Stock Market News for May 31, 2024

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Stock Market News for May 31, 2024

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U.S. stock Markets closed sharply lower for second consecutive day following disappointing earnings results and guidance of a technology giant. This result pulled down other technology bigwigs. Market...

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This result pulled down other technology bigwigs. Market...</p>\n\n<a href=\"https://finance.yahoo.com/news/stock-market-news-may-31-082200630.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0109392836.USD","symbol_name":"富兰克林科技股A","start_time":0,"source_url":"https://finance.yahoo.com/news/stock-market-news-may-31-082200630.html","article_id":"2439964748","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Rvh6XxUpOnszv6gkakmjCQ--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/1698dff4cad4b363da09e89db8f1622a"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2439964748","pubTimestamp":1717143720,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"U.S. stock Markets closed sharply lower for second consecutive day following disappointing earnings results and guidance of a technology giant. 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This result pulled down other technology bigwigs. Market participants also digested mixed economic data. All three major stock indexes ended in negative territory.\nHow Did The Benchmarks Perform?\nThe Dow Jones Industrial Average (DJI) slid 0.9% or 330.06 points to close at 38,111.48. 21 components of the 30-stock index ended in negative territory, while nine in positive zone. The tech-heavy Nasdaq Composite finished at 16,737.08, plummeting 1.1% due to weak performance by U.S. technology behemoths.\nThe S&P 500 tumbled 0.6% to finish at 5,235.48. However, eight out of the 11 broad sectors of the broad-market index ended in positive territory, while three in negative zone. The Real Estate Select Sector SPDR (XLRE) and the Utilities Select Sector SPDR (XLU) surged 1.4% each. On the other hand, the Technology Select Sector SPDR (XLK) tumbled 2.3%.  The fear-gauge CBOE Volatility Index (VIX) was up 1.3% to 14.47. A total of 12.10 billion shares were traded on Thursday, lower than the last 20-session average of 12.39 billion. Advancers outnumbered decliners on the NYSE by a 2.57-to-1 ratio. On Nasdaq, a 1.41-to-1 ratio favored advancing issues.\nSalesforce Tumbles\nOn May 29, after the closing bell, Salesforce Inc. CRM reported mixed earnings results for first-quarter fiscal 2025. Quarterly adjusted earnings per share (EPS) was $2.44, surpassing the Zacks Consensus Estimate of $2.38. However, quarterly revenues of $9.13 billion marginally missed the Zacks Consensus Estimate of $9.14 million. This happened for the first time since 2006.Moreover, the globally leading provider of on-demand Customer Relationship Management (CRM) software projected second-quarter fiscal 2025 sales in the range of $9.20 - $9.25 billion. Its mid-point of $9.225 billion, is lower than the Zacks Consensus Estimate of $9.32 billion. The adjusted EPS has been estimated in the range of $2.34-$2.36. Its mid-point of $2.35, is well below the Zacks Consensus Estimate of $2.40.Consequently, the stock price of Salesforce plunged 19.7%, marking Its worst daily performance since Jul 4, 2004. Salesforce currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nEconomic Data\nThe Department of Commerce revised downward of the U.S. GDP growth rate for first-quarter 2024 to 1.3% from 1.6% reported earlier. The data is notably slower compared with 3.4% GDP growth rate in fourth-quarter 2023. This marked the lowest quarterly GDP growth rate since second-quarter 2022.Corporate profits dropped for the first time in a year, falling 0.6% to $3.39 trillion from previous quarter’s record high level. Consumer spending was revised downward to 2% annualized rate from 2.5% reported earlier. This was primarily due to lack of household spending on durable goods.Personal consumption expenditure (PCE) inflation rate was revised downward to 3.3% from 3.4% reported earlier. Gross domestic income grew 1.5%, down sharply from the fourth quarter's 3.6% rate and the lowest since the second quarter of 2023.The Department of Labor reported that initial claims increased 3,000 to 219,000 for the week ended May 25, higher-than the consensus estimate of 218,000. Previous week’s data was revised upward by 1,000 to 216,000. Continuing claims (those who have already received government aids and reported a week behind) increased 4,000 to 1.791 million for the week ended May 18. The previous week's level was revised downward by 7,000 from 1.794 million to 1.787 million.\nThe National Association of REALTORS reported that pending home sales decreased 7.7% in April. However, the consensus estimate was for an increase of 0.4%. The metric for March was revised upward to an increase of 3.6% from 3.4% reported earlier.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nSalesforce Inc. (CRM) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}