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Stock futures slide after better-than-expected jobs report boosts yields: Live updates
8 Mins Ago
U.S. jobs growth for May comes in much hotter than expected
The U.S. economy added 272,000 jobs in May, easily surpassing the 190,000 Dow Jones consensus estimate. Stock futures fell to session lows after the report was released, signaling investors are growing wary of the Federal Reserve’s ability to cut rates later this year.
— Fred Imbert
17 Mins Ago
Stocks making the biggest moves before the bell
Here are the stocks making the biggest moves before the bell:
- GameStop — The meme stock declined 15% premarket, giving up a gain of nearly 30% earlier. GameStop posted a surprise earnings report, showing net sales of $882 million for the first quarter, down 29% from a year prior.
- Lyft — Shares of the ride-sharing company added more than 3%. Multiple analysts upgraded the stock to buy following Lyft’s investor day Thursday.
- Vail Resorts — The ski resort owner sank 8% after posting disappointing quarterly results that fell short of Wall Street’s estimates for both sales and net income.
Read the full list of stocks on the move here.
— Samantha Subin
An Hour Ago
GameStop reports 29% sales decline in Q1
GameStop reported its first-quarter results Friday, showing a steep decline in sales along with a loss on the bottom line.
The video game retailer on Friday posted net sales of $881.8 million for the period. That’s down 29% from $1.237 billion a year prior. The sales decline was steeper than the two Wall Street analysts that cover the stock expected. The company also lost $32.3 million during the quarter.
Shares were more than 20% despite the results as traders awaited a livestream from meme trader “Roaring Kitty” slated to begin at noon ET.
— Fred Imbert
5 Hours Ago
European markets marginally lower
European stocks were slightly lower on Friday, after closing at a record high during the previous session following the European Central Bank’s decision to cut rates for the first time since 2019.
The pan-European Stoxx 600 was down 0.04% in early deals, with all major bourses and the majority of sectors in the red.
The U.K.’s FTSE 100 was down 0.2% at 8,268, Germany’s DAX was 0.4% lower at 18,580, France’s CAC 40 0.3% down at 8,017, and Italy’s FTSE MIB 0.3% lower at 34,726.
7 Hours Ago
Nio shares plunge 7% even as CEO announces Middle East expansion plans
Shares of Chinese EV company Nio plunged over 7% even as CEO William Li announced plans to expand to the Middle East this year.
The nearly 10-year-old company will also start shipping its lowest-cost brand, Firefly, in the first half of next year, Li said.
Nio, which recently received funding from Middle East-based investors, saw record-high deliveries of 20,544 vehicles in May.
The U.S.-listed Chinese carmaker, which has been operating at a loss, plans to start offering its products and services in the United Arab Emirates by the end of this year, Li said, according to a FactSet transcript.
Read the full story here.
— Evelyn Cheng
8 Hours Ago
China May exports beat expectations, but imports fall short
China’s May exports beat expectations, climbing 7.6% against the 6% expected by a Reuters poll of economists and vastly higher than the 1.5% rise seen in April.
However, imports climbed 1.8% year on year, missing the 4.2% expected in a Reuters poll and slowing from the 8.4% gain in April.
The Caixin manufacturing purchasing managers’ index showed that new export orders grew in May for a fifth-straight month, although at a slower pace.
Read the full story here.
— Evelyn Cheng
12 Hours Ago
Japan’s household spending rises for the first time since February 2023, but misses estimates
Real household spending in Japan climbed 0.5% year on year in April, rising for the first month since February 2023, but missed Reuters poll estimates of a 0.6% growth.
The average of monthly consumption expenditures per household for April was 313,300 yen, up 3.4% in nominal terms.
The average monthly income per household stood at 566,457 yen, up 2.3% in nominal terms, but down 0.6% in real terms from the previous year.
April’s data is significant as most Japanese companies restart their financial year and enact corporate changes in that month, which means that the record wage increases that unions managed to negotiate this year would most likely take effect from April.
— Lim Hui Jie
13 Hours Ago
Waystar announces pricing of initial public offering
Waystar, a health-care payments software maker, has raised $968 million in its initial public offering, the company said Thursday. The IPO of 45 million shares was priced at $21.50 per share.
The shares are expected to begin trading on the Nasdaq on June 7 under the symbol WAY. The offering is expected to close on June 10, subject to customary closing conditions.
— Tanaya Macheel
14 Hours Ago
Stocks making the biggest moves after hours
These are some of the biggest movers in extended trading Thursday:
- Vail Resorts — The resort operator saw its stock fall more than 5% after posting fiscal third-quarter earnings of $9.54 per share on revenue of $1.28 billion. Those results missed analysts’ expectations of $9.97 in earnings per share on revenue of $1.3 billion, according to LSEG.
- DocuSign — The electronic signature company lost 6%. DocuSign reported first-quarter adjusted earnings of 82 cents per share on revenue of $710 million. Analysts called for 79 cents a share in earnings and revenue of $707 million, per LSEG. DocuSign also authorized a $1 billion share repurchase increase.
- Braze — The customer engagement platform provider surged about 13% on better-than-expected results for the first quarter. Braze reported an adjusted loss of 5 cents per share, while analysts expected a loss of 10 cents per share, according to LSEG. Revenue came in at $135 million, slightly topping expectations of $132 million.
For more names on the move, check out our full list here.
— Tanaya Macheel
14 Hours Ago
Stock futures open flat
Stock futures were little changed to begin trading Thursday evening.
Futures tied to the Dow Jones Industrial Index inched higher by 13 points, or 0.03%. S&P 500 futures and Nasdaq 100 futures hovered under the flat line at 0.05% and 0.01%, respectively.
— Tanaya Macheel