Industry Watch Strong: None Weak: Consumer Discretionary, Information Technology, Communication Services
Moving the Market
-- Stocks coughed up yesterday's relief rally (and some) in a hurry
-- Growth stocks led retreat as 10-yr yield hit 3.10%
-- Unit labor costs soared during the first quarter
-- Disappointing earnings/guidance from e-commerce companies
Crude futures eke out gain 05-May-22 15:30 ET Dow -1339.80 at 32721.26, Nasdaq -770.49 at 12194.36, S&P -190.29 at 4109.88
[BRIEFING.COM] The S&P 500 is now down by 4.4% in an all-around ugly session.
One last look at the S&P 500 sectors shows steep losses across the board. The consumer discretionary (-6.8%) and information technology (-5.9%) sectors are down about 7% and 6%, respectively, while the utilities sector is down the least with a sharp 1.8% decline.
WTI crude futures increased $0.23 (+0.2%) to $108.20/barrel. Deflated sentiment 05-May-22 15:00 ET Dow -1159.40 at 32901.66, Nasdaq -681.25 at 12283.60, S&P -161.64 at 4138.53
[BRIEFING.COM] There remains a deflating feeling in the stock market with the S&P 500 down 3.8%.
There's been little interest to buy the dip and a lot of interest to hedge against further downside. It'll be interesting to see if that bearish sentiment drives some short-covering activity into the close, but for now, it's more of the same.
Looking ahead, Block (SQ 94.47, -12.31, -11.4%), Zillow (ZG 38.85, -4.26, -9.9%), Illumina (ILMN 291.06, -16.62, -5.4%), and DoorDash (DASH 71.72, -9.92, -12.2%) are some notable companies that will report earnings after the close. Note, there will be a plethora of earnings news after the close -- one of the biggest days this earnings season. Cognizant, Qorvo underperform after earnings 05-May-22 14:30 ET Dow -1148.38 at 32912.68, Nasdaq -680.84 at 12284.01, S&P -161.43 at 4138.74
[BRIEFING.COM] The S&P 500 (-3.75%) is firmly in second place to this point on Thursday afternoon.
S&P 500 constituents Cognizant Tech (CTSH 73.49, -10.87, -12.89%), Align Tech (ALGN 280.75, -30.14, -9.69%), and Qorvo (QRVO 108.97, -10.37, -8.69%) pepper the bottom of today's trading. Both CTSH and QRVO reported earnings.
Meanwhile, Charlotte-based materials firm Albemarle (ALB 231.92, +16.45, +7.63%) is one of today's top performers following last night's earnings. Gold higher alongside dollar, yields 05-May-22 14:00 ET Dow -110.74 at 33950.32, Nasdaq -659.61 at 12305.24, S&P -155.91 at 4144.26
[BRIEFING.COM] With about two hours to go on Thursday the tech-heavy Nasdaq Composite (-5.09%) slides to session lows.
Gold futures settled $6.90 higher (+0.3%) to $1,875.70/oz even despite eye-catching gains in yields and the dollar.
Meanwhile, the U.S. Dollar Index adds +1.2% to $103.78. Salesforce, Nike underperform on Thursday 05-May-22 13:30 ET Dow -1015.77 at 33045.29, Nasdaq -609.66 at 12355.19, S&P -144.54 at 4155.63
[BRIEFING.COM] The Dow Jones Industrial Average (-2.98%) holds the "slimmest" declines on the session.
A look inside the DJIA shows that Salesforce (CRM 171.94, -13.54, -7.30%), Nike (NKE 118.97, -7.09, -5.62%), and Home Depot (HD 300.76, -14.55, -4.61%) are among today's top decliners.
Conversely, beverage firm Coca-Cola (KO 64.65, -0.38, -0.58%) relatively outperforms though still holds modest losses.
The DJIA trims month-to-date gains to just +0.21%.
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