Cruise Stocks and Telehealth Firms Driving S&P 500 Gains on May 20th, 2024

On Monday, May 20, 2024, the tech sector’s gains propelled the Nasdaq to a new intraday high. At the same time, the S&P 500 also saw an increase, although the Dow experienced a slight decline on that day.

The most notable gainers in the S&P 500 were cruise stocks. Norwegian Cruise Line led the way and raised its full-year guidance due to strong demand. This positively impacted its stock price and other cruise stocks like Carnival and Royal Caribbean Cruises also saw increases following this news.

Among the engineering and manufacturing companies, Jabil saw a boost in their stock price after announcing the appointment of Michael Dastoor as their permanent CEO. This move was made as a result of an investigation into corporate policies.

One of the most significant gainers was telehealth company Hims & Hers Health whose stock price skyrocketed after unveiling plans to offer access to GLP-1 injections for weight-loss prescriptions. This move was seen as a strategic decision by customers to provide alternative medications to popular brands like Ozempic and Wegovy which are currently facing shortages and high costs.