Dow Dips Over 550 Points; BJ's Wholesale Club Earnings Beat Views

Author: Avi Kapoor | May 23, 2024 02:40pm

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 550 points on Thursday.

The Dow traded down 1.44% to 39,098.81 while the NASDAQ fell 0.39% to 16,735.32. The S&P 500 also fell, dropping, 0.69% to 5,270.47.

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Leading and Lagging Sectors

Information technology shares rose by 1.5% on Thursday.

In trading on Thursday, real estate shares fell by 1.3%.

Top Headline

BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) reported better-than-expected results for its first quarter on Thursday.

The company posted quarterly revenue growth of 4.1% year-on-year to $4.918 billion, beating the analyst consensus estimate of $4.831 billion. Total comparable club sales increased by 1.6%. Adjusted EPS of 85 cents beat the analyst consensus estimate of 83 cents.

Equities Trading UP

OneMedNet Corporation (NASDAQ:ONMD) shares shot up 141% to $1.14 after the company highlighted a ‘five-fold expansion’ of its iRWD network and platform.
Shares of Bicycle Therapeutics plc (NASDAQ:BCYC) got a boost, surging 18% to $25.24 after the company announced a $555 million private placement equity financing.
e.l.f. Beauty, Inc. (NYSE:ELF) shares were also up, gaining 22% to $190.37 after the company reported better-than-expected fourth-quarter earnings.

Equities Trading DOWN

Banzai International, Inc. (NASDAQ:BNZI) shares dropped 26% to $0.1698. Banzai announced pricing of $2.5 million public offering.
Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) were down 16% to $49.71. Cytokinetics priced its public offering of 9,803,922 common stock at $51 per share.
Triumph Group, Inc. (NYSE:TGI) was down, falling 12% to $13.18 after the company reported fourth-quarter FY24 results.

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Commodities

In commodity news, oil traded down 1.1% to $76.72 while gold traded down 2.4% at $2,336.30.

Silver traded down 3.5% to $30.395 on Thursday, while copper fell 1.2% to $4.7885.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.07%, Germany's DAX rose 0.06% and France's CAC 40 gained 0.13%. Spain's IBEX 35 Index fell 0.16%, while London's FTSE 100 fell 0.37%.

The HCOB Eurozone services PMI came in unchanged at 53.3 in May, while manufacturing PMI rose to 47.4 in May 2024, recording the highest level in 15 months.

The S&P Global UK composite PMI fell to 52.8 in May, from 54.1 in April. The Germany composite PMI climbed to 52.2 in May, notching the strongest reading in a year. France composite PMI declined to 49.1 in May compared to 50.5 in the previous month.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei surging 1.26%, China's Composite Index dipping 1.33%, Hong Kong's Hang Seng Index falling 1.70% and India's S&P BSE Sensex gaining 1.36%.

The annual inflation rate in Hong Kong eased to 1.1% in April versus 2% a month ago and compared to market estimates of 2.1%. The HSBC India composite PMI rose to 61.7 in May 2 from 61.5 a month ago. The au Jibun Bank Japan composite PMI increased to 52.4 in May from 52.3 a month ago.

Economics

The Chicago Fed National Activity Index declined to -0.23 in April versus a revised reading of -0.04 in the prior month.
U.S. initial jobless claims declined by 8,000 to 215,000 in the week ending May 18, compared to market estimates of 220,000.
The S&P Global manufacturing PMI rose to 50.9 in May from 50 in April, while services PMI climbed to 54.8 in May from 51.3.
The S&P Global composite PMI jumped to 54.4 in May compared to 51.3 in April, and topping market estimates of 51.1.
Sales of new single-family houses fell 4.7% month-over-month to an annualized rate of 634K in April.
U.S. natural-gas supplies increased 78 billion cubic feet during the week ended May 17.

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Posted In: BCYC BJ BNZI CYTK ELF ONMD TGI