Key Takeaways
- U.S. equities were lower at midday Thursday, May 30, 2024 ahead of Friday’s key inflation report that could influence the Federal Reserve’s decision on interest rate cuts.
- Salesforce shares tumbled after the cloud-based software company missed sales estimates and gave weaker-than-expected guidance for the current quarter that raised concerns about its future growth.
- HP’s revenue beat forecasts, and the PC maker said it will benefit from demand for AI PCs, sending shares higher.
U.S. equities slumped at midday Thursday as Salesforce’s (CRM) post-earnings plunge led tech stocks lower ahead of Friday’s key report on inflation that could influence the Federal Reserve’s decision on interest rate cuts. The Dow dropped more than 300 points, while the S&P 500 and Nasdaq lost ground as well.
Salesforce (CRM) shares plunged after the cloud software provider missed sales estimates and gave weaker-than-expected guidance for the current quarter that raised concerns about its future growth.
Kohl’s (KSS) shares tumbled as the retailer posted a surprising loss, revenue came in short of forecasts, and it cut its outlook as it faced “ongoing uncertainty” in the consumer market.
Shares of Hormel Foods (HRL) declined as the maker of Spam and other processed foods saw sales fall with a drop in retail volumes.
HP (HPQ) was the best-performing stock in the S&P 500 as the PC maker beat sales expectations, and said it expects to benefit from demand for artificial intelligence (AI) PCs in the future.
Higher laptop computer sales, along with growth in services, sent shares of electronics retailer Best Buy (BBY) higher.
Foot Locker (FL) shares soared after the athletic footwear and apparel retailer’s profit jumped as it controlled costs and benefited from the timing of expenses.
Oil futures fell, while gold prices were little changed. The yield on the 10-year Treasury note sank. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies were higher.
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