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  • S&P 500 Index is up more than 1% on Wednesday.
  • Duke Energy Corp (DUK: NYSE) is the top performer of the day.
  • Micron Technology Inc (MU: NASDAQ) falls sharply on price target cuts.

The S&P 500 Index (SPX) started the last day of September in the positive territory and preserved its bullish momentum on renewed stimulus optimism. As of writing, the SPX was up 1.15 on the day at 3,373. However, the index is currently down 3.66% in September and remains on track to snap its five-month winning streak.

S&P 500 top movers

Earlier in the day, reports suggesting that power producer NextEra Energy Inc has made a takeover offer to Duke Energy Corp (DUK: NYSE) provided a boost to the energy company’s shares. At the moment, DUK is up 7.1% on the day at $88.50 as the top percentage gainer of the day.

Universal Health Services Inc (UHS: NYSE), Discover Financial Services (DFS: NYSE) and Centene Corp (CNC: NYSE) shares are among the other top performers of the day, rising 4.9%, 4.75% and 4.7%, respectively.

On the other hand, Micron Technology Inc (MU: NASDAQ) shares are suffering losses after the chipmaker announced that it expects the fiscal first-quarter revenue to be slightly below estimates, citing US ban on shipments of memory chips from Huawei. 

As a result, Deutsche Bank, UBS, Needham, RBC and Cowen and Company all announced price target cuts for CU, which is currently down 6.3% at $47.51.