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Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell on May 8.Key Takeaways
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The S&P 500 added 0.6% on Thursday, May 8, after the U.S. struck a trade agreement with the U.K.
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Axon Enterprise shares surged after the maker of law enforcement and military equipment topped quarterly estimates, citing strong software demand.
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Online dating platform operator Match Group posted a decline in paying users and announced workforce reductions, and its shares tumbled.
Major U.S. equities indexes pushed higher after President Trump unveiled a new trade agreement with the U.K.
It is the first deal announced since last month's suspension of "reciprocal" tariffs. The agreement will keep the 10% broad tariff in place, but will give the U.K. concessions on automobile and steel industry tariffs in exchange for "increased market access" for U.S. agricultural, industrial, and chemical products in Britain.
The S&P 500 gained 0.6% on Thursday. The Dow industrials also closed 0.6% higher, while the tech-heavy Nasdaq jumped 1.1%.
Shares of Taser maker Axon Enterprise (AXON) surged 14.1%, gaining the most of any stock in the S&P 500 on Thursday. The company, which also provides body cameras and other products for military and law enforcement, posted better-than-expected sales and profits for the first quarter and boosted its full-year guidance. Axon touted strong growth for its software and services segment, highlighting robust demand for its artificial intelligence (AI) policing systems.
Epam Systems (EPAM) also surpassed consensus estimates with its quarterly results, and shares of the digital engineering and cloud-based software provider jumped 12.9%. Growth in IT services revenue, AI-related demand, and strategic partnerships helped underpin the strong performance. EPAM also increased its full-year sales outlook and announced that its current chief revenue officer would take the reins as CEO later this year.
Enphase Energy (ENPH) shares advanced 12.2% after the energy technology firm launched a plug-and-play solar energy system in Germany. The new product is designed for users who live in apartments or have limited roof space. It can also be used in off-grid locations such as cabins, campsites, and mobile homes. With Thursday's gains, Enphase stock staged a partial recovery from losses posted late last month after its quarterly results fell short of expectations.
Shares of Match Group (MTCH), operator of Tinder and other online dating services, sank 9.6%, posting the S&P 500's weakest daily performance. The company reported a year-over-year decline in paying users across its platforms, including the dating sites Hinge and OkCupid. Furthermore, Match said it would cut its workforce by 13% in an effort to cut costs as it navigates challenges related to user engagement.