February 22, 2024

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Stocks turn lower, Disney falls ahead of earnings

3 min read

U.S. equity markets opened near record highs, before turning lower midday Thursday, as investors countdown to another round of earnings after the closing bell.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 31342.16 -95.64 -0.30%
DIS WALT DISNEY COMPANY 189.03 -0.55 -0.29%

The Dow Jones Industrial Average slipped, as Disney gave up earlier gains ahead of quarterly results after the close of trading.

Energy stocks also retreated, along with oil prices, dragging the S&P 500 down 0.29%. West Texas Intermediate crude oil fell 47 cents to $58.27 per barrel.

Ticker Security Last Change Change %
SP500 S&P 500 3905.81 -4.07 -0.10%
XLE ENERGY SELECT SECTOR SPDR ETF 43.61 -1.09 -2.44%

The Nasdaq also dropped 0.2% but the standout was Bumble. The dating app soared in its debut opening at $76 per share, after pricing at $43.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 13993.52936 +21.00 +0.15%
BMBL BUMBLE INC 74.75 -1.25 -1.64%

In other news, President Biden held his first call with Chinese President Xi Jinping.

“President Biden affirmed his priorities of protecting the American people’s security, prosperity, health, and way of life, and preserving a free and open Indo-Pacific,” the White House said.

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In stocks, Uber Technologies Inc.’s quarterly net loss narrowed by 20% as a booming food-delivery business helped to partially offset further weakness in ride-sharing.

Ticker Security Last Change Change %
UBER UBER TECHNOLOGIES INC. 62.10 -1.09 -1.72%

PepsiCo Inc. said quarterly revenue rose 8.8% from a year ago as the COVID-19 pandemic led to increased demand for snacks and beverages. The company expects earnings and revenue growth to “be consistent” with its long-term objectives.

Ticker Security Last Change Change %
PEP PEPSICO INC. 135.98 -1.72 -1.25%
KO COCA-COLA COMPANY 50.48 +0.88 +1.77%

MGM Resorts International saw a 53% year-over-year decline in quarterly revenue as its casino business in Las Vegas and Macau continued to reel in the wake of COVID-19. The company expects demand in Las Vegas to return later this year and said its sports betting unit, BetMGM, will be in 20 markets by yearend.

Ticker Security Last Change Change %
MGM MGM RESORTS INTERNATIONAL 35.15 -1.39 -3.80%

In deals, Kraft Heinz Co. agreed to sell its nuts business to Hormel Foods Corp. for $3.35 billion in cash. The deal includes the Planters nut brand, NUT-rition, Planters Cheez Balls and Corn Nuts brands.

Ticker Security Last Change Change %
KHC KRAFT HEINZ COMPANY 35.68 +1.79 +5.29%
HRL HORMEL FOODS 47.78 -2.05 -4.11%

Shares of cannabis companies were active again Thursday morning amid continued speculation that major reform could take place with Democrats controlling the White House and both chambers of Congress.

Ticker Security Last Change Change %
TLRY TILRAY INC 38.95 -24.96 -39.05%
CGC CANOPY GROWTH CORP 41.12 -11.05 -21.19%
ACB AURORA CANNABIS 15.42 -3.48 -18.41%

In commodities, gold ticked up $1.30 to $1,844.10 an ounce.

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Overseas markets were higher across the board with Germany’s DAX 30 leading the advance in Europe, up 0.69%, while France’s CAC 40 and Britain’s FTSE 100 were both up fractionally.

In Asia, Japan’s Nikkei 225 edged up 0.19% while Hong Kong’s Hang Seng index rose 0.45% in a half day of trading ahead of the Chinese New Year break. China’s Shanghai Composite was closed.

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