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Key Takeaways
- The S&P 500 edged 0.2% lower on Thursday, April 18, 2024, in its fifth consecutive day of losses amid concerns about inflation.
- Las Vegas Sands shares fell as the casino operator said a remodeling project at a property in Macau would weigh on its results.
- Shares of Genuine Parts Co. jumped after the auto parts distributor raised its full-year profit guidance.
After trading higher for much of the day, major U.S. equities indexes lost ground in the afternoon to end Thursday’s session mixed.
The S&P 500 slipped 0.2%, recording its fifth consecutive losing session amid concerns that inflation has not cooled enough for the Federal Reserve to begin lowering interest rates. The Nasdaq was down 0.5%, while the Dow was little changed with a slight gain of 0.1%.
Las Vegas Sands (LVS) exceeded forecasts with its first-quarter revenue and profit results, but shares of the casino operator plunged 8.7%, marking the steepest losses among S&P 500 stocks. The downturn came as the company said renovations at a hotel and resort in gaming hotspot Macau would weigh on its results this year.
Equifax (EFX) shares tumbled 8.5% after the consumer credit scoring firm issued weaker-than-expected guidance for the current quarter. Although it has benefitted from new ratings products that use artificial intelligence and machine learning technology, Equifax expects a decline in credit inquiries for mortgage loans as interest rates remain elevated.
Shares of Snap-on (SNA), which provides provides professional tools and equipment for the transportation industry, fell 7.7% after the company’s first-quarter revenue fell shy of expectations. Soft demand for power tools and a cutback in spending by vehicle service and repair technicians affected Snap-On’s sales results.
The top daily performance in the S&P 500 belonged to Genuine Parts (GPC). Shares jumped 11.2% after the auto parts distributor boosted its full-year profit guidance. Although lower maintenance spending restrained sales in its industrial parts business, the company managed to improve its gross margin through strategic pricing initiatives.
United Airlines (UAL) shares advanced 5.5% on Thursday, adding to 17.5% gains posted in the previous session after the carrier posted a lower-than-expected loss for the first quarter. United said the grounding of Boeing’s (BA) 737 MAX 9 aircraft hindered its profitability but highlighted adjustments to its fleet in response to shifting delivery schedules from manufacturers.
Shares of Estee Lauder (EL) gained 4.9% following positive comments from analysts at Deutsche Bank. According to the analysts, the cosmetic maker’s stock could receive a boost from its upcoming earnings report, which is set to be released on May 1.