Dow Tumbles Over 300 Points; Dollar General Earnings Top Views

Author: Avi Kapoor | May 30, 2024 09:55am

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

Following the market opening Thursday, the Dow traded down 0.83% to 38,123.16 while the NASDAQ fell 0.20% to 16,887.52. The S&P 500 also fell, dropping, 0.22% to 5,255.22.

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Leading and Lagging Sectors

Real estate shares rose by 0.9% on Thursday.

In trading on Thursday, information technology shares dipped by 1%.

Top Headline

Dollar General Corp (NYSE:DG) reported better-than-expected first-quarter financial results on Thursday.

Dollar General reported first-quarter FY24 sales growth of 6% year-on-year to $9.910 billion, beating the analyst consensus estimate of $9.897 billion. Same-store sales increased 2.4% versus last year. EPS of $1.65 beat the analyst consensus estimate of $1.56.

Equities Trading UP
                       

• Cue Health Inc. (NASDAQ:HLTH) shares shot up 129% to $0.1255. Cue Health shares dipped around 40% on Wednesday 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 Smart for Life, Inc. (NASDAQ:SMFL) got a boost, surging 65% to $6.51 after gaining around 17% on Wednesday. Smart For Life completed restructuring program, enhancing financial stability.
• OneMedNet Corporation. (NASDAQ:ONMD) shares were also up, gaining 54% to $2.99 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 50% to $1.54 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 38% to $0.1008. 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 35% to $11.95 after the company reported first-quarter earnings, issued weak revenue guidance and announced a CEO transition. Some analysts downgraded the stock following the report.

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Commodities

In commodity news, oil traded down 0.4% to $78.91 while gold traded down 0.2% at $2,337.60.

Silver traded down 2.3% to $31.64 on Thursday, while copper fell 2.6% to $4.6675.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.3%, Germany's DAX gained 0.1% and France's CAC 40 gained 0.2%. Spain's IBEX 35 Index jumped 1.2%, while London's FTSE 100 gained 0.3%.

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.

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Posted In: ANF DG HLTH MAXN NBY ONMD PATH SMFL