S&P 500 pulls back from record as Fed cheer fizzles

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• Fri, Sep 20, 2024 10:51 am EDT

  Constellation Energy hit an all-time high in a deal to sell nuclear power to Microsoft

  Shares of Constellation Energy ( CEG ) hit an all-time high on Friday after the company announced plans to restart a nuclear reactor at Three Mile Island ( TMI ) and sell power to its data centers to Microsoft.

  Wall Street was expected to sign a deal with one of the big tech players this year as they seek more power to power their technology infrastructures amid an artificial intelligence boom.

  In 1999 Constellation acquired the TMI Unit 1 reactor located in Pennsylvania. It is located next to Unit 2, which was closed in 1979 after suffering a partial meltdown.

  “TMI Unit 1 is a fully independent facility and its long-term operation has not been affected by the Unit 2 accident,” Constellation said in its announcement on Friday.

  Before Unit 1 was shut down for economic reasons in 2019, the plant had a generating capacity of 837 MW, enough to power more than 800,000 average homes, the company said.

  Constellation Energy rose up to 15% on Friday. The stock is up 100% year-to-date.

• 

  Friday, September 20, 2024 at 9:46 am EDT

  Nike shares rise 7% on CEO change

  Shares of Nike ( NKE ) rose Friday after sneaker and sportswear giant John Donahoe announced plans to retire. He will be replaced by Elliott Hill, the company’s former head of consumer and marketing, effective October 14.

  Wall Street analysts cheered the arrival of Hill, who left Nike in 2020. Shares of the company rose more than 7% in early trading.

  As Yahoo Finance’s Brooke DiPalma reports, the leadership change fits Nike’s board — which includes founder Bill Knight, former longtime CEO Mark Parker and Apple CEO Tim Cook — to focus on improved product and re-establishing relationships vacated by Donahoe. Like Foot Locker (FL)

  Read more here.

• 

  Friday, September 20, 2024 at 9:30 a.m. EDT

  Stocks pull back from record highs as Fed rate cut rally fades

  Stocks fell slightly in early trading on Friday, retreating from record highs in the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI).

  The tech-heavy Nasdaq Composite (^IXIC) also slipped after a monster rally in the session ahead of a jumbo rate cut from the Federal Reserve.

  Market euphoria died down on Friday after US economy bellwether FedEx ( FDX ) reported disappointing quarterly results on Thursday evening.

  FedEx shares fell in early trading.