Meta's Facebook Marketplace Boosts eBay, Sends Stock Soaring in S&P 500

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U.S. stock indexes showed mixed results on Wednesday as the release of the Federal Reserve's meeting minutes from last month revealed some uncertainty about inflation and indicated that policymakers may take a cautious approach to interest-rate cuts in 2025.

After fluctuating during the day, the S&P 500 managed to close with a slight gain of 0.2%. The Dow rose by 0.3%, while the Nasdaq ended with a small loss of less than 0.1%.

eBay shares had the biggest gain in the S&P 500, surging 9.9% after Meta announced it would allow certain eBay listings to appear on Facebook Marketplace. This partnership could strengthen eBay’s position in the competitive e-commerce market. Meta's decision came after the European Commission fined the company in November for anti-competitive practices related to Marketplace. Meta's shares fell by 1.2%.

Boston Scientific’s shares rose 4.3% after it confirmed its acquisition of Bolt Medical, a company that manufactures laser equipment for heart treatment. This acquisition strengthens Boston Scientific’s presence in the intravascular lithotripsy (IVL) market.

Similarly, Medtronic's stock climbed 3.5% after the European Union approved its transcatheter pulmonary valve replacement (TPVR) system. The news also boosted Medtronic and Boston Scientific, as Johnson & Johnson paused the sales of its competing pulsed field ablation (PFA) system due to complications in patients.

Edison International's shares dropped 10.2%, the largest decline in the S&P 500, as it shut off power to many customers in Southern California amid ongoing wildfires. Although there is no indication that Edison’s equipment caused the fires, concerns remain about the impact on the company's operations and infrastructure.

Moderna’s shares fell 9.2%, reversing most of the gains from the previous day after a reported U.S. death from H5N1 bird flu initially raised interest in its experimental vaccine. Moderna has been experiencing a decline in sales as demand for its COVID-19 products wanes.

ON Semiconductor’s shares dropped by 7%, as the company faces supply chain challenges and fluctuating demand in its industrial and automotive markets. However, analysts remain positive about the company’s recovery prospects, maintaining an "outperform" rating on the stock following meetings with executives.

 

 

 

 

 

 

 

 

Paraphrasing text from "Reuters" all rights reserved by the original author.