Daily market update Industrial

Daily market update

Industrials, consumer discretionary, growth tech and semiconductors were all industries hit amid fears of easing growth in the economy. Meanwhile, defensive stocks outperformed.

“You’ve just got this volatility that nobody seems to be able to get their head around,” said Tim Lesko, a senior wealth advisor at Mariner Wealth Advisors.

Lesko said more investors are starting to accept that a recession may be on the horizon after the Fed’s decision this week to hike rates by 75 basis points and FedEx CEO Raj Subramaniam saying on CNBC last week that he believed one was imminent. Once that happens, Lesko said investors will react differently.

“At some point, they’ll figure out that recession doesn’t mean the end of the world, and they’ll start getting constructive on stocks again,” he said. “But right now, we’re acting as if the sky’s falling.”

2 HOURS AGO

Costco, Scholastic shares fall after reporting earnings

Scholastic

and Costco

both saw shares fall in post-market trading Thursday after reporting quarterly earnings.

Scholastic shares fell 3.3% after sharing declines of 82% and 74% in operating income and earnings before taxes in the first quarter compared to the same period a year ago. The children’s book maker saw a 1% increase in revenue.

Costco, the wholesale retail chain, was down about 2.6% after reporting its third-quarter earnings. Though the company posted expectation-beating increases in earnings per share and revenue that also marked improvements from a year ago, the company reported increases in freight and labor costs.

— Alex Harring

2 HOURS AGO

Futures start flat in post-market trading

Stock futures were flat after another tumultuous day, as investors continue grappling with the Federal Reserve’s decision to up rates and worries about the health of the economy.

Dow Jones Futures went up 41 points, or .14%, to 30,190. The S&P 500 was up 4 points, which translates to .11%, at 3,776. The Nasdaq 100 rose 10 points, .09%, to 11,575,50.

— Alex Harring

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