Dow Dips Over 300 Points; Dick's Sporting Goods Posts Upbeat Earnings

Author: Avi Kapoor | May 29, 2024 09:45am

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 300 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.90% to 38,505.03 while the NASDAQ fell 0.72% to 16,897.33. The S&P 500 also fell, dropping, 0.73% to 5,267.41 .

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Leading and Lagging Sectors

Information technology shares jumped by 1.4% on Wednesday.

In trading on Wednesday, industrials shares fell by 1.3%.

Top Headline

Dick’s Sporting Goods Inc (NYSE:DKS) reported better-than-expected first-quarter FY24 earnings and raised the outlook.

The company reported first-quarter FY24 sales growth of 6.2% year-on-year to $3.02 billion, beating the analyst consensus estimate of $2.94 billion.

Comparable store sales increased 5.3% versus a 3.6% growth a year ago. Adjusted EPS of $3.30 beat the analyst consensus estimate of $2.95.

Equities Trading UP

ReShape Lifesciences Inc. (NASDAQ:RSLS) shares shot up 128% to $0.4750 a day after it received the nod from the U.S. Patent And Trademark Office to issue a patent for its obesity treatment.
Shares of Brand Engagement Network, Inc. (NASDAQ:BNAI) got a boost, surging 49% to $1.8913. BEN announced a private placement at premium to market price and promotion of Paul Chang to co-CEO.
Innovative Eyewear, Inc. (NASDAQ:LUCY) shares were also up, gaining 68% to $0.6870. Lucy Scientific Discovery received Nasdaq notification of non-compliance with Listing Rule 5250(c)(1).

Equities Trading DOWN

Cue Health Inc. (NASDAQ:HLTH) shares dropped 40% to $0.0545 after the company announced that it filed voluntary petitions under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware to pursue a wind down of its business.
Shares of AERWINS Technologies Inc. (NASDAQ:AWIN) were down 35% to $5.96. AERWINS Technologies shares jumped 143% on Tuesday after the company reported a year-over-year increase in first-quarter EPS results.
Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) was down, falling 30% to $0.82. Faraday Future's annual report for fiscal year 2023 showed a revenue of $0.8 million, significantly below analyst estimates of $2.59 million. While the net loss narrowed from $602 million in 2022 to $432 million in 2023, it still paints a concerning financial picture.

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Commodities

In commodity news, oil traded up 0.8% to $80.43 while gold traded down 0.5% at $2,344.80.

Silver traded down 0.1% to $32.115 on Wednesday, while copper fell 1.3% to $4.7945.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.8%, Germany's DAX slipped 0.8% and France's CAC 40 declined 1.2%. Spain's IBEX 35 Index fell 0.8%, while London's FTSE 100 declined 0.4%.

The manufacturing confidence index in Italy climbed to 88.4 in May versus a revised reading of 87.7 in the prior month, while consumer confidence index in Italy rose to 96.4 in May versus 95.2 a month ago.

Bank lending to households in the Eurozone rose by 0.2% year-over-year in April, compared to market estimates of 0.4%. The consumer confidence indicator in France came in unchanged at 90 in May, while German GfK Consumer Climate Indicator climbed to -20.9 heading into June versus a revised reading of -24.0 in the prior period.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei falling 0.77%, China's Composite Index gaining 0.05%, Hong Kong's Hang Seng Index falling 1.83% and India's S&P BSE Sensex falling 0.89%.

The consumer confidence index in Japan declined to 36.2 in May versus 38.3 in the prior month, while Domestic Supply Price Index in Singapore fell 0.1% year-over-year for April.

Economics

Mortgage applications in the US declined by 5.7% from the prior week during the period ending May 24.

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Posted In: AWIN BNAI DKS FFIE HLTH LUCY RSLS