Salesforce, Meta and Micron shares rise despite US market decline
In the US stock market, shares of Salesforce, Meta Platforms and Micron rose over the past four weeks, while the major US indexes declined. As CNBC reports, from August 13 through the close of trading on September 9, the Dow Jones index fell 2.7%, the S&P 500 declined 2.1%, and the technology-heavy Nasdaq also lost 2.1%.
At the start of trading on September 10, US oil rose above $100 per barrel amid uncertainty related to the war in Iran. The yield on 10-year US Treasury bonds climbed above 4.9%, reaching its highest level since November 2023. After the opening, the Nasdaq was down about 1%, while the S&P 500 and Dow Jones lost less.
Growth leaders
Salesforce posted the best result among stocks in the CNBC Investing Club portfolio, with its shares gaining 21.3%. The company reported revenue that exceeded expectations and issued positive guidance. CEO Marc Benioff said that nine out of ten leading artificial intelligence companies use Salesforce products, and their spending rose 435% year over year. The company also introduced Claudeforce, which integrates Anthropic's Claude with Salesforce customer data to automate tasks.
Meta Platforms shares rose 9.9%. The company agreed to an $18 billion settlement with state attorneys general in a case concerning claims that social platforms harm young users. Investors also responded positively to the release of Muse Spark 1.3, which received favorable reviews for its capabilities and cost.
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Micron gained 8.2% over the period. The company's valuation was supported by expectations of sustained demand for memory used in artificial intelligence systems, including high-speed memory and DRAM.
Biggest losses
TJX Companies shares fell 18% after weaker-than-expected comparable sales at its Marmaxx division, which includes the T.J. Maxx and Marshalls chains. Sales in this segment rose by only 1%. Management attributed the result to an unsuccessful inventory assortment and said it was already seeing improvement.
FedEx Freight lost 17.9% after being spun off from FedEx in June. The transportation sector was pressured by concerns over tariffs and high oil prices. Palo Alto Networks shares declined 15.4%, although the company reported strong quarterly results. Investors took profits after the shares' previous rise, CNBC notes.
