Stocks closed lower on Thursday as investors dealt with a series of disappointing corporate earnings reports and awaited tomorrow's key inflation update.
He Dow Jones Industrial Average suffered a notable loss today as Sales force (CRM ) collapsed after earnings, but the frontline stocks He wasn't the biggest loser of the day.
Without a doubt, CRM's 19.7% drop was the biggest one-day loss for the Dow Jones Stocks lost in the top line
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But Kohl's (K.S.S. ) plummeted 22.9% โ its worst day on record โ after the department store chain reported a surprise loss
"Our first quarter results fell short of our expectations and do not reflect the direction we are taking with our strategic initiatives," CEO Tom Kingsbury said in the earnings release.
Path to UI (PATH ), meanwhile, plunged 34% as news that the automation company's CEO will step down at the end of this week more than offset a jump in fiscal first-quarter earnings. PATH also lowered its full-year forecast.
"These developments suggest that the business is in transition and will raise concerns that artificial intelligence is weakening the company's moat rather than strengthening it," says analyst Oppenheimer. Brian Schwartz
HP jumps after beating earnings
However, it wasn't all doom and gloom on the earnings front. horsepower (HPQ ) shares rose 17% after the PC and printer maker posted Better-than-expected fiscal third quarter results
HPQ, who happened to be a member of Warren Buffett 's Berkshire Hathaway Wallet
Best Buy (BBY +13.4%) and shoe drawer (Florida +14.9%) also made notable gains after the results.
As for the main indices, the Dow fell 0.9% to 38,111, the S&P 500 lost 0.6% to 5,235, and the Nasdaq Compound
First quarter GDP revised downwards
The losses came even as a downwardly revised gross domestic product (GDP) in the first quarter (1.3% versus 1.6% in the initial reading) boosted expectations that the Federal Reserve could begin cutting Interest rates
In fact, according to the CME Group report FedWatch Tool
There will be more clarity on the issue tomorrow with the release of April's consumer price and personal expenditure (PCE) index, the Federal Reserve's preferred measure. inflation
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