cautioned about potential substantial fines from U.S. regulators concerning its disclosure and subscription policies.

Cardinal Health (CAH) shares fell 5% after Wells Fargo lowered its price target on concerns regarding the company's upcoming contract with UnitedHealth Group's (UNH) Optum health services. UnitedHealth Group shares decreased by 2.7%.

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