Nasdaq Down Over 1%; Foot Locker Shares Tumble After Q2 Results

Author: Avi Kapoor | August 28, 2024 12:56pm

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling over 1% on Wednesday.

The Dow traded down 0.42% to 41,075.81 while the NASDAQ fell 1.12% to 17,556.37. The S&P 500 also fell, dropping, 0.62% to 5,590.95.

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Leading and Lagging Sectors

Health care shares climbed by 0.1% on Wednesday.

In trading on Wednesday, information technology shares fell by 1.3%.

Top Headline

Foot Locker, Inc (NYSE:FL) shares tumbled around 11% on Wednesday following the release of quarterly results.

The company reported a second-quarter adjusted EPS loss of 5 cents, beating the analyst consensus estimate of 7-cent loss. Quarterly sales of $1.896 billion beat the street view of $1.888 billion.

Equities Trading UP
                       

• AeroVironment, Inc. (NASDAQ:AVAV) shares shot up 12% to $198.49 after multiple analysts upgraded the stock and raised their price targets.
• Shares of Virax Biolabs Group Limited (NASDAQ:VRAX) got a boost, surging 24% to $6.05 after the company announced a distribution agreement to commercialize Mpox virus RT-PCR detection kits in Europe and the Middle East.
• BranchOut Food Inc. (NASDAQ:BOF) shares were also up, gaining 99% to $1.3399 after the company reported a year-over-year increase in its H1 revenue results.

Equities Trading DOWN

• Agape ATP Corporation (NASDAQ:ATPC) shares dropped 31% to $0.0814. AGAPE ATP announced a 1-for-20 reverse stock split effective Aug. 30.
• Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) were down 18% to $124.42 despite its Phase 2 study of NBI-1117568 in schizophrenia meeting its primary endpoint.
• Super Micro Computer, Inc. (NASDAQ:SMCI) was down, falling 25% to $411.82 after the company announced that it will delay its Form 10-K filing.

Commodities

In commodity news, oil traded down 0.8% to $74.93 while gold traded down 0.6% at $2,538.20.

Silver traded down 2.4% to $29.25 on Wednesday, while copper fell 1.9% to $4.2215.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.33%, Germany's DAX rose 0.54% and France's CAC 40 rose 0.16%. Spain's IBEX 35 Index rose 0.05%, while London's FTSE 100 fell 0.02%.

Bank lending to households in the Eurozone climbed by 0.5% year-over-year to €6.883 trillion in July. Industrial sales in Italy increased by 0.1% from the prior month in June. The consumer confidence indicator in France climbed to 92.1 in August from 90 in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 gaining 0.22%, Hong Kong's Hang Seng Index falling 1.02%, China's Shanghai Composite Index falling 0.40% and India's BSE Sensex rising 0.09%.

The index of leading economic indicators in Japan came in at 109 in June compared to 111.1 in the prior month. The index of coincident economic indicators in Japan fell to 113.2 in June from 117.1 in May.

Economics

Mortgage applications in the U.S. rose 0.5% from the earlier week in the period ending Aug. 23.

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Posted In: ATPC AVAV BOF FL NBIX SMCI VRAX