US Stocks Turn Lower; Dow Dips Over 100 Points

U.S. stocks traded turned lower midway through trading, with the Dow Jones dropping over 100 points on Friday.

The Dow traded down 0.37% to 33,410.77 while the NASDAQ fell 0.28% to 12,653.09. The S&P 500, also fell, dropping, 0.20% to 4,189.62.

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Leading and Lagging Sectors

• Energy shares rose by 1.3% on Friday. Meanwhile, top gainers in the sector included Dorian LPG Ltd LPG, up 6%, and HighPeak Energy, Inc. HPK, up 6%.
• In trading on Friday, consumer discretionary shares fell 0.5%.

Top Headline

Foot Locker Inc FL reported worse-than-expected first-quarter results and lowered its FY23 guidance.

Foot Locker reported first-quarter FY23 sales decline of 11.4% year-on-year to $1.93 billion, missing the analyst consensus estimate of $1.99 billion. Adjusted EPS of $0.70 missed the analyst consensus of $0.81.

Equities Trading UP

Equities Trading DOWN

• Stereotaxis, Inc. STXS shares shot up 27% to $2.1492 after the company announced a global collaboration with Abbott to integrate Abbott's EnSite X EP System with the company's Robotic Magnetic Navigation systems.
• Shares of CI&T Inc CINT got a boost, shooting 14% to $4.0050 after the company reported Q1 financial results.
• Farfetch Limited FTCH shares were also up, gaining 20% to $5.22 after the company reported better-than-expected first-quarter results.

• Foot Locker, Inc. FL shares dropped 26% to $30.81 after the company reported worse-than-expected first-quarter results and lowered its FY23 guidance.
• Shares of Cavco Industries, Inc. CVCO were down 10% to $265.23 after the company reported worse-than-expected Q4 sales results.
• D-Wave Quantum Inc. QBTS was down, falling 16% to $0.51 following weak quarterly results

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Commodities

In commodity news, oil traded up 0.1% to $71.87 while gold traded up 0.1% at $1,960.20.

Silver traded up 0.2% to $23.69 on Friday while copper rose 1% to $3.7275.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.93%, London’s FTSE 100 rose 0.56% while Spain’s IBEX 35 Index rose 0.67% The German DAX climbed 0.93%, French CAC 40 gained 0.95% and Italy’s FTSE MIB Index gained 1.35%.

Construction output in Italy dropped by 3.4% year-over-year in March versus a revised 0.1% decline in the prior month. The annual producer inflation in Germany fell for the seventh consecutive month to 4.1% in April. The GfK Consumer Confidence indicator in the UK climbed to -27 in May from -30 in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.77%, Hong Kong’s Hang Seng Index dropping 1.40% and China’s Shanghai Composite Index dropping 0.42%. India’s S&P BSE Sensex rose 0.3%.

The annual inflation rate in Japan increased to 3.5% in April from 3.2% in March. Food prices in Japan increased by 8.4% year-over-year in April, recording the steepest rise since August 1976.

Economics

The Baker Hughes rig-count report for the latest week will be released at 1:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,877,360 cases with around 1,163,870 deaths. India confirmed a total of at least 44,984,050 cases and 531,810 deaths, while France reported over 40,054,860 COVID-19 cases with 167,050 deaths. In total, there were at least 688,668,270 cases of COVID-19 worldwide with more than 6,877,080 deaths.