US Stocks Mixed; Target Posts Downbeat Earnings

Author: Avi Kapoor | May 22, 2024 09:55am

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 20 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.05% to 39,853.86 while the NASDAQ rose 0.04% to 16,839.94. The S&P 500 also fell, dropping, 0.03% to 5,319.84.

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Leading and Lagging Sectors

Industrials shares rose by 0.2% on Wednesday.

In trading on Wednesday, energy shares fell by 0.9%.

Top Headline

Target Corp (NYSE:TGT) reported weaker-than-expected first-quarter earnings.

The company reported a first-quarter FY24 sales decline of 3.1% year-on-year to $24.531 billion, beating the analyst consensus estimate of $24.521 billion. Comparable sales declined 3.7% in the first quarter. Adjusted EPS of $2.03 missed the analyst consensus estimate of $2.06.

Equities Trading UP

Akoustis Technologies, Inc. (NASDAQ:AKTS) shares shot up 222% to $0.4474 after the company reportedly floated the probability of bankruptcy after losing a lawsuit against Qorvo.
Shares of Barnes & Noble Education, Inc. (NYSE:BNED) got a boost, surging 104% to $1.10 on continued volatility. Greenhaven last week said it continues to explore a possible transaction with the company.
BuzzFeed, Inc. (NASDAQ:BZFD) shares were also up, gaining 67% to $4.15 after Vivek Ramaswamy disclosed a 7.7% stake in the company.

Equities Trading DOWN

Edible Garden AG Incorporated (NASDAQ:EDBL) shares dropped 56% to $1.91 after the company announced the pricing of a $6 million public offering.
Shares of Biodexa Pharmaceuticals Plc (NASDAQ:BDRX) were down 34% to $1.53 after the company announced $7 million of gross proceeds from warrant exercises.
Yatsen Holding Limited (NYSE:YSG) was down, falling 23% to $3.50 after the company announced downbeat quarterly results.

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Commodities

In commodity news, oil traded down 0.8% to $78.03 while gold traded down 0.5% at $2,413.50.

Silver traded down 0.2% to $32.025 on Wednesday, while copper fell 3.5% to $4.93.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.4%, Germany's DAX fell 0.2% and France's CAC 40 dipped 0.6%. Spain's IBEX 35 Index fell 0.1%, while London's FTSE 100 fell 0.6%.

The annual inflation rate in the UK fell to 2.3% in April from 3.2% in March, while producer prices rose 1.1% year-over-year in April.

Passenger car registrations in the European Union jumped 13.7% year-over-year to 914 thousand units in April.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei falling 0.85%, China's Composite Index gaining 0.02%, Hong Kong's Hang Seng Index falling 0.13% and India's S&P BSE Sensex gaining 0.2%.

Japanese trade deficit rose to JPY 462,50 billion in April compared to a year-ago gap of JPY 429,79 billion. Japan’s core machinery orders climbed 2.9% month-over-month to 913 billion yen in March.

Economics

U.S. mortgage applications rose by 1.9% from the prior week in the period ending May 17, compared to a 0.5% gain in the prior week.

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Posted In: AKTS BDRX BNED BZFD EDBL TGT YSG