DAILY UPDATE: +/- Stocks and Dull Market Reviews

MEDICAL EXECUTIVE-POST TODAY’S NEWSLETTER BRIEFING

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What’s up

What’s down

  • Victoria’s Secret shares dropped 6.37% even though the company met both earnings and revenue estimates this quarter. It’s still mid-turnaround, however, and high debt remains a concern for investors.
  • Big Lots shares tanked 18.32% after the company announced abysmal earnings thanks to core customers cutting back their spending.
  • Canopy Growth shares dropped 8.45% after the marijuana producer announced plans to sell more shares in order to keep the company afloat.
  • Five Below shares fell 10.60% after announcing unimpressive earnings as low-income customers get squeezed by inflation.
  • Nio shares dropped 6.92% after the EV maker announced slower earnings than anticipated thanks to the ongoing decline in EV sales.

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Here’s where the major benchmarks ended:

  • The S&P 500 index fell 1.07 points (0.02%) to 5,352.96; the Dow Jones Industrial Average® ($DJI) gained 78.84 points (0.2%) to 38,886.17; the NASDAQ Composite eased 14.78 points (0.1%) to 17,173.12.
  • The 10-year Treasury note yield (TNX) fell slightly to 4.285%.
  • The CBOE Volatility Index® (VIX) declined 0.05 to  12.58.

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