Key Takeaways
- U.S. equities fell at midday Thursday amid anticipation of economic data and comments from Federal Reserve officials.
- BJ’s shares tumbled after the retailer warned full-year earnings will likely be at the low end of its forecast.
- Urban Outfitters shares dropped as the clothing retailer’s comparable store sales missed forecasts.
U.S. equities declined at midday Thursday amid anticipation of comments from Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium. The Dow, S&P 500, and Nasdaq were all lower.
Shares of BJ’s Wholesale Club (BJ) tumbled after the retailer warned full-year earnings will likely be at the low end of its forecast because of the company’s long-term investments.
Urban Outfitters (URBN) shares also dropped as the clothing retailer’s comparable store sales missed forecasts and the company warned it might have to add promotions and cut prices to boost demand.
Tesla (TSLA) shares declined after long-time executive Sreela Venkataratnam stepped down, the latest to do so since CEO Elon Musk announced a shakeup in the operations of the electric vehicle (EV) maker.
Shares of Zoom Video Communications (ZM) took off after the provider of remote video services reported better-than-expected profit, sales, and guidance as it sold more products to businesses and set a record for customer retention.
Nordson (NDSN) shares gained as the adhesives manufacturer beat earnings and revenue estimates and completed its acquisition of medical products maker Atrion.
Oil futures rose and gold prices fell. The yield on the 10-year Treasury note gained. The U.S. dollar was up against the euro, pound, and yen. Most major cryptocurrencies traded higher.
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