Dow Gains 150 Points; Emerson Electric Earnings Top Views

Author: Avi Kapoor | May 08, 2024 02:41pm

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index gaining over 150 points on Wednesday.

The Dow traded up 0.41% to 39,042.68 while the NASDAQ fell 0.17% to 16,304.23. The S&P 500 also rose, gaining, 0.01% to 5,187.80.

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Leading and Lagging Sectors

Utilities shares rose by 0.8% on Wednesday.

In trading on Wednesday, real estate shares fell by 0.9%.

Top Headline

Emerson Electric Co (NYSE:EMR) posted better-than-expected results for its second quarter.

Emerson Electric reported second-quarter FY24 net sales growth of 17% Y/Y to $4.38 billion, beating the consensus of $4.29 billion. Adjusted EPS improved 25% Y/Y to $1.36, beating the consensus of $1.25.

For FY24, Emerson Electric revised its net sales growth outlook to 15% – 16% (prior: 14.5% -17%), with underlying sales growth to 5.5%-6.5% (from 4.5%-6.5% earlier) and adjusted EPS to $5.40-$5.50 (from $5.30-$5.45) vs. consensus $5.39.

Equities Trading UP
                       

• Reborn Coffee, Inc. (NASDAQ:REBN) shares shot up 95% to $3.3801 after the company announced a significant expansion into the China market through a strategic Master License Agreement with IAID Co.
• Shares of Cricut, Inc. (NASDAQ:CRCT) got a boost, surging 42% to $7.82 after the company reported better-than-expected first-quarter GAAP EPS results.
• Innodata Inc. (NASDAQ:INOD) shares were also up, gaining 44% to $9.73 after the company reported a year-over-year increase in first-quarter financial results.

Equities Trading DOWN

• Treace Medical Concepts, Inc.. (NASDAQ:TMCI) shares dropped 62% to $4.1850 after the company reported first-quarter financial results and issued FY24 revenue guidance below estimates.
• Shares of DoubleVerify Holdings, Inc. (NYSE:DV) were down 40% to $18.40 after the company reported first-quarter financial results.
• Inspire Medical Systems, Inc. (NYSE:INSP) was down, falling 35% to $160.27 following first-quarter results.

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Commodities

In commodity news, oil traded up 0.4% to $78.72 while gold traded down 0.1% at $2,322.60.

Silver traded up 0.3% to $27.62 on Wednesday, while copper fell 1.4% to $4.5435.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.34%, Germany's DAX rose 0.37% and France's CAC 40 gained 0.76%. Spain's IBEX 35 Index rose 0.69%, while London's FTSE 100 rose 0.49%.

Spain’s industrial output declined by 1.2% year-over-year in March compared to a revised 1.3% gain in the previous month. German industrial production fell by 0.4% month-over-month in March versus a revised 1.7% increase in the earlier month.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei falling 1.63%, China's Composite Index declining 0.61%, Hong Kong's Hang Seng Index dipping 0.90% and India's S&P BSE Sensex falling 0.1%.       

Economics

• Mortgage applications in the U.S. increased by 2.6% from the prior week in the period ending May 3.
• U.S. wholesale inventories fell by 0.4% month-over-month in March compared to a revised 0.2% increase in the previous month.
• The EIA said crude oil inventories in the US declined by 1.361 million barrels in the week ending May 3, compared to a 7.265 million gain in the prior period and versus market estimates of a 1.43 million barrel fall.

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Posted In: CRCT DV EMR INOD INSP REBN TMCI