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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Macy's, Dollar General, Okta fall premarket; Nordstrom rises

Investing.com
·1 min read

Investing.com -- Stocks in focus in premarket trade on Thursday, June 1st. Please refresh for updates.

Nordstrom (NYSE:JWN) stock rose 3.5% after the department store operator reported better-than-expected sales for the April quarter, confirming its outlook for fiscal 2023.

Macy’s (NYSE:M) stock fell 10% after the high-end department store chain missed quarterly revenue expectations and cut its full-year outlook, as consumers limit non-essential spending due to persistently high inflation.

Dollar General (NYSE:DG) stock fell 9.4% after the discount store chain cut its full-year same-store sales forecast as inflation-hit customers tightened spending.

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Salesforce (NYSE:CRM) stock fell 6.6% after the cloud-based software company posted an 11% rise in quarterly revenue, its slowest pace of growth in 13 years, as companies dialed back spending.

Target (NYSE:TGT) stock fell 1.6% after JPMorgan downgraded its stance on the big box department store chain to ‘neutral’ from ‘overweight’, citing future margin concerns.

CrowdStrike (NASDAQ:CRWD) stock fell 10% after the cybersecurity company reported slowing revenue growth, with the 42% year-over-year revenue increase below the 61% growth seen a year ago.

Okta (NASDAQ:OKTA) stock fell 19% after CEO Todd McKinnon predicted tough times ahead for the identity software company even after it recorded stellar first-quarter results.

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