Crude Oil Down 1%; Foot Locker Earnings Miss Expectations

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping over 100 points on Friday.

The Dow traded down 0.42% to 33,393.85 while the NASDAQ fell 0.40% to 12,637.90. The S&P 500, also fell, dropping, 0.30% to 4,185.62.

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Leading and Lagging Sectors

• Energy shares rose by 0.5% on Friday. Meanwhile, top gainers in the sector included Dorian LPG Ltd LPG, up 5%, and Natural Gas Services Group, Inc. NGS, up 5%.
• In trading on Friday, consumer discretionary shares fell 1%.

Top Headline

Foot Locker Inc FL reported worse-than-expected first-quarter results and lowered its FY23 guidance.

Foot Locker reported first-quarter FY23 sales decline of 11.4% year-on-year to $1.93 billion, missing the analyst consensus estimate of $1.99 billion. Adjusted EPS of $0.70 missed the analyst consensus of $0.81.

Equities Trading UP

• Stereotaxis, Inc. STXS shares shot up 38% to $2.3314 after the company announced a global collaboration with Abbott to integrate Abbott's EnSite X EP System with the company's Robotic Magnetic Navigation systems.
• Shares of Greenland Technologies Holding Corporation GTEC got a boost, shooting 12% to $1.48 after the company reported better-than-expected Q1 financial results.
• Farfetch Limited FTCH shares were also up, gaining 21% to $5.23 after the company reported better-than-expected first-quarter results.

Equities Trading DOWN

• Foot Locker, Inc. FL shares dropped 26% to $30.66 after the company reported worse-than-expected first-quarter results and lowered its FY23 guidance.
• Shares of Artesian Resources Corporation ARTNA were down 11% to $48.90. Artesian Resources announced pricing of $34.8 million public offering of 695,650 shares of common stock at a price of $50 per share.
• D-Wave Quantum Inc. QBTS was down, falling 18% to $0.5001 following weak quarterly results.

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Commodities

In commodity news, oil traded down 1% to $71.15 while gold traded up 1.3% at $1,985.10.

Silver traded up 1.9% to $24.09 on Friday while copper rose 1% to $3.7275.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.66%, London’s FTSE 100 rose 0.19% while Spain’s IBEX 35 Index rose 0.42% The German DAX climbed 0.69%, French CAC 40 gained 0.61% and Italy’s FTSE MIB Index gained 1.05%.

Construction output in Italy dropped by 3.4% year-over-year in March versus a revised 0.1% decline in the prior month. The annual producer inflation in Germany fell for the seventh consecutive month to 4.1% in April. The GfK Consumer Confidence indicator in the UK climbed to -27 in May from -30 in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.77%, Hong Kong’s Hang Seng Index dropping 1.40% and China’s Shanghai Composite Index dropping 0.42%. India’s S&P BSE Sensex rose 0.3%.

The annual inflation rate in Japan increased to 3.5% in April from 3.2% in March. Food prices in Japan increased by 8.4% year-over-year in April, recording the steepest rise since August 1976.

Economics

The total number of active U.S. oil rigs fell by 11 to 575 rigs this week, Baker Hughes Inc reported.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,877,360 cases with around 1,163,870 deaths. India confirmed a total of at least 44,984,050 cases and 531,810 deaths, while France reported over 40,054,860 COVID-19 cases with 167,050 deaths. In total, there were at least 688,668,270 cases of COVID-19 worldwide with more than 6,877,080 deaths.