Fears about the banking sector have subsided, allowing major market indices to recover from a down session on Tuesday.
Rivian Automotive (RIVN) gained 8%, XPeng (XPEV) gained 9.5%, and Nio (NIO) gained 5% after the United States signed a deal with Japan for critical minerals in EV batteries. The agreement with Tokyo will not levy export duties on EV battery minerals, allowing the new subsidy to be sourced without the need for lengthy negotiations on broader trade issues.
Paychex (PAYX) climbed 5% after upbeat Q3 earnings and strong outlook. "We continue to monitor the situation and believe that our existing client funds held, cash, cash equivalents, and investment balances will be sufficient to meet all client fund obligations," stated the CEO.
Medical Properties Trust (MPW) soared ~5% after it agreed to sell Healthscope in Australia to HMC Capital for A$1.2B ($803.1M).
Retailers stock Urban Outfitters (URBN) slipped 4%, Foot Locker (FL) down about 0.3% and Ross Stores (ROST) -1.4% after UBS downgraded retail stocks due to slow consumer spending, reducing earnings prospects, stated that it sees at least 23% downside to its price targets for each of the companies.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.