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Dow tops 40,000 for the first time: Will the U.S. market rally march on?
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Earnings Biting, GDP Lower in Q1 | Wall Street Today

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Moomoo Recap US joined discussion · May 30 15:24
Earnings Biting, GDP Lower in Q1 | Wall Street Today
Indexs fell Thursday after harsh earnings reactions. Overall, there was more green than red out there, but by the numbers after the close, the $S&P 500 Index traded -0.60%, the $Dow Jones Industrial Average fell about 0.86%, and the $Nasdaq Composite Index fell 1.08%.
By direction, 4900 equities declined while 8200 advanced, despite index movement, more equities were climbing.
Earnings Biting, GDP Lower in Q1 | Wall Street Today
MACRO
Federal Reserve Bank of New York President John Williams said on Thursday that the current monetary policy stance is restrictive enough to bring inflation down to a 2% annual pace by next year without a meaningful slowdown in the economy or an increase in the unemployment rate.
"The behavior of the economy over the past year provides ample evidence that monetary policy is restrictive in a way that helps us achieve our goals," Williams said to the Economic Club of New York.
In macro Thursday, revised  GDP numbers for Q1 showed the U.S. economy grew at a slower 1.3% annual pace in the first three months of the year, largely due to softer consumer spending. The numbers were revised down from a previous 1.6%. It was the smallest increase in twpo years, and one of the largest drivers of the economy, consumer spending, fell to 2% growth from a .5% figure last month.
Wednesday, the Fed Beige book summarized the economic activity across each Federal Reserve Region. INvestors still await the Personal Consumption Index inflation gauge on Friday. In market-related news, the SEC implemented a "T+1" settlement structure Tuesday, meaning stocks and equity trades will settle the day after they are made, after sitting at two days settlement since 2017, and three days before.
Last week the FOMC meeting minutes from the April 30-May 1 meeting showed that members felt uncertainty in the possibility that "high interest rates may have smaller effects than in the past." Some members said they would be willing to raise rates.
SECTORS
In sectors, 'Software' was falling hard on UIPath and $Nutanix(NTNX.US)$ earnings. Nutanix fell 18%, and Software fell 3.7%
Earnings Biting, GDP Lower in Q1 | Wall Street Today
$Crude Oil Futures(AUG4)(CLmain.US)$ fell 1.67%, with an OPEC meeting scheduled for next week. Gold climbed 0.15 0.28%, while Silver prices fell 1.67%. Bitcoin climbed back 1%.
MOOVERS
$UiPath(PATH.US)$ fell 34% at open after the firm lowered its full year guidance during its earnings release, and announced the CEO would step down.
$Salesforce(CRM.US)$ was falling 19% after the firm's earnings outlook disappointed estimates, despite posting a profit of $1.53 billion compared to just under $200M a year ago quarter. The stock was the leading declines on the S&P 500.
$Kohl's Corp(KSS.US)$ shares plunged 22% after reporting earnings that missed estimates. Net sales fell 5.3% year over year.
In stark contrast,   $Foot Locker(FL.US)$ climbed 14% after reporting a decline in revenue year over year, which still came in above estimates. EPS came in a $0.22, down from $0.70 a year earlier, but analysts expected just $0.12.
$HP Inc(HPQ.US)$ was the highest advancing stock on the S&P, up 16% on earnings that showed a rebound in computer demand, and despite the announcement that the CEO would step down.
In contrast, $Dell Technologies(DELL.US)$ fell 13% after hours when the firm posted its own earnings that beat EPS and sales estimates.
WORD FROM THE HEARD: Mooers, what are you watching?
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