Crude Oil Down 4%; Walmart Shares Fall After Q3 Results

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 100 points on Thursday.

The Dow traded down 0.40% to 34,850.49 while the NASDAQ fell 0.35% to 14,055.15. The S&P 500 also fell, dropping, 0.23% to 4,492.60.

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Leading and Lagging Sectors

 

Utilities shares surged by 1% on Thursday.

In trading on Thursday, energy shares fell by 2.2%.

 

Top Headline

 

Shares of Walmart Inc WMT fell around 7% on Thursday after the company reported results for the third quarter.

Walmart reported third-quarter FY24 sales growth of 5.2% year-over-year to $160.8 billion, beating the consensus of $159.55 billion. Adjusted EPS was $1.53, above $1.50 last year same quarter, beating the consensus of $1.52.

For FY24, Walmart now sees adjusted EPS guidance of $6.40-$6.48 (prior 6.36-$6.46) versus an estimate of $6.48. The company raised its FY24 net sales growth (cc) outlook to 5.0% to 5.5% from 4% - 4.5% earlier.

 

Equities Trading UP

 

Sonos, Inc. SONO shares shot up 17% to $13.28 following upbeat fourth-quarter results.

Shares of WaveDancer, Inc. WAVD got a boost, shooting 60% to $2.4100 after the company inked a definitive merger agreement with Firefly Neuroscience in an all-stock transaction.

Dermata Therapeutics, Inc. DRMA shares were also up, gaining 22% to $0.7952. Dermata Therapeutics announced agreement with the U.S. FDA on the DMT310 Phase 3 clinical protocols for the treatment of acne.

 

Equities Trading DOWN

 

Volcon, Inc. VLCN shares dropped 68% to $0.2048 after the company announced pricing of $18 million underwritten public offering.

Shares of The Children's Place, Inc. PLCE were down 26% to $21.00 following weak quarterly earnings.

Homology Medicines, Inc. FIXX was down, falling 38% to $0.5426. Q32 Bio and Homology Medicines have agreed to combine in an all-stock transaction.

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Commodities

 

In commodity news, oil traded down 4.3% to $73.33 while gold traded up 1.3% at $1,988.90.

Silver traded up 2.3% to $24.07 on Thursday while copper fell 0.4% to $3.7020.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.58%, London’s FTSE 100 fell 0.90% while Spain’s IBEX 35 Index rose 0.27% The German DAX rose 0.40% French CAC 40 fell 0.41%, while Italy’s FTSE MIB Index fell 0.47%.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 falling 0.28%, Hong Kong’s Hang Seng Index falling 1.36% and China’s Shanghai Composite Index declining 0.71%. India’s S&P BSE Sensex, meanwhile, rose 0.5%.

Hong Kong’s unemployment rate rose to 2.9% in the three months ending October, while China's new home prices fell by 0.1% year-over-year during October. Japan's core machinery orders climbed 1.4% month-over-month in September. Japan's trade deficit shrank to JPY 662.55 billion in October from JPY 2,205,94 billion in the year-ago month.

 

Economics

 

U.S. initial jobless claims climbed by 13,000 to 231,000 in the week ending Nov. 11, the highest in around three months, and compared to market estimates of 220,000.

Export prices in the U.S. declined 1.1% month-over-month, while import prices fell by 0.8% month-over-month in October.

The Philadelphia Fed Manufacturing Index rose 3.1 points to a reading of -5.9 in November, compared to market estimates of -9.

Industrial production in the U.S. declined 0.6% month-over-month in October.

The NAHB/Wells Fargo Housing Market Index fell by 6 points to a reading of 34 in November.

U.S. natural-gas supplies climbed 60 billion cubic feet for the week ended Nov. 10.

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