U.S. stocks were modestly higher by midday Thursday following the narrow passage of a significant Republican-backed tax and spending package in the House of Representatives, which has wide implications for several key sectors. The Dow Jones Industrial Average, S&P 500, and Nasdaq all posted slight gains as investors weighed the bill's impact.
Among the biggest movers:
Solar Sector Plunges
Solar energy companies saw sharp declines after the bill revealed plans to eliminate a number of federal subsidies supporting the renewable energy industry. Shares of Enphase Energy (ENPH) were the day’s worst performer on the S&P 500, dragging down peers including First Solar (FSLR) and SolarEdge Technologies (SEDG).
Humana Drops on Medicare Audits
Shares of Humana (HUM) and other major health insurers fell after the Centers for Medicare & Medicaid Services (CMS) announced an expansion of audits on Medicare Advantage plans, raising concerns about increased regulatory scrutiny in the sector.
Coinbase Soars with Bitcoin Surge
Coinbase Global (COIN) rallied as Bitcoin traded near record highs, boosting sentiment across the cryptocurrency market. Most major digital assets were in positive territory, helping Coinbase post one of the strongest gains of the day.
BJ's Disappoints on Same-Store Sales
Warehouse retailer BJ’s Wholesale Club (BJ) reported lower-than-expected same-store sales, primarily due to declining gasoline prices. Shares dropped following the report.
Seagate Technology Announces Major Buyback
In contrast, Seagate Technology (STX) surged after announcing a $5 billion stock buyback, signaling confidence from management amid broader market uncertainty.
Alphabet Extends Gains
Tech giant Alphabet (GOOGL) continued its upward momentum after unveiling a new artificial intelligence-powered search tool earlier in the week, reinforcing its position in the AI race.
