<span class="figure-article-caption-owner"><p>Justin Sullivan / Staff / Getty Images</p></span>
Key Takeaways
- The S&P 500 added 0.2% on Wednesday, Jan. 8, 2025, as minutes from the most recent Fed meeting hinted at a gradual path for rate cuts.
- Shares of eBay pushed higher after social media giant Meta said it would allow some of the e-commerce company’s listings to appear on the Facebook Marketplace platform.
- Edison International shares dropped as the California-based utility shut down power for many customers in wildfire-affected areas.
Major U.S. equities indexes were mixed on Wednesday as the minutes from last month’s Federal Reserve meeting revealed some uncertainty about the trajectory of inflation and suggested that policymakers will adopt a cautious approach to interest-rate cuts in 2025.
After fluctuating for much of the session, the S&P 500 gained ground in the afternoon to eke out a daily gain of 0.2%. The Dow was up 0.3%, while the Nasdaq ended with a minimal loss of less than 0.1%.
Shares of the online retail platform operator eBay (EBAY) logged the top daily performance in the S&P 500, surging 9.9% after social media giant Meta (META) announced it would permit certain eBay listings to appear on Facebook Marketplace. Partnering with Meta could help boost eBay’s position in the competitive e-commerce market, while Meta’s decision to open Marketplace to eBay comes after the European Commission fined the Facebook parent in November for what regulators said were anti-competitive conditions of the online listing service. Meta shares slipped 1.2%.
Medical device maker Boston Scientific (BSX) announced a definitive agreement to acquire Bolt Medical, a manufacturer of laser equipment for treating heart conditions. Boston Scientific already holds a 26% stake in Bolt Medical, and with the deal to purchase the remaining portion, the firm is aiming to strengthen its position in the fast-growing intravascular lithotripsy (IVL) market. Boston Scientific shares jumped 4.3% on Wednesday.
Shares of fellow medical technology firm Medtronic (MDT) advanced 3.5% after European Union health regulators approved its transcatheter pulmonary valve replacement (TPVR) system, which has been cleared for use in the U.S. since 2021. In addition, healthcare giant Johnson & Johnson (JNJ) halted sales of its pulsed field ablation (PFA) system, which uses electrical pulses to treat abnormal heart rhythm, after several patients experienced complications. The news helped boost both Medtronic and Boston Scientific, which offer competing PFA products.
Shares of power generator Edison International (EIX) dropped 10.2%, losing the most of any stock in the S&P 500. The electric utility has shut off power for many customers in Southern California as the region suffers devastating wildfires. Analysts noted that there has been no indication so far linking the fires to Edison International equipment, but there are concerns about the possible impact on the company’s infrastructure and operations.
Moderna (MRNA) shares sank 9.2% Wednesday, giving back most of the strong gains posted in the previous session after the first reported U.S. death from H5N1 bird flu spurred interest in the biotech firm’s experimental vaccine against the disease. The vaccine maker has seen sales fall in recent years as demand wanes for its COVID-19 products.
Shares of power management and sensor chip manufacturer ON Semiconductor (ON) fell 7%. The company is navigating challenges related to its supply chains and shifting demand trends in its key industrial and automotive end markets. However, analysts at Evercore ISI recently reiterated their “outperform” rating on Onsemi stock after meeting with top executives who highlighted their expectations for a strong recovery.
