S&P 500 Climbs 1.3% on May 3, 2025: Amgen Surges 11.8% as Promising Weight-Loss Drug Boosts Market

Michael Bromberg, a seasoned finance editor with over ten years of experience, specializes in breaking down complex financial topics into clear and concise explanations. He holds a Bachelor of Arts in Literature from the University of Wisconsin-Madison and a Master's degree in Linguistics from Universidad de Antioquia, Medellin, Colombia.

Market Highlights

• The S&P 500 rose 1.3% on Friday, May 3, 2024, buoyed by a labor market showing signs of cooling, reigniting hopes for near-term Federal Reserve interest rate cuts.
• Shares of Amgen (AMGN) surged 11.8%, fueled by optimism surrounding its experimental anti-obesity drug, MariTide.
• Expedia Group (EXPE) shares tumbled 15.3% after lowering its full-year outlook due to softness in its Vrbo vacation rental platform and business-to-consumer segment.

Major U.S. equity indices posted strong gains following the Bureau of Labor Statistics' April report, which indicated slower hiring, moderated wage growth, and a slight increase in unemployment. This data suggests inflationary pressures may be easing, encouraging investors anticipating upcoming Federal Reserve rate reductions.

The S&P 500 climbed 1.3%, powered by robust tech sector performance, including Apple's (AAPL) strong earnings, helping the Nasdaq Composite jump 2.0%. The Dow Jones Industrial Average gained 1.2%.

Amgen's MariTide Sparks Investor Enthusiasm

Amgen led the S&P 500 advance, with shares rising 11.8% amid positive sentiment for its experimental weight-loss medication, MariTide. Competing in a crowded market of anti-obesity drugs, Amgen’s CEO emphasized MariTide’s unique profile designed to address unmet medical needs. William Blair analysts upgraded Amgen stock to "outperform," citing the drug’s promising potential.

GE Vernova Rises 8.1% on Renewable Energy Project Prospects

GE Vernova (GEV), the newly independent energy firm spun off from General Electric, gained 8.1% following news of a collaboration with Africa Finance Corporation and other investors to fund a large-scale renewable energy initiative in Morocco.

Enphase Energy Rebounds with 7.7% Gain

Enphase Energy (ENPH) shares recovered 7.7% after last week's declines driven by soft quarterly results and cautious guidance. Despite ongoing challenges in the solar sector, Enphase reported increased deployment of its energy systems in Florida, as residents prepare for an active hurricane season.

Live Nation Up 7.2% on Strong Live Event Demand

Live Nation Entertainment (LYV) shares rose 7.2%, boosted by better-than-expected Q1 revenue. The Ticketmaster parent company benefited from elevated ticket prices and robust demand for concerts and live events.

Expedia Falls 15.3% After Lowering Outlook

Shares of Expedia Group (EXPE) plunged 15.3% following a downward revision of its full-year guidance. Weak performance in the Vrbo vacation rental segment and business-to-consumer operations contributed to the disappointing outlook.

Fortinet Drops 9.7% Despite Earnings Beat

Cybersecurity leader Fortinet (FTNT) beat revenue and earnings projections for Q1 but saw billings decline year-over-year and fall short of estimates. Slower firewall market growth and shifts to cloud computing tempered growth, causing shares to fall 9.7%.

Paramount Global Slips 7.0% Amid Merger Uncertainty

Paramount Global (PARA) shares dropped 7.0% after exclusive merger talks with Skydance Media stalled. This followed a prior session’s gains sparked by a joint acquisition bid from Sony Pictures and Apollo Global Management, though that deal’s outcome remains uncertain.

Trimble Shares Down 7.0% on Soft Guidance

GPS software and analytics provider Trimble (TRMB) declined 7.0% after issuing conservative sales and profit guidance for the current quarter. Elevated input costs and higher interest rates have pressured customers to reduce spending, impacting Trimble’s field systems and software divisions.

Correction: GE Vernova spelling corrected in this article.

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