Here are five key things investors need to know to start the trading day:
1. A force in the markets
Stocks fell Thursday as Salesforce sank 20%. The cloud software vendor had its worst day since 2004 after the company released weaker-than-expected fiscal first-quarter results. The Dow Jones Industrial Average was dragged down by Salesforce and slid 330.06 points, or 0.86%. The S&P 500 lost 0.6%, while the Nasdaq Composite had the worst day, falling 1.08% with a weakness in technology names. AI darling Nvidia also slid more than 3%, which was its first drop since its huge earnings report last week, and Microsoft declined more than 3%. Follow live market updates.
2. Trump guilty
Former U.S. President Donald Trump arrives to court for his hush money trial at Manhattan Criminal Court in New York City on May 30, 2024.
Justin Lane | Getty Images
3. Baby steps
A customer shops at a Target store on May 20, 2024 in Miami, Florida.
Joe Raedle | Getty Images
4. Retail reigns
The Gap logo is displayed at a Gap store on April 25, 2023 in Los Angeles, California.
Mario Tama | Getty Images
Retailers had a big day Thursday, complete with surprising earnings reports and significant stock moves. Kohl’s shares fell more than 20% for the day after the company posted an unexpected loss per share and came in well below Wall Street’s expectations for a slight profit. But other retailers fared better. Foot Locker saw its stock surge 15%, a sign that its turnaround is starting to pay off. And shares of Best Buy gained 13% after the company missed quarterly sales expectations, but beat on earnings per share and reiterated its full-year forecast. Gap also saw a huge stock move on its afternoon earnings report. Its shares were up more than 20% in premarket trading after the retailer blew past earnings estimates and beat on revenue.
5. Cautious consumers
Brian Moynihan, CEO of Bank of America, speaking on Tech Zone Daily’s Squawk Box at the WEF Annual Meeting in Davos, Switzerland on Jan. 16th, 2024.
Adam Galici | Tech Zone Daily
— Tech Zone Daily’s Alex Harring, Dan Mangan, Kevin Breuninger, Brian Schwartz, Jeff Cox, Gabrielle Fonrouge, Melissa Repko, Sean Conlon and Hugh Son contributed to this report.
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