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Stock market today: Live updates
U.S. stock futures dropped on Wednesday night as Salesforce reported lower-than-expected quarterly revenue and weak guidance. Dow Jones Industrial Average futures fell 0.7%, S&P 500 futures slid 0.4%, and Nasdaq-100 futures declined 0.5%. In extended trading, Salesforce shares plummeted 16% after missing revenue expectations for the first quarter. American Eagle Outfitters also saw a 10% decline due to lower-than-expected first-quarter revenue. The Nasdaq Composite fell 0.6% during the session, while the S&P 500 declined 0.7% and the Dow slid nearly 1.1%. The equity markets faced a tough day with over 400 S&P 500 stocks in the negative territory and all 11 sectors experiencing a downturn.
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The stock market experienced a turbulent day on Wednesday as U.S. stock futures took a hit following disappointing earnings reports from key companies. Shares of Salesforce plummeted after missing revenue expectations for the fiscal first quarter, causing the tech giant’s stock to drop around 16%. Similarly, American Eagle Outfitters also saw a decline of about 10% after its first-quarter revenue fell short of analysts’ forecasts.
In extended trading, futures tied to the Dow Jones Industrial Average dropped 276 points, or 0.7%, while S&P 500 futures slid about 0.4% and Nasdaq-100 futures fell 0.5%. The Nasdaq Composite fell about 0.6% during Wednesday’s session, marking its worst performance in May despite a slight advance for Nvidia. The S&P 500 declined 0.7%, and the Dow slid nearly 1.1%, reflecting the overall bearish sentiment in the market.
The day’s sell-off was widespread, with more than 400 stocks in the S&P 500 trading in the red and all 11 sectors experiencing losses. The uptick in the 10-year Treasury yield, which topped 4.6%, added to investor unease, with higher yields making safer investments like Treasury bills more attractive than equities.
Looking ahead, investors are eagerly awaiting key economic data releases, including weekly jobless claims numbers and the second reading of the real gross domestic product for the first quarter. Additionally, the Friday release of the personal consumption expenditures price index report for April will provide insights into the Federal Reserve’s preferred inflation gauge.
On the earnings front, Best Buy and Dollar General are set to announce quarterly results in the morning, while Dell Technologies, Costco, Gap, and Nordstrom will report earnings after the bell. These reports will offer further insights into the current state of the economy and individual company performances.
Overall, the stock market’s performance reflects the ongoing challenges facing investors as they navigate a volatile economic landscape. With uncertainties surrounding inflation, interest rates, and corporate earnings, market participants must remain vigilant and adapt to changing market conditions to make informed investment decisions.
For the latest updates on the stock market and live coverage of market developments, be sure to check out CNBC for comprehensive coverage and analysis. Stay informed and stay ahead in today’s dynamic market environment.