Crude Oil Down 1%; Foot Locker Earnings Miss Expectations

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping over 100 points on Friday.

The Dow traded down 0.42% to 33,393.85 while the NASDAQ fell 0.40% to 12,637.90. The S&P 500, also fell, dropping, 0.30% to 4,185.62.

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Leading and Lagging Sectors

  • Energy shares rose by 0.5% on Friday. Meanwhile, top gainers in the sector included Dorian LPG Ltd LPG, up 5%, and Natural Gas Services Group, Inc. NGS, up 5%.
  • In trading on Friday, consumer discretionary shares fell 1%.


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

  • Stereotaxis, Inc. STXS shares shot up 38% to $2.3314 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 Greenland Technologies Holding Corporation GTEC got a boost, shooting 12% to $1.48 after the company reported better-than-expected Q1 financial results.
  • Farfetch Limited FTCH shares were also up, gaining 21% to $5.23 after the company reported better-than-expected first-quarter results.


Equities Trading DOWN

  • Foot Locker, Inc. FL shares dropped 26% to $30.66 after the company reported worse-than-expected first-quarter results and lowered its FY23 guidance.
  • Shares of Artesian Resources Corporation ARTNA were down 11% to $48.90. Artesian Resources announced pricing of $34.8 million public offering of 695,650 shares of common stock at a price of $50 per share.
  • D-Wave Quantum Inc. QBTS was down, falling 18% to $0.5001 following weak quarterly results.

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In commodity news, oil traded down 1% to $71.15 while gold traded up 1.3% at $1,985.10.

Silver traded up 1.9% to $24.09 on Friday while copper rose 1% to $3.7275.


Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.66%, London’s FTSE 100 rose 0.19% while Spain’s IBEX 35 Index rose 0.42% The German DAX climbed 0.69%, French CAC 40 gained 0.61% and Italy’s FTSE MIB Index gained 1.05%.

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.



The total number of active U.S. oil rigs fell by 11 to 575 rigs this week, Baker Hughes Inc reported.

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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.

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid Afternoon Market Update