Major stock indexes were lower Thursday afternoon, after giving up early-session gains, as large cap tech stocks fell and market participants await comments from Federal Reserve officials that could shed light on the timetable for interest rate cuts.
The S&P 500 and Nasdaq Composite were down 0.5% and 0.9%, respectively, while the Dow Jones Industrial Average was down 0.4%. The major indexes finished higher Wednesday putting the S&P 500 just 1% away from a new record high, after minutes from the Fed’s July policy meeting showed increasing support for a rate cut at the policy committee’s next meeting in September. The S&P and Nasdaq have finished higher in nine of the last ten sessions.
Attention is focused on the Fed’s annual Jackson Hole Economic Symposium, which kicks off later Thursday. The marquee agenda item is a speech on Friday by Fed Chair Jerome Powell, which market participants will watch closely as they seek further confirmation that policymakers are poised to start cutting the influential fed funds next month.
Investors are also keeping an eye on economic data. Weekly jobless claims numbers released early Thursday came in as expected, while monthly housing sales figures topped expectations.
Large-cap tech stocks were leading the decline Thursday, with AI investor darling Nvidia (NVDA) down about 2%, while Apple (AAPL), Microsoft (MSFT) Amazon (AMZN), Alphabet (GOOGL) and Meta Platforms (META) all lost ground as well.
Among other stocks on the move Thursday, data-warehouse software company Snowflake (SNOW) was down 13% after a disappointing earnings report. Shares of BJ’s Wholesale (BJ), Urban Outfitters (URBN) and Advance Auto Parts (AAP) also plunged after earnings reports.
The yield on 10-year Treasurys, which are sensitive to expectations around where interest rates are headed, rose to 3.87% after falling below 3.80% Wednesday to its lowest level in more than two weeks.
Gold futures were down 1% to around $2,520 an ounce, after hitting record highs in recent days. Bitcoin was down slightly to around $60,500.
BJ’s Wholesale Tumbles on Weak Outlook
8 minutes ago
BJ’s Wholesale Club (BJ) shares sank after the retailer gave soft guidance as it looks to invest more money into the business. The outlook overshadowed better-than-expected quarterly results.
BJ’s CFO Laura Felice said full-year adjusted earnings per share could be at the low end of its forecast of $3.75 to $4 because of long-term investments. Analysts were looking for $3.88, according to estimates compiled by Visible Alpha.
BJ’s posted second-quarter adjusted EPS of $1.09, with revenue increasing 4.5% from a year ago to $5.21 billion. Net sales were up 4.4% to $5.09 billion, and membership fees jumped 8.9% to $113.1 million. All were above analysts’ estimates.
BJ’s Wholesale shares were down 6% at a three-month low in recent trading.
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Urban Outfitters Stock Slides as Retailer Cites Slowing Sales
1 hr 30 min ago
Shares of Urban Outfitters (URBN) tumbled to a multi-month low Thursday as investors focused on the retailer’s sales outlook more than its second-quarter results that surpassed estimates.
The company behind retail brands including Anthropologie and Free People along with its namesake stores reported $1.35 billion in total revenue and net income of $117.5 million, both above analysts’ expectations.
Comparable store sales rose 6.7% year-over-year at Anthropologie and 7.1% at Free People. However, those at Urban Outfitters stores fell 9.3% year-over-year, larger than expected.
In Wednesday’s earnings call, Chief Operating Officer Frank Conforti said the retailer saw a “slight deceleration” in sales to end July and in the opening weeks of August.
JPMorgan analysts said that could suggest a slower third quarter. The analysts kept a neutral rating on the stock, and lowered their price target to $42 from $43 in response to the indication of weaker sales trends.
Urban Outfitters shares were down 9% in recent trading.
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Snowflake Shares Plunge Following Earnings Report
4 hr 6 min ago
Shares in cloud data-warehouse software company Snowflake (SNOW) dropped more than 10% in premarket trading after a widening net loss and rising costs overshadowed quarterly results that came in ahead of expectations. Moreover, despite the firm raising its annual revenue outlook, it left its gross margin forecast unchanged.
The share price broke out from a falling wedge pattern earlier this month, but that move looks to be tested following the stock’s projected post-earnings fall.
Snowflake shares may find buying interest on the chart at key price levels including $123, $108, and $95.
Read the full technical analysis piece here.
Futures Point to Higher Open for Major Indexes
4 hr 57 min ago
Futures tied to the Dow Jones Industrial Average were up 0.1%.
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S&P 500 futures were up 0.2%.
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Nasdaq 100 futures were up were up 0.4%.
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