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Key Takeaways
- U.S. equities were mixed at midday Friday, May 31, 2024 after a report showed the Federal Reserve's favored gauge of inflation did not accelerate in April, in line with estimates.
- Gap shares soared as the clothing store chain exceeded profit estimates and boosted its guidance.
- VF Corporation shares rose after the company said it hired former Lululemon Chief Product Officer Michelle “Sun” Choe to become brand president of Vans.
As the holiday-shorted trading week headed to a close, U.S. equities were mixed at midday Friday after a report showed the inflation measure favored by the Federal Reserve did not accelerate in April, in line with estimates. The Dow was up, while the S&P 500 and Nasdaq fell.
Dell Technologies (DELL) shares plunged after its first-quarter revenue and earnings beat failed to impress amid concerns about its margins. Shares of rival HP (HPQ) were lower as well.
Shares of Paycom Software (PAYC) slumped as the payroll software provider announced co-CEO Christopher Thomas stepped down, and it promoted three other executives.
MongoDB (MDB) shares sank after the database software maker warned that slowing demand will negatively affect results for the rest of the fiscal year.
VF Corporation (VFC) shares soared after the clothing retailer announced former Lululemon (LULU) Chief Product Officer Michelle “Sun” Choe would become global brand president of its Vans unit. Lululemon shares rose as well.
Shares of Nordstrom (JWN) advanced after the retailer beat revenue estimates on booming sales of its off-price Nordstrom Rack stores.
Gap (GPS) shares skyrocketed as the clothing store chain exceeded profit estimates and boosted its guidance as all four of its brands posted sales growth.
Oil and gold futures declined. The yield on the 10-year Treasury note was down. The U.S. dollar gained on the yen, but fell to the euro and pound. Prices for most major cryptocurrencies dropped.
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