Top Movers of the Day
1min read The market saw a mixed performance, with early gains losing momentum due to declines in semiconductor and mega-cap stocks, despite overall progress in other sectors. The Dow Jones Industrial Average hit a new all-time high for the third time in four sessions, while Nvidia's 6% drop after solid quarterly results weighed on other chip stocks, highlighting a shift away from tech leadership.
Investors are focusing on a broader market rally, with old-economy sectors like industrials, materials, and financials showing strength. The market's attention is now on upcoming economic data, particularly the July Personal Consumption Expenditures (PCE) report, which could influence the Federal Reserve's decision on interest rates.
Sector-wise, tech was the only sector with significant losses, while energy and industrials boosted the Dow. The market remains cautious, with low trading volumes ahead of the Labor Day holiday. Looking forward, the PCE report and upcoming economic data will be critical in shaping market sentiment and the Fed's monetary policy decisions.
Several major companies experienced significant stock movements due to updates in their financial performance and guidance:
Dollar General shares plummeted 32% after the company reduced its full-year sales and profit forecast, citing weaker sales trends due to financially constrained core customers. Competitor Dollar Tree also fell over 10% in sympathy.
Affirm shares surged 32% following a better-than-expected revenue outlook for the fiscal first quarter, projecting revenues above analyst expectations.
Best Buy saw a 14% jump in shares after raising its earnings outlook for the fiscal year and reporting stronger-than-expected second-quarter results.
Okta shares dropped over 17% due to lower-than-expected billings and a double downgrade by Bank of America.
Birkenstock fell more than 16% after reaffirming its full-year revenue guidance but reporting lower-than-expected third-quarter earnings.
Pure Storage shares plunged nearly 16% following third-quarter operating income guidance that fell short of analysts' expectations.
Nvidia dropped over 6% despite exceeding earnings expectations, as its third-quarter revenue forecast didn't meet investors' high hopes.
Veeva Systems rose nearly 9% after surpassing earnings and revenue expectations for the fiscal second quarter.
Crowdstrike gained nearly 3% on strong quarterly earnings and revenue, though it lowered its full-year outlook due to a recent global outage.
HP Inc. shares advanced 2% after better-than-expected third-quarter revenue, despite missing earnings estimates.
Victoria's Secret slipped 3.7% despite raising its full-year outlook, as it still anticipates a slight year-over-year decline in net sales.