S&P 500 rises slightly as index approaches record high: Live updates

Traders work at the New York Stock Exchange on June 18, 2025.

NYSE

The S&P 500 opened higher on Tuesday and was hovering near its all-time high.

The broad market index gained 0.1%, while the Nasdaq Composite added 0.6%. The Dow Jones Industrial Average lost 25 points, or 0.07%.

— Brian Evans

In a Wednesday note, Goldman Sachs upgraded Duke Energy to a buy rating from neutral.

Analyst Carly Davenport's price target of $132 is approximately 13% above where the stock closed on Tuesday. Shares of Duke Energy are up nearly 9% this year but still lag behind their more defensive peers, Davenport noted.

DUK YTD chart

At its current levels, the company's valuation looks attractive, especially versus its business fundamentals.

"We upgrade Duke Energy (DUK) to Buy from Neutral as we become more constructive on the company's outlook from a load growth, generation capex, regulatory and balance sheet perspective and view valuation as more compelling as the stock trades at a discount to other premium utilities," she wrote.

— Lisa Kailai Han

A new CEO at Stellantis and turnaround in earnings should help push shares of the automaker higher, according to Jefferies. The firm upgraded the stock to buy from hold and raised its price target to $13.20, implying about 38% upside from Tuesday's close.

"Reversing years of share loss takes time, but data looks encouraging," analyst Philippe Houchois said in a note Wednesday.

Plus, Antonio Filosa, a company veteran who was named CEO in May, has had time to put together a plan to make Stellantis competitive, he added.

"We expect fast decisions and more internal support (vs outsider)," Houchois wrote. "From new platforms to alliances with Chinese companies, STLA has laid foundations for global relevance,"

Shares of Jeep parent were up 4% in premarket trading.

— Michelle Fox

FedEx was poised to open lower on Wednesday.

FedEx forecast adjusted earnings per share of $3.40 to $4.00, below the $4.05 expected by analysts, according to FactSet.

The drop came despite results for FedEx's fiscal fourth quarter that topped expectations. FedEx reported $6.07 in adjusted earnings per share on $22.22 billion in revenue. Analysts surveyed by LSEG were looking for $5.84 per share on $21.79 billion of revenue.

— Jesse Pound

In a Wednesday note, Godman Sachs upgraded Kraft Heinz to a neutral rating from sell. Analyst Leah Jordan accompanied the upgrade by raising her 12-month price target to $27, which implies a mere 4% upside from the stock's Tuesday closing price. Jordan added that her price target increase includes an M&A valuation.

Shares of Kraft Heinz have stumbled 15% this year.

KHC YTD chart

Jordan wrote that she was upgraded the stock after the company's previously announced review of strategic alternatives could lead to a more balanced risk-reward ratio.

"On May 20th, KHC announced it has been evaluating potential strategic transactions to unlock shareholder value, along with the step down of two board members from its top shareholder, Berkshire Hathaway (owns 27.5%)," she said. "Should its largest shareholder be looking to sell-down its position after 10+ years of ownership (as suggested by media reports), monetizing assets could be utilized to enable buybacks."

Jordan continued: "Specifically, KHC has a portfolio of well-known brands, thus we acknowledge there are potential actions which could be accretive to shareholders."

— Lisa Kailai Han

President Donald Trump's proposed budget bill has made Wells Fargo less uncertain when it comes to Sunrun.

While analyst Michael Blum stood by his overweight rating on the solar stock, he cut his price target to $8 per share from $10. The potential upside he sees for the stock now sits at just 11%.

Shares of Sunrun have tumbled 22% in 2025.

RUN YTD chart

In its base case, Blum assumed that Sunrun pivots to a battery only model going forward.

"Battery tax credits were maintained in the Senate draft & will last through 2032+. We assume no meaningful cost savings & a sustained $85MM/yr of cash burn," he wrote. "While the Big Beautiful Bill significantly cuts resi solar tax credits, we believe RUN can still generate cash under a battery only model with LT upside tied to grid services or a pivot to PPAs."

While Sunrun's grid services business is still in its early stages, the analyst sees "significant long-term potential." Current revenue is estimated at around $20 million per year, but Sunrun could eventually scale the business, leading to $500 million in upfront proceeds from securitizing $100 million in annual cash flow, Blum added.

— Lisa Kailai Han

Tesla's new car sales in Europe slipped for a fifth-consecutive month in May, according to a report from  the European Automobile Manufacturers Association (ACEA) on Wednesday.

Sales of Tesla's in the European Union, Britain and the European Free Trade Association declined to 13,863 vehicles last month, the report said, equating to a fall of 27.9% year-on-year.

Shares of Tesla were marginally higher in the premarket.

— Brian Evans

The Nasdaq-100 on Tuesday posted a fresh record close, while other major benchmarks moved within striking distance of their all-time highs. Here's where the others stand relative to their record levels:

• S&P 500: less than 1% below
• Nasdaq Composite: 1.5% below
• Dow Jones Industrial Average: 4.4% below

— Fred Imbert

The Nasdaq 100 notched a record close on Tuesday. That marked the index's first all-time closing high since February.

The index is up about 4% in June, on track for its third positive month in a row. It has rallied more than 15% this quarter, which would mark its biggest quarterly gain since 2023.

The Nasdaq 100

These are the stocks moving after hours:

• FedEx — The package delivery stock fell 4.7%. Despite earnings for the fourth fiscal quarter coming in better than expected, the company's current quarter guidance was weaker than anticipated.
• AeroVironment — The defense technology stock slipped 3.4% after guidance for full-year earnings per share came in at between $2.80 and $3, excluding items, while analysts polled by FactSet estimated $3.82. However, the company beat expectations on both lines for the fiscal fourth quarter.
• Worthington Enterprises — The Coleman parent rallied 9.7% on a stronger-than-predicted earnings report for the fiscal fourth quarter. Worthington recorded $1.06, excluding items, for earnings per share, beating the consensus forecast of 83 cents from analysts polled by FactSet. Revenue came in at $317.9 million, also topping the Street's estimate of $301.4 million.

— Alex Harring

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed shortly after 6 p.m. ET Tuesday night.

— Alex Harring