U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 100 points on Thursday.
The Dow traded down 0.35% to 38,905.20 while the NASDAQ fell 0.13% to 16,156.28. The S&P 500 also fell, dropping, 0.25% to 5,152.46.
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Sector Performance
Energy shares surged by 0.8% on Thursday.
Conversely, real estate shares plummeted by 2.4% during trading on Thursday.
Earnings Report Highlights
Dick’s Sporting Goods Inc (DKS) reported impressive fourth-quarter results, surpassing expectations and providing a robust outlook.
The sports retailer boasted a 7.8% year-on-year sales growth in the fourth quarter of FY23, reaching $3.876 billion, exceeding the projected $3.796 billion. Their adjusted EPS of $3.85 also outperformed the anticipated $3.35.
Looking ahead, Dick’s Sporting Goods foresees an EPS of $12.85 – $13.25 for FY24, compared to the consensus of $12.90. The company anticipates net sales between $13 billion and $13.13 billion, slightly below the estimated $13.131 billion.
Stocks on the Rise
Turtle Beach Corporation (HEAR) witnessed a 27% surge to $13.97 after announcing the acquisition of PDP and signaling a modified “Dutch Auction” Tender Offer, alongside their release of fourth-quarter financial results.
VAALCO Energy, Inc. (EGY) also experienced a notable 17% uptick to $5.20 following their better-than-expected fourth-quarter financial results announcement.
Build-A-Bear Workshop, Inc. (BBW) saw a rise of 18% to $29.45 after reporting surpassing fourth-quarter EPS but falling short on revenue. Moreover, the company projected FY24 revenue growth on a low-to-mid-single-digit percentage basis.
Stocks on the Decline
Spruce Biosciences, Inc. (SPRB) encountered a substantial 80% drop to $1.0205 post their FY23 financial results announcement, accompanied by the revelation of the underwhelming CAHmedlia-203 study outcomes.
Fisker Inc. (FSR) experienced a 53% decline to $0.1507 after reports in the Wall Street Journal hinted at potential preparations for a bankruptcy filing.
Better Therapeutics, Inc. (BTTX) witnessed an 81% fall to $0.0383 following their statement to explore strategic alternatives and impending delisting from the Nasdaq.
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Commodity Update
Notable movements in commodities as oil climbed 2.2% to $81.44, while gold dipped 0.6% to $2,167.00. Silver followed suit by sliding 0.3% to $25.07, with copper also edging down by 0.4% to $4.0420.
Eurozone Markets Overview
In European trading, mixed movements were observed. The STOXX 600 in the eurozone decreased by 0.18%, the FTSE 100 in London fell by 0.37%, and Spain’s IBEX 35 Index dropped 0.66%. Conversely, the German DAX slipped 0.11%, the French CAC 40 rose by 0.29%, and Italy’s FTSE MIB Index gained 0.29%.
Spain’s annual inflation rate moderated to 2.8% in February, marking a six-month low compared to the previous month’s 3.4%.
Asia Pacific Markets Update
Asian markets closed with varying outcomes on Thursday. Japan’s Nikkei 225 saw a 0.29% increase, Hong Kong’s Hang Seng Index declined by 0.71%, China’s Shanghai Composite Index fell by 0.18%, and India’s S&P BSE Sensex gained 0.5%.
Manufacturing production in Hong Kong climbed by 4.1% year-over-year in the fourth quarter, slightly down from the revised 4.3% in the prior period. Additionally, Indian wholesale prices rose by 0.20% year-on-year in February, a slight slowdown from the 0.27% increase in the previous month.
Economic Indicators Update
Latest economic data shows the Producer Price Index for final demand in the U.S. rose by 0.6% month-over-month in February, surpassing market predictions of a 0.3% increase.
U.S. retail sales climbed 0.6% month-over-month in February, rebounding from the revised 1.1% decline in January, although slightly below the anticipated 0.8% surge.
Initial jobless claims in the U.S. fell by 1,000 to 209,000 in the week ended March 8, beating market estimates of 218,000.
Total business inventories in the U.S. remained unchanged month-over-month in January following a 0.3% increase in the preceding month.
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