J&J Snack Foods (NASDAQ:JJSF) Stock

J&J Snack Foods

J&J Snack Foods Corp manufactures, markets, and distributes snack foods and beverages to foodservice and retail supermarket outlets. The company's products include frozen beverages, juice, fruit bars, sorbet, cakes, and cookies that are distributed to various consumers, including restaurants, supermarkets, convenience stores, universities, theaters, and theme parks. The company operates in three business segments: food service, which sells snacks, desserts, and baked goods at the point-of-sale; retail supermarkets, which sells frozen and prepackaged products to supermarkets; and frozen beverages, which sells frozen beverages under brands Icee, Slush puppie, and Parrot ice in the United States, Mexico, and Canada.

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Global markets are experiencing intense volatility, and while it seemed like a Black Monday for Wall Street was inevitable following a 13% overnight tumble of Japan’s Nikkei 225, stock indices are attemptin

US Stocks Trim Black Monday&#39;s Drops As Services Gauge Expands, Bond Gains Stall As Traders Reassess Fed Cuts: What&#39;s Driving Markets?

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The stock market is on track to gap-open sharply lower on Monday as negative sentiment seen in the final two sessions of last week has carried over into the new week. The index futures were all sharply lower, with the Nasdaq 100 down over 4% and volatility has spiked, with the CBOE Volatility Index, aka VIX, up over 100%.

Nasdaq, R2K Futures Tumble Over 4%, VIX Spikes Over 100%, Bitcoin Plunges Hard As Global Sell-Off Deepens Amid Recession Fears

J&J Snack Foods Corp

Jefferies analyst Rob Dickerson maintains J&amp;J Snack Foods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>) with a Hold and lowers the price target from $175 to $135.

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Analyst Ratings

Jefferies Maintains Hold on J&J Snack Foods, Lowers Price Target to $135

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J&J Snack Foods shares are trading lower after the company reported worse-than-expected Q1 adjusted EPS results.

Benchmark analyst Todd Brooks reiterates J&amp;J Snack Foods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>) with a Buy and maintains $200 price target.

Reiteration

Benchmark Reiterates Buy on J&J Snack Foods, Maintains $200 Price Target

J&amp;J Snack Foods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>) reported quarterly earnings of $0.33 per share which missed the analyst consensus estimate of $0.59 by 44.07 percent. This is a 36.54 percent decrease over earnings of $0.52 per share from the same period last year. The company reported quarterly sales of $362.600 million which beat the analyst consensus estimate of $361.675 million by 0.26 percent. This is a 4.10 percent increase over sales of $348.308 million the same period last year.

Earnings Beats

Earnings Misses

J&J Snack Foods Q1 2025 Adj. EPS $0.33 Misses $0.59 Estimate, Sales $362.600M Beat $361.675M Estimate

The most oversold stocks in the consumer staples sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi">RSI is below 30</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3 class="wp-block-heading">Constellation Brands Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>)</h3>
<ul>
<li>On Monday, Piper Sandler downgraded the stock from Overweight to Neutral and lowered its price target to $200. The company' stock fell around 20% over the past month and has a <a href="https://www.benzinga.com/quote/STZ">52-week low of $166.02</a>.</li>
<li>RSI Value: 28.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>STZ Price Action: Shares of Constellation fell 2.1% to trade at $177.09 on Monday.</li>
<li>Benzinga Pro's real-time newsfeed alerted to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent020325&amp;t=be2bearmibe3na1">latest STZ news</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent020325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="907" height="835" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133654/image-9.png" alt="" class="wp-image-763223" style="width:531px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133654/image-9.png 907w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133654/image-9-300x276.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133654/image-9-768x707.png 768w" sizes="(max-width: 907px) 100vw, 907px" /></a></figure>
<h3 class="wp-block-heading">J &amp; J Snack Foods Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</h3>
<ul>
<li>J &amp; J Snack Foods will release its fiscal 2025 first quarter financial results, after the closing bell today. The company's stock fell around 13% over the past month and <a href="https://www.benzinga.com/quote/JJSF">has a 52-week low</a> of $132.88.</li>
<li>RSI Value: 23.4</li>
<li>JJSF Price Action: Shares of J &amp; J Snack Foods dipped 3.2% to trade at $132.88 on Monday.</li>
<li>Benzinga Pro&#8217;s charting tool helped identify the trend in <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent020325&amp;t=be2bearmibe3na1">JJSF stock</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent020325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="927" height="838" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133803/image-10.png" alt="" class="wp-image-763224" style="width:515px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133803/image-10.png 927w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133803/image-10-300x271.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133803/image-10-768x694.png 768w" sizes="(max-width: 927px) 100vw, 927px" /></a></figure>
<h3 class="wp-block-heading">elf Beauty Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>)</h3>
<ul>
<li>LiveWire Group will release its fourth quarter and year-end financial results before the opening bell on Wednesday, Feb. 5. The company's stock fell around 25% over the past month and has a 52-week <a href="https://www.benzinga.com/quote/ELF">low of $92.20</a>.</li>
<li>RSI Value: 26.4</li>
<li>ELF Price Action: Shares of elf Beauty fell 5.3% to trade at $94.57 on Monday.</li>
<li>Benzinga Pro&#8217;s signals feature notified of a potential breakout in <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent020325&amp;t=be2bearmibe3na1">ELF shares</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent020325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="890" height="847" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133854/image-11.png" alt="" class="wp-image-763227" style="width:564px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133854/image-11.png 890w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133854/image-11-300x286.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03133854/image-11-768x731.png 768w" sizes="(max-width: 890px) 100vw, 890px" /></a></figure>
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<h3>Companies Reporting Before The Bell</h3>
• Tyson Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) is projected to report quarterly earnings at $0.88 per share on revenue of $13.46 billion. 
• Saia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>) is projected to report quarterly earnings at $2.77 per share on revenue of $780.35 million. 
• Alliance Res Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARLP#NASDAQ">ARLP</a>) is likely to report quarterly earnings at $0.67 per share on revenue of $635.60 million. 
• Johnson Outdoors (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JOUT#NASDAQ">JOUT</a>) is estimated to report quarterly loss at $1.30 per share on revenue of $104.73 million. 
• Lavoro (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LVRO#NASDAQ">LVRO</a>) is estimated to report quarterly loss at $0.37 per share on revenue of $373.85 million. 
• NAPCO Security Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NSSC#NASDAQ">NSSC</a>) is estimated to report quarterly earnings at $0.34 per share on revenue of $49.88 million. 
• Twist Bioscience (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWST#NASDAQ">TWST</a>) is expected to report quarterly loss at $0.63 per share on revenue of $86.95 million. 
• IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) is estimated to report quarterly earnings at $2.40 per share on revenue of $936.68 million. 
<h3>Companies Reporting After The Bell</h3>
• BellRing Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRBR#NYSE">BRBR</a>) is expected to report quarterly earnings at $0.48 per share on revenue of $524.74 million. 
• New Jersey Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NJR#NYSE">NJR</a>) is estimated to report quarterly earnings at $1.06 per share on revenue of $468.00 million. 
• Cabot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBT#NYSE">CBT</a>) is likely to report quarterly earnings at $1.77 per share on revenue of $997.10 million. 
• KKR Real Estate Finance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KREF#NYSE">KREF</a>) is likely to report quarterly loss at $0.07 per share on revenue of $34.78 million. 
• Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) is estimated to report quarterly earnings at $2.49 per share on revenue of $813.57 million. 
• Kyndryl Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KD#NYSE">KD</a>) is expected to report quarterly earnings at $0.41 per share on revenue of $3.81 billion. 
• Everest Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>) is estimated to report quarterly loss at $17.08 per share on revenue of $3.93 billion. 
• Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) is likely to report quarterly earnings at $1.00 per share on revenue of $754.93 million. 
• Clorox (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>) is likely to report quarterly earnings at $1.40 per share on revenue of $1.63 billion. 
• J&amp;J Snack Foods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>) is estimated to report quarterly earnings at $0.59 per share on revenue of $360.85 million. 
• Healthpeak Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOC#NYSE">DOC</a>) is likely to report quarterly earnings at $0.45 per share on revenue of $691.84 million. 
• Palantir Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) is expected to report quarterly earnings at $0.11 per share on revenue of $775.91 million. 
• MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) is expected to report quarterly earnings at $0.66 per share on revenue of $303.53 million. 
• AECOM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACM#NYSE">ACM</a>) is estimated to report quarterly earnings at $1.10 per share on revenue of $4.11 billion. 
• Capital Southwest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSWC#NASDAQ">CSWC</a>) is likely to report quarterly earnings at $0.62 per share on revenue of $50.62 million. 
• Woodward (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>) is estimated to report quarterly earnings at $1.18 per share on revenue of $772.98 million. 
• Sun Country Airlines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNCY#NASDAQ">SNCY</a>) is estimated to report quarterly earnings at $0.20 per share on revenue of $258.04 million. 
• Flexsteel Industries (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLXS#NASDAQ">FLXS</a>) is estimated to report quarterly earnings at $0.74 per share on revenue of $104.61 million. 
• RBB Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RBB#NASDAQ">RBB</a>) is expected to report quarterly earnings at $0.36 per share on revenue of $28.12 million. 
• NXP Semiconductors (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) is likely to report quarterly earnings at $3.13 per share on revenue of $3.10 billion. 
• Kforce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KFRC#NYSE">KFRC</a>) is projected to report quarterly earnings at $0.59 per share on revenue of $341.43 million. 
• Rambus (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBS#NASDAQ">RMBS</a>) is expected to report quarterly earnings at $0.47 per share on revenue of $160.29 million. 
• NewMarket (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEU#NYSE">NEU</a>) is estimated to report earnings for its fourth quarter. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Earnings Scheduled For February 3, 2025

Management

J & J Snack Foods Appoints Shawn Munsell As CFO

J & J Snack Foods shares are trading lower after the company reported worse-than-expected Q4 financial results.

J&amp;J Snack Foods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>) reported quarterly earnings of $1.60 per share which missed the analyst consensus estimate of $1.84 by 13.04 percent. The company reported quarterly sales of $426.76 million which missed the analyst consensus estimate of $429.75 million by 0.70 percent. This is a 3.85 percent decrease over sales of $443.86 million the same period last year.

J&J Snack Foods Q4 2024 Adj EPS $1.60 Misses $1.84 Estimate, Sales $426.76M Miss $429.75M Estimate

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Bakkt Holdings, Inc. Class A Common Stock

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Earnings Scheduled For November 13, 2024

J & J Snack Foods shares are trading higher. The company reported Q3 financial results.

J&amp;J Snack Foods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>) reported quarterly earnings of $1.98 per share which missed the analyst consensus estimate of $1.99 by 0.5 percent. The company reported quarterly sales of $439.957 million which missed the analyst consensus estimate of $444.047 million by 0.92 percent. This is a 3.33 percent increase over sales of $425.769 million the same period last year.

J&J Snack Foods Q3 2024 Adj. EPS $1.98 Misses $1.99 Estimate, Sales $439.957M Miss $444.047M Estimate

Global markets are experiencing intense volatility, and while it seemed like a Black Monday for Wall Street was inevitable following a <a href="https://www.benzinga.com/markets/equities/24/08/40152271/mohamed-el-erian-grant-cardone-and-matt-weller-warn-of-deepening-global-market-selloff-as-yen-ri">13% overnight tumble of Japan&#8217;s Nikkei 225, stock indices</a> are attempting to limit early session losses by midday trading in New York.
The inflection point came after July&#8217;s services sector activity surveys revealed improved conditions from June and a stronger-than-expected expansion, easing fears of <a href="https://www.benzinga.com/news/econ-s/24/08/40161832/us-services-activity-returns-to-growth-in-july-global-market-selloff-stalls-are-recession-fears-over">an imminent U.S. recession.</a>
In July, business sentiment in the U.S. services sector returned to expansion, with the ISM Services Purchasing Managers&#8217; Index (PMI) rising from 48.8% to 51.4%, surpassing expectations of an increase to 51%.
Before the ISM data release, traders speculated on an intra-meeting Fed interest rate cut after Chicago Fed President Austan Goolsbee stated in a CNBC interview that everything could be on the table.
Following the data, market-implied probabilities for a 50-basis-point rate cut decreased from 100% to about 80%, while the likelihood of a smaller 25-basis-point increase rose from about 0% to 20%, according to the CME Group FedWatch Tool.
After opening over 4% lower at 5,120 points, the S&amp;P 500 slightly trimmed its losses to 5,233 by 12:30 p.m. in New York, marking a smaller 2.1% decline for the day.
Similar movements were observed in the tech-heavy Nasdaq 100, blue-chip stocks tracked by the Dow Jones and small-cap stocks.
As interest rate probabilities shifted, bonds halted their gains, and Treasury yields rose across all maturities. The 2-year Treasury yield traded 4 basis points higher at 3.92%, after having fallen to as low as 3.65% during early trading hours.
The popular iShares 20+Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) was unchanged, following seven straight sessions of gains. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) initially fell by 15% at 9:30 a.m. in New York, but then rallied by 10% between 9:30 a.m. and 12:30 p.m., reducing its daily losses to 5.9%.
Commodities traded lower across the board, with gold and oil down 1.5% and 1.3%, respectively. Silver plunged nearly 5%, in its worst session in two months. 
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,918.07</td>
<td>-2.1 %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,040.81</td>
<td>-2.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,226.62</td>
<td>-2.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,055.96</td>
<td>-2.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:43 p.m. ET</figcaption></figure>
According to Benzinga Pro data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 2.2% lower to $520.50.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 2.1% to $388.75.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 2.3% to $438.40.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tanked 2.7% to $203.26.</li>
<li>Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) experienced the smallest decline, down 1.2%, while the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) saw the largest drop, falling by 2.8%.</li>
</ul>
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) soared over 14% after the Wall Street Journal reported that privately held Mars is in advanced talks to acquire the Pringles maker.</li>
</ul>
Stocks reacting to earnings included: 
<ul>
<li>BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>), down 2.54%,</li>
<li>The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>), down 8%, </li>
<li>Tyson Foods, Inc. (NYSW: TSN), up 4%. </li>
</ul>
Those reporting after the close are ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>), Avis Budget Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAR#NASDAQ">CAR</a>), Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), CSX Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>), J&amp;J Snack Foods Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>), Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) and Yum China Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NASDAQ">YUMC</a>).
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Photo: Shutterstock

US Stocks Trim Black Monday's Drops As Services Gauge Expands, Bond Gains Stall As Traders Reassess Fed Cuts: What's Driving Markets?

The stock market is on track to gap-open sharply lower on Monday as negative sentiment seen in the final two sessions of last week has carried over into the new week. The index futures were all sharply lower, with the Nasdaq 100 down over 4% and volatility has spiked, with the CBOE Volatility Index, aka VIX, up over 100%. <a href="https://www.benzinga.com/markets/asia/24/08/40152994/as-global-markets-roil-strategist-soothes-nerves-some-normal-action-under-the-surface-as-tech-got-wa">Asset classes plunged across the board</a> amid worries over a hard landing in the U.S., which in turn may have a cyclical effect on the rest of the global economies as well.
Billionaire investor Warren Buffett&#8217;s Berkshire Hathaway, Inc. (BRK-A) (BRK-B) disclosed that it trimmed its equity portfolio considerably, and instead chose to accumulate cash. This could potentially trigger fears among traders regarding the near-term outlook for the market. His firm sold nearly half of the Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares it held in its portfolio. A duo of service sector activity readings may also be in the spotlight.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-4.37%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-2.88%</td>
</tr>
<tr>
<td>Dow</td>
<td>-1.90%</td>
</tr>
<tr>
<td>R2K</td>
<td>-4.06%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Monday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) declined 2.81% to $517.92, and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) plunged 4.26% to $429.64, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session:
Earnings and economic catalysts were the dynamics in play in the market in the week ended Aug. 2, with all three major averages plunging sharply for the week. The tech-heavy Nasdaq Composite turned in the worst performance, with the mega-cap sell-off weighing on the index.
After showing apprehensions early in the week, stocks rose sharply on Wednesday, encouraged by Advanced Micro Devices, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) positive earnings and the Federal Reserve&#8217;s insinuation of a rate cut in September through the tweaks in the post-meeting policy statement.
Selling set in on Thursday amid the release of weak manufacturing data and the jobless claims report that showed a spike in the number of individuals claiming unemployment benefits. The selling intensified on Friday amid disappointing tech earnings and worries about the health of the economy.
The Nasdaq Composite and the S&amp;P 500 settled at their lowest in about two months, while the Dow slid to a one-month low. Small-caps, which were staging a nice recovery amid expectations of a Fed rate cut, pulled back sharply amid the deterioration in investor sentiment.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Week&#8217;s Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-3.35%</td>
<td>16,776.16</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-2.06%</td>
<td>5,346.56</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-2.10%</td>
<td>39,737.26</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-6.67%</td>
<td>2,109.31</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Weighing in on the premarket slump, CNBC Mad Money host Jim Cramer said investors may have been driven to the wall as they see the prospect of the Tokyo collapse of the 1980s recurring and were reacting to the fear. He also questioned whether SoftBank Group Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) was controlling the sentiment toward the Nasdaq stocks with its desperate selling. Softbank&#8217;s Tokyo-listed shares fell over 18%. 
&#8220;Global reset led from Japan,&#8221; he said.
Cramer also recommended investors exercise restraint. &#8220;I do not want to call it over-exaggerated, but it would be more thoughtful if the decline were based on more basics and less emotion,&#8221; he said.
Wedbush&#8217;s Daniel Ives said in a post on X that Japan&#8217;s Nikkei 225 average&#8217;s historical sell-off as &#8220;Yen carry trade unwinds in brutal fashion and global economic/geopolitical jitters will cause a nasty day for US markets and tech stocks.&#8221; 
&#8220;We keep same tech playbook we used during March 2020 Covid sell-offs and other macro panic events last few years,&#8221; he added.
Upcoming Economic Data:
The unfolding week&#8217;s economic calendar is fairly light and noteworthy among them are two separate service sector activity readings and the weekly jobless claims data.
<ul>
<li>On Monday S&amp;P Global is due to release its final service sector purchasing managers&#8217; index for July at 9:45 a.m. EDT, with economists expecting a reading of 55 for the month.</li>
<li>The Institute for Supply Management&#8217;s non-manufacturing report due at 10 a.m. EDT, is expected to improve from 48.8 in June to 51.4 in July.</li>
<li>The Treasury will auction three- and six-month notes at 11:30 a.m. EDT.</li>
</ul>
See Also:<a href="https://www.benzinga.com/money/how-to-trade-futures"> How To Trade Futures </a>
Stocks In Focus:
<ul>
<li>Tech stocks as a pack are sliding with semiconductor stocks showing notable weakness. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 9.10% <a href="https://www.benzinga.com/premarket">in premarket trading</a> amid the market-wide negativity and rumors of a potential delay in its next-iteration Blackwell AI accelerators. Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) fell sharply, tracking the steeper loss by its parent SoftBank Group Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) on the Tokyo stock exchange.</li>
<li>BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>), The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) and Tyson Foods, Inc. (NYSW: TSN) are among the key companies due to <a href="https://www.benzinga.com/calendars/earnings">release their earnings reports ahead of the market opening</a>.</li>
<li>Those reporting after the close are ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>), Avis Budget Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAR#NASDAQ">CAR</a>), Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), CSX Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>), J&amp;J Snack Foods Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>), Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) and Yum China Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NASDAQ">YUMC</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell sharply and even safe-haven gold futures declined, while the 10-year benchmark Treasury note yield slipped further below 4%, as it was at 3.739%, down 5.5 percentage points. Bitcoin USD (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) p<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40153940/bitcoin-crashes-below-50k-briefly-crypto-market-records-over-1b-in-liquidations-in-24-hour">lummeted over 15% toward the $51K mark.</a>
Global equity markets sold off, with Japan setting in motion the selling wave, as the yen strengthened following the Bank of Japan&#8217;s recent tightening. This triggered the unwinding of yen carry traders, which in turn weighed down on stocks in the other regions. 
Japan's Nikkei 225 average plunged 12.40% amid the mayhem on Monday before settling at 31,458.42. This came on top of the 5.8% plunge on Friday. Intraday, the index slumped 13.4%, marking the biggest single-day drop since a nearly 15% plunge in Oct. 1987 on the day dubbed "Black Monday."
South Korea's Kospi had to be halted amid a plunge and ended Monday's session down 8.77% at 2,441.55.
European stocks have started notably lower.
Read Next:
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<li><a href="https://www.benzinga.com/markets/asia/24/08/40154219/what-investors-should-know-about-yen-carry-trade-unwinding-that-is-sending-global-markets-into-a-tai">What Investors Should Know About Yen Carry-Trade Unwinding That Is Sending Global Markets Into A Tailspin</a></li>
</ul>
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Benchmark analyst Todd Brooks maintains J&amp;J Snack Foods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>) with a Buy and lowers the price target from $205 to $200.

Benchmark Maintains Buy on J&J Snack Foods, Lowers Price Target to $200

Press Releases

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DIPPIN' DOTS® BRINGS FUN TO THE FREEZER AISLE WITH NEW ICE CREAM SUNDAES

J & J Snack Foods Reports Fiscal 2024 Fourth Quarter Revenue of $426.8 Million

Dividends

J & J SNACK FOODS CORP. ANNOUNCES QUARTERLY CASH DIVIDEND

J & J SNACK FOODS APPOINTS SHAWN MUNSELL AS CHIEF FINANCIAL OFFICER

J & J SNACK FOODS SCHEDULES FISCAL 2025 FIRST QUARTER EARNINGS  CONFERENCE CALL AND WEBCAST

J & J Snack Foods Reports Fiscal 2025 First Quarter Revenue Growth of 4.1% to $362.6M

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