Stock Market Today: META Muse at 500K Users, CRWD & PANW Rally, MCD 4-Year Low

Sam Vadas (0:00)

Welcome to The Wrap. I'm Sam Vadas. Here to take you through today's market action. Let's take a look at where markets closed to end the day. A hot PMI print this morning put pressure on stocks. During the session, the S&P 500 fell three quarters of a percent. The Dow was lower by about seven tenths of a percent. The Nasdaq 100 closed down nine tenths of a percent. And the small cap Russell 2000 was the biggest lagger on the session falling one and three quarters of a percent. Ten of the 11 S&P 500 sectors closed in the red today. Utilities, communication services and consumer discretionary all falling over one and a half percent. The only positive sector was energy, which was higher by one percent after crude oil jumped back above $92 a barrel. Now let's take a look at some of the stocks on the move. Cybersecurity and software stocks dominated the top half of the S&P 500 leaders during today's session. Shares of CrowdStrike hit a new all-time high and is now up over 120% on the year. Also, Palantir gained just over 3.5% of the session and broke out to its highest level in nine months. Other leaders in the space today included Palo Alto Networks, ServiceNow, Salesforce and Workday.

Shares of Meta Platforms gained 1% after a report from the Information saying the company's Muse AI agent surpassed 500,000 total users in its first week. KeyBank raised its price target on shares to $900 from 780 As the firm believes, Meta now has multiple paths to drive revenue growth.

Shares of McDonald's fell to its lowest level in almost four years during Investor Day today. The fast food chain said it's falling short of when it comes to consistent execution and it plans to address those gaps through its McDonald's Next strategy. That strategy includes investing $8.5 billion in franchisee support through 2036 and a menu overhaul that will include new chicken sandwiches and fresher coffee.

Looking ahead to Thursday on the economic calendar, we'll get weekly jobless claims and new home sales. As for earnings, Darden Restaurant will report in the pre-market. Costco will be out after the closing bell. That'll do it for now. I'm Sam Vadas. Remember to tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.