S&P 500 Gains and Losses Today: Enphase Energy Stock Surges; Equinix Shares Fall

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Key Takeaways

• The S&P 500 added 0.8% on Thursday, June 26, closing close to a record high.

• Enphase Energy shares soared following indications that lawmakers could modify the budget bill to protect tax credits for residential solar installations.

• Shares of Equinix fell after the data center REIT provided underwhelming medium-term forecasts. Analysts suggested that costly plans to expand capacity could stifle growth.

Major U.S. equities indexes moved higher Thursday, with the S&P 500 on the brink of a new all-time high.

The S&P 500 advanced 0.8%, ending the session three points below its record-high closing level set in February. The Dow was up 0.9%, while the Nasdaq gained 1%.

Enphase Energy (ENPH) stock secured Thursday's top performance in the S&P 500, skyrocketing 12.8%. The leap higher for shares of the solar microinverter manufacturer came as reports indicated Republicans in Congress were considering changes to the budget bill that would maintain federal tax credits for residential rooftop solar installations. Shares of Enphase and other solar companies plunged in May after the House passed a version of the bill that stipulated tax credits for wind and solar projects would be eliminated by 2029.

Copper prices pushed higher, boosted by a surge in imports to the U.S. ahead of proposed tariffs, resulting in a decline in inventories elsewhere, alongside strong demand from China. Analysts at Goldman Sachs predicted that prices for the industrial metal would continue to rise before reaching a 2025 peak in August. Shares of major copper producer Freeport-McMoRan (FCX) jumped 6.9% on Thursday.

Albemarle (ALB) stock gained 5.6%. At an industry conference in Las Vegas, lithium producers noted that prices of the key battery ingredient remain depressed, despite ongoing increases in demand. Although observers suggested that oversupply will likely keep a lid on lithium prices over the coming years, producers have been making strides in reducing costs.

Shares of Coinbase Global (COIN), operator of the largest U.S. cryptocurrency exchange, advanced 5.5% after the stock received a significant price target boost from analysts at Bernstein. The firm pointed to the crypto platform's market dominance, with strength in trading, custody, and infrastructure, making Coinbase a "one-stop" shop for cryptocurrency financial services. The analysts also highlighted Coinbase's position as the only crypto-native company in the S&P 500, after joining the benchmark index in May.

Equinix (EQIX) shares tumbled 9.6%, losing the most of any stock in the S&P 500. Thursday's drop extended losses posted in the prior session as the data center real estate investment trust (REIT) held its analyst day. Equinix forecasted tapering growth in adjusted funds from operations (AFFO) per share—a key metric for REIT performance—over the medium term. Analysts at BMO Capital Markets and Raymond James downgraded Equinix stock following the analyst day event, noting that capital-intensive plans to double capacity for AI workloads could weigh on earnings growth.

Shares of Fair Isaac (FICO), the data analytics firm known for providing consumer credit scores, sank 4.1%. With the downturn on Thursday, the stock reversed gains posted earlier in the week as Fair Isaac announced that it would incorporate buy now, pay later activity into its credit scores.

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