Stock indexes close lower on concerns of restrictive Fed policy

From Nasdaq.: 2024-05-30 18:13:41

US stock indexes closed down Thursday, with the S&P 500 at a 2-week low, Dow Jones at a 4-week low, and Nasdaq at a 1-1/2 week low. Initial unemployment claims rose, Q1 GDP revised down to +1.3%, core PCE price index revised to +3.6%, pending home sales fell -7.7% m/m. Fed comments mixed, market awaiting PCE core deflator. Q1 earnings expected to rise +7.1% y/y. Overseas stock markets were mixed. Interest rates fell on dovish US economic reports.

Salesforce (CRM) stock fell over -19% after missing revenue expectations. Other software sector stocks also fell. Nvidia (NVDA) declined over -3% after a national security review. Kohl’s (KSS) dropped over -23% after cuts in full-year forecast. UiPath (PATH) sees revenue forecast decline. Hormel Foods (HRL) down -9%, Agilent (A) down -9%, Nutanix (NTNX) down -22% after various reports. American Eagle (AEO) reported down -8%. HP Inc. (HPQ) up +16%, Best Buy (BBY) up +13%, Foot Locker (FL) up +14%, Verizon (VZ) up +2%, PayPal (PYPL) up +2%, Corning (GLW) up +3%, HCA Healthcare (HCA) up +2%, Insulet (PODD) up +1% on various positive news. Earnings from Genesco Inc (GCO), Mesa Laboratories Inc (MLAB) were reported.



Read more at Nasdaq.: Stocks Settle Lower on Concern Fed Policy Will Remain Restrictive