S&P 500 Gains and Losses: An Update to the Model Y Sends Tesla Shares Higher

It wasn’t much, but U.S. equities kept their rally alive Wednesday.

The S&P 500 rose 0.1%, as the possibility that Federal Reserve will cut interest rates next year continued to fuel market optimism. Some of the biggest gainers, including CarMax (KMX) and Moderna (MRNA), kept up the momentum they built up before the holiday.

Tesla (TSLA) shares were up 1.9% following a report the electric vehicle (EV) maker is planning to revamp its most popular vehicle, the Model Y.

News Corp (NWSA) shares gained 1.2% when the New York Times (NYT) sued Microsoft (MSFT) and ChatGPT maker OpenAI, saying their use of artificial intelligence (AI) infringes on the paper's copyrights. New York Times shares added 2.8%, while Microsoft shares dropped 0.2%.

Gold prices were up nearly 1%, lifting shares of Newmont Corporation (NEM) by 1.1%. 

Las Vegas Sands (LVS) shares dipped 1% after the National Basketball Association approved the $3.5 billion sale of the Dallas Mavericks to Miriam Adelson and her family, who control the hotel and casino operator.

Walt Disney (DIS) shares lost 0.6%, and shares of rival streaming services declined after Amazon (AMZN) said its Prime Video would move to an ad-supported structure. Customers could opt out for $2.99 per month. Amazon shares slipped 0.05% on the day.