Lumentum Holdings and Coherent closed as the S&P 500's biggest gainers on Wednesday, even as the broader index slipped and Micron lagged. The rally may mark a rebound from Monday's selloff, which was driven by concerns over a possible artificial-intelligence spending slowdown.
Lumentum Holdings and Coherent shares closed up 9.6% and 6.9%, respectively, on Wednesday, making the two optical-networking companies the S&P 500's top gainers for the session. Lumentum was the single best-performing component in the index that day, edging out Coherent for the top spot.
The Federal Reserve was no match for the two stocks, which powered through broader market weakness that dragged the S&P 500 down 0.45% on the day. The Dow Jones Industrial Average dropped 1.21%, the Nasdaq Composite slipped 0.01%, and the CBOE Volatility Index climbed 2.97% to 17.71.
Semiconductor peer Micron did not share in the rally, slipping 0.11% instead. At minimum, the moves could be interpreted as part of a rebound from Monday's selloff, which was fueled by concerns of a possible artificial-intelligence spending slowdown.
Investors are looking further down the AI data-center supply chain for signs of demand amid concerns of a spending slowdown, one expert says.
Source: MarketWatch (snippet-based)
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