Stocks were higher Thursday morning as jobless claims jumped to levels not seen since last summer. Arm Holdings (ARM) plunged in the stock market today, after the company reported earnings and gave light fiscal 2025 revenue estimates.
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Duolingo (DUOL) also cratered on its earnings report with underwhelming current-quarter and full-year sales guidance.
The Labor Department’s weekly initial jobless claims for the week ended May 5 rose to 231,000 vs. the 212,000 expected according to Econoday. This was an increase over the prior week’s revised 209,000, indicating the job market is slowing. The tally was the highest number since August.
In the bond market, the benchmark 10-year Treasury yield ticked higher to 4.49% while the 2-year yield dipped to 4.82% and the 1-year held around 5.15%.
The Dow Jones Industrial Average led with a 0.5% increase. The S&P 500 added 0.3%, while the Nasdaq reversed higher 0.1%. The small-cap Russell 2000 added 0.4%.
Volume fell on both the Nasdaq and the New York Stock Exchange vs. the same time in Wednesday’s session.
Among exchange traded funds, Invesco QQQ Trust (QQQ) dipped 0.1%. The Innovator IBD 50 ETF (FFTY) inched lower in the stock market today.
West Texas intermediate crude oil edged higher 0.6% to $79.46 a barrel.
Arm Sinks After Guidance; Duolingo Flashes Sell Signal
Arm stock retreated more than 2% after the company topped March-quarter profit and sales estimates but gave full fiscal year sales guidance that missed analysts’ projections. Arm expects fiscal 2025 revenue of $3.95 billion while analysts hope to see $3.98 billion. The company’s fiscal year ends in March. Arm stock fell further below its 50-day moving average.
Duolingo stock gapped down more than 17% in heavy volume after the language learning app company topped views on its first quarter earnings and revenue. But investors clued in on its second-quarter sales and expected bookings guidance, which came up short of expectations. The stock knifed below its 50-day line on the move, triggering a sell signal. Shares sank 18% below its 245.59 buy point, causing another sell signal.
Stock Market Today: Trade Desk Stock Jumps
Trade Desk (TTD) rose 0.6% after it beat first quarter profit and sales forecasts. The digital advertising company sees second-quarter revenue of $575 million, which exceeded analysts’ midpoint estimate of $567 million.
Yeti Holdings (YETI) gapped up around 9% in heavy trading, after the company reported higher-than-expected first quarter earnings and revenue and raised its full-year adjusted earnings outlook. The outdoor products stock reclaimed its 50-day line on the move but pared opening gains.
AppLovin (APP) gapped up more than 14% after the company reported better-than-expected first quarter profit and sales and gave a second-quarter revenue forecast well above Wall Street estimates. The stock is extended from support at the 10-week moving average.
Other Stocks Making Big Moves
Robinhood Markets (HOOD) trimmed opening gains and rose around 0.5%. The online trading app handily beat Q1 profit and sales expectations with a boost from its cryptocurrency trading revenue. The company expects a 30 cent-per-share profit in 2024, after losing money most prior years. Robinhood stock is starting to form a cup base with a 20.55 buy point.
Roblox (RBLX) gapped down around 22% in heavy volume and undercut its 50-day and 200-day moving averages, triggering sell signals. The move came following the company’s lower full-year bookings guidance.
The video game platform is on track for its largest decrease since Feb. 16, 2022, when it fell 26.5%, according to Dow Jones Market Data.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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