Demand for Data Cloud and AI Helps Lift Salesforce

latestGainersLosers3 99317788054e44738ca143375a9e80ef

Demand for Data Cloud and AI Helps Lift Salesforce

latestGainersLosers3 99317788054e44738ca143375a9e80ef

Key Takeaways

  • The S&P 500 was up 0.4% on Thursday, Nov. 30, 2023, and the Dow hit a 2023 high, as U.S. markets closed out the month amid positive inflation news.
  • Salesforce stock led the Dow and S&P 500 higher after the business software provider beat profit and sales estimates on demand for its data cloud and AI products.
  • Ford said that it will cost $8.8 billion to pay for the new United Auto Workers (UAW) contract, and shares of the carmaker dropped.

U.S. equities were mixed, with the S&P 500 adding 0.4% and the Dow soaring more than 500 points to a 2023 high, after the Federal Reserve’s favored gauge of inflation was in line with estimates. That increased optimism that policymakers won’t be raising interest rates any further to slow rising prices. The Nasdaq slid 0.2%.

Thursday’s trading session also marked the close of a winning month. The Dow, S&P 500, and Nasdaq all posted solid gains for November.

Salesforce (CRM) shares jumped 9.4% as higher sales of its data cloud platform and Einstein GPT artificial intelligence (AI) product lifted its earnings and revenue above expectations.

It was a second straight session of gains for shares of Phillips 66 (PSX), which were up 5.5% following the news that activist investor Elliot Investment Management took a $1 billion stake in the energy firm and will attempt to win two seats on the board.

Discover Financial Services (DFS) shares added 4.6% after the credit card provider announced that it would pursue the sale of its student loan portfolio.

Ford (F) shares slumped 3.1% after the carmaker said its newly signed contract with the United Auto Workers (UAW) union will cost $8.8 billion over the life of the deal.

Meta Platforms (META ) shares lost 1.5% when the social media giant shut down thousands of fake accounts linked to China.

An extension of its collaboration with Hewlett Packard Enterprise (HPE) didn’t help boost shares of Nvidia (NVDA), which dropped 2.9%. Hewlett Packard Enterprise shares gained 2.4%.

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