Editor: Chloe
Hey moomooers,
Good evening. Here is the latest Market Recap for you.
U.S. stocks grew on Monday to give a good start of May. Investors piled into shares that would benefit the most from an economic reopening, making retail stocks the big movers.
How did major indexes fare?
The $Dow Jones Industrial Average(.DJI.US)$ grew 238 points, or 0.7%, to 34,113.
The $S&P 500 index(.SPX.US)$ gained 11.5 points, or 0.27%, to close at 4,192.7.
The $Nasdaq Composite Index(.IXIC.US)$ slid 67.6 points, or 0.48%, to settle at 13,895.
Source: moomoo
What drove the market?
Investors piled into shares that would benefit the most from an economic reopening. Retail stocks led the market advance with Gap and Macy’s rallying more than 7%. Dillard’s rose nearly 10%, while Urban Outfitters and Kohl’s both gained more than 5%.
Buying activity picked up within industrials, Boeing and Delta saw heavy trading activity as investors may be taking advantage of depressed pricing and banking on reopenings.
-Chris Larkin, managing director of trading and investing product at E-Trade Financial
States continued to relax restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.
Many of the factors driving markets remain in place, including vaccine optimism, the economic reopening, and accelerating earnings, though inflation and valuation concerns remain.
-Mark Hackett, Nationwide's chief of investment research
Which stocks were in focus?
$The Mosaic Co(MOS.US)$— Shares of the fertilizer maker dipped more than 3% in extended trading after the company’s first-quarter results were released. Mosaic earned 57 cents per share excluding items on $2.3 billion in revenue. Analysts surveyed by FactSet were expecting the company to earn 54 cents per share on $2.26 billion in revenue.
$Under Armour, Inc. Class A(UAA.US)$— Shares of the retailer briefly gained more than 1% after the company said it has entered into a settlement with the SEC over disclosure failures. Under Armour said in a statement that it has agreed to pay a civil monetary penalty of $9 million, in addition to other non-monetary settlement terms.
$ZoomInfo Technologies Inc(ZI.US)$— ZoomInfo Technologies climbed 1.9% on the back of the company’s first-quarter earnings. The software-as-a-service company earned 13 cents per share for the period, excluding items, while posting revenue of $153.3 million. Analysts surveyed by FactSet were expecting the company to earn 10 cents per share and report sales of $145.5 million.
$XPO Logistics Inc(XPO.US)$— XPO Logistics slid 1.8% despite the company beating top and bottom line estimates during the first quarter. The logistics solutions name earned $1.46 per share excluding items, compared to the expected 97-cent per share profit analysts surveyed by Refinitiv were expecting. Revenue came in at $4.77 billion, ahead of the expected $4.33 billion.
$Domtar Corp(UFS.US)$— Shares jumped 16% following a report from Bloombergthat Paper Excellence is exploring taking the company private. The report cites people familiar with the matter.
Source: Market Watch, CNBC
Comment(2)
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