Hey moomooers,
Good evening. Here is the latest Market Recap for you.
Wall Street shares were mixed on Wednesday, with the Nasdaq closing at a record high, while other major U.S. indexes ended lower alongside European stocks as traders eyed the latest statements from Federal Reserve officials.
Stocks to watch: $Beyond Meat Inc(BYND.US)$, $KB Home(KBH.US)$, $Steelcase Inc(SCS.US)$, $Sprinklr, Inc.(CXM.US)$.
The $S&P 500 index(.SPX.US)$ erased modest gains earlier and closed in the red on Wednesday as the market's comeback rally took a breather. The broad equity benchmark dipped 0.1% to 4,241.84, falling for the first day in three and sitting 0.4% from an all-time high.
The $Dow Jones Industrial Average(.DJI.US)$ fell 71.34 points, or 0.2%, 33,874.24.
The $Nasdaq Composite Index(.IXIC.US)$ was the relative outperformer with a 0.1% gain at 14,271.73, eking out another record closing high.
Stock futures opened flat in overnight trading after the market's comeback rally hit a speedbump on Wednesday.
Futures on the Dow Jones Industrial Average added 44 points or 0.13%. S&P 500 futures ticked 0.09% higher and Nasdaq 100 futures edged up 0.12%.
What drove the market?
Traders eyed the latest statements from Federal Reserve officials
Stocks are facing a full count set-up in the second half.
Risk for tighter monetary policy appears to growing along with uncertainty over market leadership, the trajectory of the economic recovery, and the sustainability of inflation. This backdrop will likely create some volatility curveballs, but not strikeouts for the secular bull market.
-Craig Johnson, chief market technician at Piper Sandler
Fed Chairman Jerome Powell testified before a special House panel on Tuesday, which appeared to lift sentiment as he reiterated that inflation pressures will be temporary.
Which stocks were in focus?
$Beyond Meat Inc(BYND.US)$ — Shares of the plant-based meat company dipped 1.3% in extended trading after JPMorgan reported that Dunkin'recently discontinued the Beyond Sausage breakfast sandwich. "We personally enjoyed the Beyond Sausage sandwich at Dunkin' and thought it was one of BYND's best, but apparently it did not sell as well as expected," JPMorgan's Ken Goldman and Anoori Naughton said in a note.
$KB Home(KBH.US)$ — Shares of KB Home fell 3.2% in extended trading after the homebuilder reported mixed second-quarter financial results. The company posted earnings of $1.50 per share, topping analysts expectations of $1.32 per share, according to Refinitiv. However, KB Home's quarterly revenue of $1.44 billion missed Wall Street's estimates; analysts were looking for revenue of $1.5 billion.
$Steelcase Inc(SCS.US)$ — Steelcase shares added 4.5% after hours following better-than-expected first-quarter financial results. The furniture company reported a loss of 24 cents per share, slimmer than analysts' expectation of 30 cents lost per share, according to FactSet. Steelcase also announced it will restore its quarterly cash dividend to the pre-pandemic level of $0.145 per share.
$Sprinklr, Inc.(CXM.US)$ — Sprinklr shares jumped nearly 10% after hours following the customer experience software company's public debut on Wednesday. The shares opened at $14.60 and closed the regular session at $17.60.
Source: Bloomberg, CNBC
By Mia