All Time Highs Came and Went | Wall Street Today
The market simmered from all-time highs Thursday morning to close lower with 7000 decliners compared to 5900 advancing equities. Still, the $Dow Jones Industrial Average (.DJI.US)$ burst through 40k for the first time, and traded -0.1% at the time of the closing bell.
The $S&P 500 Index (.SPX.US)$ fell 0.21% after hitting an all-time high close Wednesday and setting a new record Thursday morning at 5325.46. The$Nasdaq Composite Index (.IXIC.US)$fell 0.26% and hit an all-time intraday high at 18,797.83.
MACRO
In Macro, U.S. initial jobless claims declined by 10,000 to 222,000 in the week ending May 11, compared to market estimates of 220,000. Cleveland Federal Reserve President Loretta Mester also spoke on Thursday and echoed the sentiments delivered by many central bank officials in recent weeks, saying essentially that if monetary policy isn't broken, don't fix it.
"In my view, the most likely scenario for the overall economy and that of the region is that the current restrictive stance of monetary policy will continue to help moderate growth and labor market conditions and that this moderation will contribute to the further easing of price pressures," Mester said Thursday in a speech prepared for delivery to the Wayne Economic Development Council.
Wednesday, CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.
Tuesday, Producer Price Index numbers came in high, climbing about 0.5% month over month compared to expectations of 0.3%, and core expectations of 0.2%. Powell spoke Tuesday morning, and he said the oft repeated "higher for longer," mantra, despite a PPI print that he called "mixed."This week, investors can expect CPI prints Wednesday.
Multiple Federal Reserve Governors and FOMC members will speak, and investors will look for comments on rates and monetary policy.
SECTORS
In sectors tracked by moomoo, Oil traded positive after the EIA reported a cut of 2.5M barrels in supply last week, compared to the expected decrease of 0.4M.
Drug manufacturers were down about 0.5% after Roche announced new weight-loss drug results. The Swiss company announced early-stage trial results for an experimental obesity treatment: a once-weekly injection, known as CT-388, produced an average weight loss of 18.8% after six months.
Canopy Growth and Tilray Brands shares rose after the Justice Department submitted a proposed regulation to reschedule marijuana under the Controlled Substances Act. Shares of $Canopy Growth (CGC.US)$ were up 17% to $11.60, while $Tilray Brands (TLRY.US)$ shares were up 7.5% to $3.01 in recent trading. The DOJ said the proposal emphasizes marijuana's "currently accepted medical use" in the U.S.
The "weight loss results are encouraging," the firm said in a release, looking like a competitive treatment compared to other options like Novo Nordisk's Wegovy. Competitor drug companies are seeing negative price reactions on the news. Eli Lilly fell about 1.3%, and the entire Drug Manufacturer sector tracked by moomoo fell 0.5%.
Gold and Silver pulled up from their fall. Bitcoin fell slightly after a 7% climb on Wednesday.
MOOVERS
$Walmart (WMT.US)$ climbed 7% after the firm's morning earnings beat, posting a revenue that grew 6%. The stock led the S&P 500 and Dow Jones in gainers.
$GameStop (GME.US)$pulled back 20% Thursday after its huge climb, and $AMC Entertainment (AMC.US)$fell 12%.
$JD.com (JD.US)$reported a net income attributable to shareholders of 7.13 billion yuan for the quarter ended March 31, up 14% from 6.26 billion yuan in the year-ago period, a Thursday filing on the Hong Kong bourse said.
$The Trade Desk (TTD.US)$ was the highest gainer on the Nasadaq 100, upnearly 4% after $Netflix (NFLX.US)$ said it will launch an in-house advertising technology platform by the end of 2025. $Magnite (MGNI.US)$ also climbed about 28%; both companies are technology infrastructure providers for ad sales.
$GoodRx (GDRX.US)$ rose more than 10% Thursday trading after Raymond James upgraded the company's stock to outperform from market perform.
$Deere (DE.US)$ posted Q2 earnings of $8.53/share, above estimates but lower than the $9.65/share from the same period last year. Revenue was higher than expected at $13.61B, but paltry compared to a year ago's $16. The stock fell about 3% after open.
WORD FROM THE HEARD: Mooers, what are you watching?
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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