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Economy Growing Slow, Market Pulling Back | Herd on Wall Street
Morning mooers! It's Thursday, May 30th. The market indexes are in decline, and GDP numbers were revised lower, but overall, there is more green than red out there. My name is Kevin Travers, here are stories heard on Wall Street today:
If most equities were green, you would not believe it based on recent earnings reactions.
$UiPath (PATH.US)$ fell 34% at open after the firm lowered its full year guidance during its earnings release, and announced the CEO would step down.
$Salesforce (CRM.US)$ was falling 19% after the firm's earnings outlook disappointed estimates, despite posting a profit of $1.53 billion, or $1.56 a share, compared to just under $200M a year ago quarter. The stock was the leading declines on the S&P 500.
$Kohl's Corp (KSS.US)$ shares plunged 26% after reporting earnings that missed estimates. Net sales fell 5.3% year over year.
In stark contrast, $Foot Locker (FL.US)$ climbed 26% after reporting a decline in revenue year over year, which still came in above estimates. EPS came in a $0.22, down from $0.70 a year earlier, but analysts expected just $0.12.
$HP Inc (HPQ.US)$ was the highest advancing stock on the S&P, up 13% on earnings that showed a rebound in computer demand, and despite the announcement that the CEO would step down.
In sectors, 'Software' was falling hard on UIPath and $Nutanix (NTNX.US)$ earnings. Nutanix fell 18%, and Software fell 2.7%
$Crude Oil Futures(FEB5) (CLmain.US)$ fell 0.69%, with an OPEC meeting scheduled for next week. Gold fell 0.28%, while Silver prices fell 1.69%. Bitcoin climbed back 1%.
As a general recap, indexes were lower on Thursday. Just after 11 AM EST, the $S&P 500 Index traded -0.48%, the $Dow Jones Industrial Average fell about 1%, and the $Nasdaq Composite Index fell 0.69%.
By direction, 4100 equities declined while 7300 advanced, despite index movement, more equities were climbing.
In macro Thursday, revised GDP numbers for Q1 showed the U.S. economy grew at a slower 1.3% annual pace in the first three months of the year, largely due to softer consumer spending. The numbers were revised down from a previous 1.6%. It was the smallest increase in two years, and one of the largest drivers of the economy, consumer spending, fell to 2% growth from a 2.5% figure last month.
Wednesday, the Fed Beige book summarized the economic activity across each Federal Reserve Region. Investors still await the Personal Consumption Index inflation gauge on Friday. In market-related news, the SEC implemented a "T+1" settlement structure Tuesday, meaning stocks and equity trades will settle the day after they are made, after sitting at two days settlement since 2017, and three days before.
Last week the FOMC meeting minutes from the April 30-May 1 meeting showed that members felt uncertainty in the possibility that "high interest rates may have smaller effects than in the past." Some members said they would be willing to raise rates.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to 4.93, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.56.
yesterday, mooers could not agree wether ‘stock market summer’ had started or not
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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eldemoniodejaime : Slowing relative to what/when/where exactly would be my question/s, otherwise both yes and no are correct imo
Moneymonkeysays : what matters is why
Trytosaveabit : Hehehe! GDP and Jobless numbers seem to come out and the administration brags how good/getting better they are! But i believe this is like 6 times?! in a row the initial numbers are ( revised down ) Hehehe! Thanks for the write up!
LittleSoldier : Yes it’s a Fact
Biden and all the rest of his corrupt band of liars keep showing this crap down our throats about how Great things are and what a wonderful job they have done while feeding a bag of shit and calling it cheese cake and roses. Expecting we are all idiots and automatons. While we struggle to make a future only to watch them destroy what the very future we’re trying so hard to create!!!
Screw Washington