Stock gainers and decliners

Shares of Lululemon Athletica Inc. (+1.00%) rise as it joins the S&P 500 index on Wednesday.

Lululemon Athletica Inc. (LULU) soared over 5% after receiving confirmation from index provider S&P Dow Jones Indices that the company will be included in the prestigious S&P 500 index starting this Wednesday. This significant milestone reflects Lululemon's continued growth and success in the athletic apparel industry.

Hubbell Inc. (+2.7%) also experiences a positive surge as it prepares to join the S&P 500.

Following suit, Hubbell Inc. (HUBB), a leading electrical company, saw a notable increase of 2.7% in its stock value. The imminent move to the S&P 500 indicates the industry's recognition of Hubbell's significant contribution to the sector.

Stock decliners

Pfizer Inc. shares (-2.46%) decline due to reduced demand for COVID products.

Shares of Pfizer Inc. (PFE) dropped by 3% after the pharmaceutical giant revised its outlook for the year, attributing it to lower-than-anticipated demand for COVID-related products. This revised projection has had a noticeable impact on Pfizer's stock performance.

BioNTech (-4.89%) and other biotech drugmakers experience a decline in share value.

Shares of BioNTech (BNTX), a key collaborator in the development of Pfizer's COVID vaccine, also witnessed a decrease of 5%. This downward trend extended to other biotech drugmakers like Moderna Inc. (MRNA), which experienced a 4% drop, as they grappled with concerns regarding their exposure to COVID-related products.

Novavax Inc. shares (-5.37%) suffer losses along with Pfizer, following regulatory requests.

Novavax Inc. (NVAX) saw a significant decline of 5%. This drop can be attributed partially to the impact of Pfizer's losses. Additionally, the Financial Times reported that EU regulators have made requests to Novavax for additional information about its variant-targeted COVID vaccine, further adding to the stock's negative performance.

Manchester United Ltd. shares (-10%) fall as a potential buyer withdraws bid.

Shares of Manchester United Ltd. (MANU) experienced a substantial decline of 10% following reports from the Associated Press that Qatar's Sheikh Jassim bin Hamad Al Thani has decided to rescind his bid to purchase the English soccer team. This development potentially paves the way for British billionaire Jim Ratcliffe to make an offer, causing uncertainty and volatility in the stock market for Manchester United Ltd.