Gold Gains 1%; Best Buy Posts Upbeat Earnings

Best Buy Co.,Inc. +2.19%
Foot Locker, Inc. +1.73%
Maxeon Solar Technologies, Ltd. -3.29%
NovaBay Pharmaceuticals, Inc. -3.74%
OneMedNet Corp - Class A Common Stock -0.23%

Best Buy Co.,Inc.




Foot Locker, Inc.




Maxeon Solar Technologies, Ltd.




NovaBay Pharmaceuticals, Inc.




OneMedNet Corp - Class A Common Stock




U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 300 points on Thursday.

The Dow traded down 0.83% to 38,122.78 while the NASDAQ fell 0.67% to 16,807.02. The S&P 500 also fell, dropping, 0.36% to 5,247.83.

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Leading and Lagging Sectors

Real estate shares rose by 1.3% on Thursday.

In trading on Thursday, information technology shares dipped by 1.3%.

Top Headline

Best Buy Co., Inc (NYSE:BBY) reported better-than-expected earnings for its fiscal first quarter.

The company posted adjusted EPS of $1.20, beating the street view of $1.08. Quarterly sales of $8.85 billion missed the analyst consensus of $8.96 billion. The firm approved a regular quarterly dividend of $0.94 per share.

Equities Trading UP

Foot Locker, Inc. (NYSE:FL) shares shot up 19% to $26.70 following a first-quarter earnings beat.

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) got a boost, surging 15% to $7.71 following first-quarter results.

OneMedNet Corporation (NASDAQ:ONMD) shares were also up, gaining 29% to $2.52 after the company announced that it has entered into a non-exclusive three-year Master Services Agreement with an undisclosed U.S.-based medical technology company.

Equities Trading DOWN

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) shares dropped 35% to $2.0108 after the company reported worse-than-expected first-quarter financial results and issued FY24 revenue guidance below estimates.

Shares of NovaBay Pharmaceuticals, Inc. (NYSE:NBY) were down 36% to $0.1041. NovaBay Pharmaceuticals announced plans for a 1-for-35 reverse stock split and revealed the receipt of NYSE American notice regarding stockholders' equity.

UiPath Inc. (NYSE:PATH) was down, falling 34% to $12.09 after the company reported first-quarter earnings, issued weak revenue guidance and announced a CEO transition. Some analysts downgraded the stock following the report.

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In commodity news, oil traded down 1.9% to $77.75 while gold traded up 1% at $2,364.90.

Silver traded down 2.7% to $31.485 on Thursday, while copper fell 2.7% to $4.6630.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.59%, Germany's DAX gained 0.13% and France's CAC 40 gained 0.55%. Spain's IBEX 35 Index jumped 1.73%, while London's FTSE 100 gained 0.59%.

The services sentiment indicator in the Eurozone rose to 6.5 in May from 6.1 in April, while industry confidence indicator climbed to -9.9 in May versus a revised reading of -10.4 in April. Consumer confidence in the Eurozone gained by 0.4 points to -14.3 in May, while economic sentiment indicator surged to 96 points in May, recording the highest level in four months. The unemployment rate in the Eurozone fell to a new record low of 6.4% in April.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan's Nikkei falling 1.30%, China's Composite Index dipping 0.62%, Hong Kong's Hang Seng Index falling 1.34% and India's S&P BSE Sensex falling 0.83%.


  • U.S. wholesale inventories increased by 0.2% month-over-month in April following a 0.4% decline in the previous month and versus market estimates of a 0.1% fall.
  • The U.S. trade deficit in goods increased to $99.41 billion in April following a revised $92.29 billion gap in the earlier month.
  • U.S. initial jobless claims increased by 3,000 to 219,000 in the week ending May 25, compared to market estimates of 218,000.
  • The U.S. economy grew an annualized 1.3% in the first quarter, compared to 3.4% in the prior quarter.
  • Pending home sales fell by 7.7% month-over-month in April.
  • The EIA said stocks of crude oil in the U.S. fell by 4.16 million barrels in the week ending May 24 compared to market estimates of a 1.95 million barrels fall.
  • U.S. natural-gas supplies rose 84 billion cubic feet during the week ended May 24.

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