Gold Gains 1%; Best Buy Posts Upbeat Earnings
U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 300 points on Thursday.
The Dow traded down 0.83% to 38,122.78 while the NASDAQ fell 0.67% to 16,807.02. The S&P 500 also fell, dropping, 0.36% to 5,247.83.
Check This Out: How To Earn $500 A Month From Nvidia Stock Following Strong Earnings Report
Leading and Lagging Sectors
Real estate shares rose by 1.3% on Thursday.
In trading on Thursday, information technology shares dipped by 1.3%.
Top Headline
Best Buy Co., Inc (NYSE:BBY) reported better-than-expected earnings for its fiscal first quarter.
The company posted adjusted EPS of $1.20, beating the street view of $1.08. Quarterly sales of $8.85 billion missed the analyst consensus of $8.96 billion. The firm approved a regular quarterly dividend of $0.94 per share.
Equities Trading UP
Foot Locker, Inc. (NYSE:FL) shares shot up 19% to $26.70 following a first-quarter earnings beat.
Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) got a boost, surging 15% to $7.71 following first-quarter results.
OneMedNet Corporation (NASDAQ:ONMD) shares were also up, gaining 29% to $2.52 after the company announced that it has entered into a non-exclusive three-year Master Services Agreement with an undisclosed U.S.-based medical technology company.
Equities Trading DOWN
Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) shares dropped 35% to $2.0108 after the company reported worse-than-expected first-quarter financial results and issued FY24 revenue guidance below estimates.
Shares of NovaBay Pharmaceuticals, Inc. (NYSE:NBY) were down 36% to $0.1041. NovaBay Pharmaceuticals announced plans for a 1-for-35 reverse stock split and revealed the receipt of NYSE American notice regarding stockholders' equity.
UiPath Inc. (NYSE:PATH) was down, falling 34% to $12.09 after the company reported first-quarter earnings, issued weak revenue guidance and announced a CEO transition. Some analysts downgraded the stock following the report.
Also Check This Out: Jim Cramer Doesn’t Care That Nelson Peltz Is Out Of Disney, Says Traders Should Avoid This Real Estate Stock
Commodities
In commodity news, oil traded down 1.9% to $77.75 while gold traded up 1% at $2,364.90.
Silver traded down 2.7% to $31.485 on Thursday, while copper fell 2.7% to $4.6630.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.59%, Germany's DAX gained 0.13% and France's CAC 40 gained 0.55%. Spain's IBEX 35 Index jumped 1.73%, while London's FTSE 100 gained 0.59%.
The services sentiment indicator in the Eurozone rose to 6.5 in May from 6.1 in April, while industry confidence indicator climbed to -9.9 in May versus a revised reading of -10.4 in April. Consumer confidence in the Eurozone gained by 0.4 points to -14.3 in May, while economic sentiment indicator surged to 96 points in May, recording the highest level in four months. The unemployment rate in the Eurozone fell to a new record low of 6.4% in April.
Asia Pacific Markets
Asian markets closed lower on Thursday, with Japan's Nikkei falling 1.30%, China's Composite Index dipping 0.62%, Hong Kong's Hang Seng Index falling 1.34% and India's S&P BSE Sensex falling 0.83%.
Economics
- U.S. wholesale inventories increased by 0.2% month-over-month in April following a 0.4% decline in the previous month and versus market estimates of a 0.1% fall.
- The U.S. trade deficit in goods increased to $99.41 billion in April following a revised $92.29 billion gap in the earlier month.
- U.S. initial jobless claims increased by 3,000 to 219,000 in the week ending May 25, compared to market estimates of 218,000.
- The U.S. economy grew an annualized 1.3% in the first quarter, compared to 3.4% in the prior quarter.
- Pending home sales fell by 7.7% month-over-month in April.
- The EIA said stocks of crude oil in the U.S. fell by 4.16 million barrels in the week ending May 24 compared to market estimates of a 1.95 million barrels fall.
- U.S. natural-gas supplies rose 84 billion cubic feet during the week ended May 24.
Now Read This: Apple To Rally Around 29%? Here Are 10 Top Analyst Forecasts For Thursday