The S&P 500 and Nasdaq composite finished a shade lower on Thursday ahead of a key labor market report, retreating from record highs reached in the previous session. The Dow was slightly higher.
Market Snapshot
The S&P 500 fell 1.07 points, or 0.02%, to end at 5,352.96, while the Nasdaq Composite fell 14.78 points, or 0.09%, to 17,173.12. The Dow Jones Industrial Average rose 78.84 points, or 0.20%, to 38,886.17.
Market Movers
GameStop stock shares surged 47% after a livestream was scheduled on the Roaring Kitty YouTube channel for Friday at noon ET. Reddit folk hero Keith Gill used the channel to tout GameStop in 2020 and 2021. Though his other accounts have been active in the past month, the stream preview is the first move on his YouTube channel since 2021.
Other meme stocks rallied, too. AMC Entertainment stock was up 12%. Koss stock was up 16%.
American depositary receipts of Faraday Future surged nearly 40% as Faraday Future‘s Founder and Chief Product & User Ecosystem Officer, YT Jia, shared on Thursday that the company has completed the prodution of the 12th FF91 2.0 vehicle.
Sprinklr stock dropped 15% after the cloud-based customer experience management platform said it expects revenue for the fiscal year ending Jan. 31, 2025 to be between $779 million and $781 million, which was below analysts’ estimates of $805.4 million.
Smartsheet stock was up 17%. The provider of work-management software reported first-quarter earnings and revenue that beat Wall Street estimates. Chief Executive Mark Mader said in the earnings release the company “continues to see significant demand from our enterprise customers.”
Five Below stock tumbled 11%. The discount retailer cut its full-year guidance after missing first-quarter earnings and revenue expectations. Christiane Pelz, vice president of investor relations, said on the company’s earnings call that Five Below saw “underperformance in the lower income demographic,” during the quarter.
Instacart parent Maplebear gained 9.1%. The grocery delivery firm’s board approved another $500 million new share-repurchase program on June 2, according to a regulatory filing on Thursday.
Lululemon Athletica stock surged 4.8% after the clothing company reported stronger earnings than Wall Street expected and solid international sales growth for its first quarter. The results helped alleviate investor concerns that demand for the company’s premium clothing offerings had taken a hit.
American depositary receipts of NIO were off 6.8% after the EV maker reported a wider loss and lower revenue for its first quarter than Wall Street was expecting. Vehicle deliveries declined 3.2% from the prior year.
J.M. Smucker stock gained 4.6% after the jelly maker reported earnings for its fiscal fourth quarter that were above Wall Street expectations.
Victoria’s Secret stock was down 6.5%. While international sales for the lingerie retailer increased 15.6% in the first quarter from the prior year, North American sales declined 7.2%. “The retail environment in North America was challenging and the promotional environment was very competitive,” said Chief Executive Martin Waters.
Market News
Meta's WhatsApp launches new AI tools for businesses
Meta launched its first AI-driven ad targeting program for businesses on WhatsApp, as it tries to wring revenue out of the popular chat service, the company announced on Thursday at a conference in Brazil.
CEO Mark Zuckerberg announced the new tools in a video which was exhibited during the event.
The announcement marks a shift for WhatsApp, an encrypted messaging service that heavily touts its privacy credentials and has long eschewed the types of targeted advertising tools that underpin Meta's other apps, like Facebook and Instagram.
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