- The S&P 500 gained 1% on Wednesday, Nov. 1, 2023, as the Federal Reserve kept interest rates at current levels for the second straight meeting but left open a possibility for additional hikes.
- Generac shares led the index higher after the energy solutions firm reported better-than-expected results, highlighting strong shipments of home standby generators.
- Shares of Paycom plummeted after the workforce management software company forecast a slowdown in revenue growth.
U.S. equities gained on Wednesday, Nov. 1, 2023, as the Federal Reserve maintained interest rates at current levels but left open the possibility of more rate hikes to tamp down inflation.
The S&P 500 added 1% on the day, while the Dow and the Nasdaq were up 0.7% and 1.6%, respectively.
The day's top performance among S&P 500 stocks came from Generac (GNRC), which designs and manufactures energy systems and devices. Shares jumped 14.3% after the company's third quarter results exceeded forecasts, boosted by a quarter-over-quarter increase in shipments of home standby generators.
HVAC manufacturer Trane Technologies (TT) also benefitted from a strong earnings report, with shares gaining 12.2% as earnings per share (EPS) and revenue exceeded consensus forecasts. Concerns about climate change and pollution helped heighten demand for cooling and air purification systems in commercial buildings.
Shares of insurance firm Assurant (AIZ) gained 11.8% as the company blew away analyst forecasts, with its bottom line increasing fourfold from the previous year. Strong spots included growth in Assurant's Global Lifestyle segment, home to its mobile device solutions.
Paycom (PAYC) was the weakest stock on the benchmark index, with shares plummeting 38.5% after the payroll software company said that it anticipates a slowdown in revenue growth. The company's Beti payroll platform may be cannibalizing its sales as customers reduce spending on services that are no longer essential thanks to Beti's efficiencies.
Shares of Estee Lauder (EL) plunged 18.9% after the cosmetics company lowered its financial outlook. The beauty firm cited weakness in China and Asia more broadly as the principal culprit for its reduced expectations.
Match Group (MTCH), the company behind dating apps Tinder and Hinge, saw its shares drop 15.3% amid lower revenue projections for the fourth quarter of 2023. A year-over-year decline in users paying for Tinder contributed to the move lower.