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

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. 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 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 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. 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. BNZI shares dropped 26% to $0.1698. Banzai announced pricing of $2.5 million public offering.
• Shares of Cytokinetics, Incorporated 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. 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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