Dow Tumbles Over 300 Points; Dollar General Earnings Top Views

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 300 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.83% to 38,123.16 while the NASDAQ fell 0.20% to 16,887.52. The S&P 500 also fell, dropping, 0.22% to 5,255.22.

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Leading and Lagging Sectors

Real estate shares rose by 0.9% on Thursday.

In trading on Thursday, information technology shares dipped by 1%.

Top Headline

Dollar General Corp DG reported better-than-expected first-quarter financial results on Thursday.

Dollar General reported first-quarter FY24 sales growth of 6% year-on-year to $9.910 billion, beating the analyst consensus estimate of $9.897 billion. Same-store sales increased 2.4% versus last year. EPS of $1.65 beat the analyst consensus estimate of $1.56.

Equities Trading UP
                       

• Cue Health Inc. HLTH shares shot up 129% to $0.1255. Cue Health shares dipped around 40% on Wednesday after the company announced that it filed voluntary petitions under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware to pursue a wind down of its business.
• Shares of Smart for Life, Inc. SMFL got a boost, surging 65% to $6.51 after gaining around 17% on Wednesday. Smart For Life completed restructuring program, enhancing financial stability.
• OneMedNet Corporation. ONMD shares were also up, gaining 54% to $2.99 after the company announced that it has entered into a non-exclusive three-year Master Services Agreement with an undisclosed U.S.-based medical technology company.

Equities Trading DOWN

• Maxeon Solar Technologies, Ltd. MAXN shares dropped 50% to $1.54 after the company reported worse-than-expected first-quarter financial results and issued FY24 revenue guidance below estimates.
• Shares of NovaBay Pharmaceuticals, Inc. NBY were down 38% to $0.1008. NovaBay Pharmaceuticals announced plans for a 1-for-35 reverse stock split and revealed the receipt of NYSE American notice regarding stockholders' equity.
• UiPath Inc. PATH was down, falling 35% to $11.95 after the company reported first-quarter earnings, issued weak revenue guidance and announced a CEO transition. Some analysts downgraded the stock following the report.

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Commodities

In commodity news, oil traded down 0.4% to $78.91 while gold traded down 0.2% at $2,337.60.

Silver traded down 2.3% to $31.64 on Thursday, while copper fell 2.6% to $4.6675.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.3%, Germany's DAX gained 0.1% and France's CAC 40 gained 0.2%. Spain's IBEX 35 Index jumped 1.2%, while London's FTSE 100 gained 0.3%.

The services sentiment indicator in the Eurozone rose to 6.5 in May from 6.1 in April, while industry confidence indicator climbed to -9.9 in May versus a revised reading of -10.4 in April. Consumer confidence in the Eurozone gained by 0.4 points to -14.3 in May, while economic sentiment indicator surged to 96 points in May, recording the highest level in four months. The unemployment rate in the Eurozone fell to a new record low of 6.4% in April.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan's Nikkei falling 1.30%, China's Composite Index dipping 0.62%, Hong Kong's Hang Seng Index falling 1.34% and India's S&P BSE Sensex falling 0.83%.

Economics

• U.S. wholesale inventories increased by 0.2% month-over-month in April following a 0.4% decline in the previous month and versus market estimates of a 0.1% fall.
• The U.S. trade deficit in goods increased to $99.41 billion in April following a revised $92.29 billion gap in the earlier month.
• U.S. initial jobless claims increased by 3,000 to 219,000 in the week ending May 25, compared to market estimates of 218,000.
• The U.S. economy grew an annualized 1.3% in the first quarter, compared to 3.4% in the prior quarter.

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