Yahoo Finance Stock Market News for May 8, 2024
Market News
Wall Street ended mixed on Tuesday as investors eagerly awaited signals from the Federal Reserve regarding potential interest rate cuts. Market participants were assessing strong earnings results. The Dow and the S&P 500 ended in positive territory, while the Nasdaq Composite finished in the negative zone.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.1% or 31.99 points to close at 38,884.26. Notably, 20 components of the 30-stock index ended in positive territory, while 10 finished in red.
The tech-heavy Nasdaq lost 16.69 points or 0.1% to close at 16,332.56.
The S&P 500 gained 0.1% or 6.96 points to end at 5,187.70. Of the 11 broad sectors of the benchmark, eight ended in positive territory, while three ended in the red zone. The Materials Select Sector SPDR (XLB), the Utilities Select Sector SPDR (XLU), the Consumer Staples Select Sector SPDR (XLP) and the Real Estate Select Sector SPDR (XLRE) rose 1.2%, 1.1%, 1.1% and 1.1%, respectively, while the Consumer Discretionary Select Sector SPDR (XLY) declined 0.7%.
The fear-gauge CBOE Volatility Index (VIX) was up 0.7% to 13.32. The S&P 500 posted 49 new 52-week highs and two new 52-week lows. The Nasdaq Composite registered 155 new 52-week highs and 69 new 52-week lows.
Federal Reserve Weighs Inflation Concerns
Investors are eagerly looking for clues from the Fed on interest rate adjustments in light of concerns about rising prices. Neel Kashkari, the president of the Minneapolis Federal Reserve Bank, highlighted the importance of addressing pressures while hinting that interest rates may stay steady for a while. Despite mentioning an approach to raising rates, Kashkari stressed the significance of monitoring how monetary policy impacts the economy. Investors are looking forward to hearing more from Fed governor Lisa Cook and Chicago president Austan Goolsbee this week, which could provide clarity on the Fed’s future decisions.
Strong Earnings
Crocs, Inc. CROX reported first-quarter 2024 adjusted earnings of $3.02 per share, beating the Zacks Consensus Estimate of $2.25. The footwear company generated total revenues of $938.63 million, beating the Zacks Consensus Estimate by 6.20%.
Kenvue Inc. KVUE reported first-quarter 2024 adjusted earnings of 28 cents per share, beating the Zacks Consensus Estimate of 25 cents. This consumer health company generated total revenues of $3.89 billion, surpassing the Zacks Consensus Estimate of $3.8 billion.
USA Compression Partners, LP USAC reported first-quarter 2024 adjusted earnings of 16 cents per share, beating the Zacks Consensus Estimate of 12 cents. This natural gas compression services company generated total revenues of $229.3 million, outpacing the Zacks Consensus Estimate of $226.4 million.
Consequently, shares of Crocs, Kenvue and USA Compression Partners returned 7.8%,6.4% and 3.1%, respectively. Crocs currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
Per a report released by the Federal Reserve, consumer credit for March came in at $6.3 billion against a consensus of $15 billion for the period. The number for February was revised up to $15 billion from the previously reported $14.1 billion.
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Crocs, Inc. (CROX) : Free Stock Analysis Report
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Kenvue Inc. (KVUE) : Free Stock Analysis Report
