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Key Takeaways
- U.S. equities were mixed at midday Thursday, June 6, 2024 ahead of Friday's key employment report.
- J.M. Smucker shares rose after the company reported better-than-expected quarterly profit on cost-cutting, higher prices, and the acquisition of Hostess Brands.
- Robinhood shares rose after the online trading platform announced its acquisition of Bitstamp, a European cryptocurrency exchange.
U.S. equities were mixed at midday Thursday ahead of Friday's key employment report, which could influence whether the Fed will cut interest rates. The Dow was little changed and slightly higher, while the S&P 500 and Nasdaq were lower.
J.M. Smucker (SJM) shares gained after the maker of its eponymous jelly, Jif peanut butter, and Meow Mix cat food reported better-than-expected quarterly profit on cost cuts, higher prices, and the acquisition of Hostess Brands.
Shares of Lululemon Athletica (LULU) advanced after the workout apparel retailer reported sales jumped in China, and it announced a $1 billion increase in its stock buyback program.
Robinhood Markets (HOOD) shares rose after the online trading platform announced its acquisition of Bitstamp, a European cryptocurrency exchange, for about $200 million as Robinhood works to expand its crypto and international capabilities.
Salesforce (CRM) shares gained as the business software provider announced it would open its first-ever artificial intelligence (AI) center, which will be in London.
Five Below (FIVE) shares cratered after the discount retailer missed quarterly earnings and revenue estimates and slashed its guidance as inflation-weary customers pulled back spending.
Shares of Sprinklr (CXM) tumbled as the enterprise software firm also reduced its outlook as customers hold off on purchases.
Oil and gold futures rose. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained on the pound, but lost ground to the euro and yen. Most major cryptocurrencies traded in negative territory.
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