Major indexes slipped into negative territory Thursday afternoon as shares of AI investor favorite Nvidia (NVDA) extended their post-earnings decline.
The S&P 500 and Nasdaq Composite were down 0.1% and 0.3%, respectively, retreating from earlier gains, while the Dow Jones industrial Average was up 0.6% and on track to close at a record high for the third time in four days. The major indexes closed lower Wednesday, led by a decline in tech stocks, ahead of the highly anticipated release of Nvidia’s quarterly earnings after the bell yesterday.
Nvidia shares were down more than 6% Thursday afternoon. Even though the AI investor favorite reported revenue and profit that exceeded analysts’ estimates, the results and outlook weren’t as strong as the most optimistic investor expectations.
Other mega-cap tech stocks were mixed on Thursday, with Alphabet (GOOGL) and Meta Platforms (META) losing ground, while Microsoft (MSFT), Apple (AAPL) and Amazon (AMZN) moved higher.
Shares of Salesforce (CRM) were down slightly, giving back earlier gains, after the enterprise software company reported results late Wednesday that beat expectations on both the top and bottom lines. CrowdStrike (CRWD), the cybersecurity company at the center of last month’s global tech outage, was up nearly 4% after reporting its results. Shares of Best Buy (BBY) led S&P 500 advancers, rising 14% after a strong earnings report.
Market participants will be looking out for earnings releases from Dell Technologies (DELL) and Marvell Technology (MRVL) after the closing bell Thursday. Dell shares were down slightly, while Marvell was up about 2%.
On the economic data front, weekly jobless claims figures released early Thursday came in as expected, while the latest revision to gross domestic product numbers showed that the economy grew slightly more than previously thought in the second quarter.
Market participants are eagerly awaiting Friday’s release of the Personal Consumption Expenditures index, which is the Federal Reserve’s preferred measure of inflation. Investors are watching economic indicators closely for clues on how they could affect the Fed’s decision-making on interest rates. Fed Chair Jerome Powell last week signaled that rate cuts are coming, but noted that incoming data will drive the decisions on the pace and depth of the easing.
The yield on 10-year Treasurys, which is correlated with market expectations around interest rates, moved up 3.87% Thursday from 3.84% yesterday. Gold futures were up slightly at around $2,560 per ounce, while bitcoin was little changed at around $59,000 after surging above $61,000 earlier in the day.
Affirm Jumps 30% on Strong Earnings
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Affirm Holdings (AFRM) shares soared more than 30% Thursday after the buy now, pay later (BNPL) fintech company posted better-than-expected fiscal fourth-quarter results and strong guidance after the bell Wednesday.
Revenue jumped 48% year-over-year to $659 million in the period, while the company’s loss narrowed to $45 million, or 14 cents per share, from $206 million, or 69 cents per share, a year earlier. Both the top and bottom line figures beat analysts’ expectations. Gross merchandise volume (GMV), the total value of transactions on the Affirm platform, rose 32% to $7.2 billion.
CEO Max Levchin said Affirm expects to be profitable on a GAAP basis in its fiscal fourth quarter of 2025.
“The path to reaching any profitability goal is simply more transactions,” Levchin said. “Fortunately, we see no shortage of demand for the honest financial products Affirm builds and the transactions these products enable.”
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Analysts at Bank of America were bullish, raising their price target to $42 from $36 following the results.
Analysts More Bullish on Nvidia After Earnings
3 hr 1 min ago
Wall Street analysts are more bullish on Nvidia after its latest earnings than they were before them.
Visible Alpha tracks 23 analysts following the chip giant’s stock. As of late Tuesday, ahead of the highly anticipated release of the quarterly report, 21 had buy or equivalent ratings on the shares; as of today, that’s at 22.
And the mean price target is now $151.73, implying a 21% premium to Wednesday’s close. That’s up from a $141.69 mean before the results landed.
Sam Yeh / AFP / Getty Images
Nvidia reported strong numbers late yesterday, though the shares are falling today amid concerns that the red-hot company’s growth may be slowing.
Still, several analysts reiterated bullish calls on the stock today, with some raising price targets.
Best Buy Shares Jump After Earnings
3 hr 25 min ago
Best Buy (BBY) shares surged Thursday, reaching their highest point in more than two years, after its second-quarter earnings surpassed estimates and and the company said it expects to be more profitable than expected for the full fiscal year despite declining sales projections.
The electronics retailer posted better-than-expected net income of $291 million on total revenue of $9.29 billion, which narrowly beat estimates. CEO Corie Barry said the company saw encouraging growth in the sales of tablets and computers in the quarter, though comparable store sales declined more than 2% year over year.
Best Buy updated its outlook for the full fiscal year Thursday, with total revenue projected between $41.3 billion to $41.9 billion, a lower top end than the previous projection of $42.6 billion.
Despite the narrowed revenue range and an updated comparable sales projection of a 1.5% to 3% decline compared to potentially flat to down 3% previously, Best Buy expects adjusted earnings per share (EPS) of $6.10 to $6.35, up from an earlier range of $5.75 to $6.20.
Best Buy shares were up 15% in recent trading.
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Dollar General Plunges 30%
4 hr 53 min ago
Dollar General (DG) shares tumbled Thursday morning after the discount retailer reported weaker-than-expected earnings for the second quarter lowered its projections for full-year revenue.
The stock was down 30% in recent trading and was by far the biggest decliner in the S&P 500. Shares are trading at their lowest levels in more than six years.
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Dollar General reported $10.21 billion in revenue for the second quarter, up 4% from the same time last year but below analysts’ estimates as same store sales rose just 0.5%. Dollar General also missed profit projections, with net income down 20% year-over-year at $374.19 million.
Dollar General CEO Todd Vasos said the company believes the “softer sales trends” it’s experiencing can be partially explained by a “core customer who feels financially constrained.” He said the company is taking “decisive action” to improve Dollar General’s value and convenience for customers.
The company lowered its outlook for the full fiscal year, projecting revenue growth of between 4.7% to 5.3%, down from a previous range of 6% to 6.7%, while same-store sales are expected to grow 1% to 1.6%, down from 2% to 2.7% previously.
Salesforce Price Levels to Watch Amid Post-Earnings Pop
6 hr 15 min ago
Salesforce shares (CRM) rose in early trading Thursday after the enterprise software company reported better-than-expected second-quarter results and boosted its full year profit outlook, as customers increased spending on its suite of cloud products.
The post-earnings move higher positions the stock for a decisive breakout above the top trendline of a symmetrical triangle, potentially marking the start of a new trend higher.
Amid post-earnings buying in Salesforce shares, investors should monitor important overhead chart levels at $287, $311, and $340.
Read our full technical analysis piece here.
Major Indexes Poised to Open Higher
7 hr 30 min ago
Futures tied to the Dow Jones Industrial Average were up 0.7%.
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S&P 500 futures were up 0.3%.
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Nasdaq 100 futures were up 0.2%.
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