Equity Indexes Wrap: Tec💧h Stocks Drag Down Indexes W📖hile Semiconductors Tick Up

The Dow

Industrials gained as investors went risk off. 3M (MMM) added 1.9% and Caterpillar (CAT) climbed 1.4%.

JPMorgan Chase (JPM) rose 1.4% 💦after it reported credit card delinquencies fell in February. 

The Dow’s tech components led the index lower Friday. Salesforce (CRM) slipped 3%, while Amazon (AMZN) fell 2.4% and Microsoft (MSFT) gave up 2.1% a👍fter closing at a record high yesterday. 

McDonald’s (MCD) shed 0.9% amid reports of 澳洲幸运5官方开奖结果体彩网:widespread tech outages affecting the fast food chain. 

Apple (AAPL) dipped 0.2% after it said it would pay nearly $500 million to settle allegations CEO Tim Cook misled investors with statements in 2019 about iPhone demand in China.

The S&P 500

Steel Dynamics (STLD) gained 4.3% after 澳洲幸运5官方开奖结果体彩网:forecasting a first-quarter profit that exꦿceeded Wall Street’s expectations. 

Valero (VLO) rose 2.7% aft🐷er Bank of America upgraded the stock to buy, ci🍨ting an improved outlook for the U.S. refining ecosystem. 

Jabil (JBL) dropped 16.4% after the electronics manufacturing services firm’s quarterly sales 澳洲幸运5官方开奖结果体彩网:fell short of estimates, as did its current-quarter guidance.

Ulta Beauty (ULTA) fell 5.2% after forecasting profitability would 澳洲幸运5官方开奖结果体彩网:take a hit th༺is year amid higher supply chain costs and more promotions.&ꦓnbsp;

Software companies slipped, led by ServiceNow (NOW), down 4.7%, and Intuit (INTU), down 3.8%. 

Uber (UBER) slid 2% after it said it would 澳洲幸运5官方开奖结果体彩网:cease operations in Minneapolis on May 1 after the city council passed a new minimum wage law covering ride-share drivers. Lyft (LYFT), which will also leave the Twin Cities, lost 3.3%.

The Nasdaq 100

CoStar Group (CSGP) led the index, rising 8.3%. 

Semiconductor stocks rebounded from yesterday’s slump. Advanced Micro Devices (AMD) rose 2.1%, Micron (MU) added 2%, and Marvell Technology (MRVL) advanced 1.2%. 

Tesla (TSLA) ticked up 0.7% after three consecutive days of losse🥀s.&nbsꦜp;

Adobe (ADBE) shares tumbled 13.8% after it 澳洲幸运5官方开奖结果体彩网:forecast weaker-than-expected current-quarter sales despite topping revenue estimates in the most re😼cent quarter. 

Nvidia (NVDA) ticked down 0.1% ahead of its annual graphics processing unit tech event, 澳洲幸运5官方开奖结果体彩网:Nvidia GTC, next week. 

Steel Dynamics Stock Hits a Record High on 'Meaningfully Stronger' Profitability

Steel Dynamics (STLDꦯ) shares soared to a record high after the steel maker report🐟ed much better-than-expected guidance on booming demand.

The company predicts current quarter earnings per share (EPS) of $3.51 to $3.55, while analysts were looking for $3.32. Steel Dynamics said it anticipates profitability from its steel operations to be "meaningfully stronger" than its fourth quarter results.

While the company will give more details in its first quarter financial report on April 23, it pointed to increased shipments and earnings driven by the company's flat-rolled steel operations as fueling growth.

Based on its “continued confidence in its earnings outlook and 澳洲幸运5官方开奖结果体彩网:cash flow generation,” it had 澳洲幸运5官方开奖结果体彩网:repurchased📖 $279 million, or 1.4%, of its s🌸tock in the first quarter through March 11, the company said.

Shares of Steel Dynamics have added more than💯 a third of thei𒊎r value in the past year. 

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Madrigal Pharmaceuticals Soars After Gett🍷ing FDA Approval for Liver-Scarring Treatment

Shares of Madrigal Pharmaceuticals Inc. (MDGL) skyrocketed Friday after the Food and Drug Administration (FDA) gave accelerated🍎 approval for its drug, the first-ever drug to treat scarring caused by fatty liver disease approved by the regulator.

⛄The FDA said Madrigal’s drug Rezdiffra, along with diet and exercise, can be given to patients who are afflicted with noncirrhotic nonalcoholic steatohepatit𒅌is, or NASH, and have moderate to advanced liver scarring.

The 澳洲幸运5官方开奖结果体彩网:biotech company said that Rezdiffra was expected to be available to patients in the U.S. next 🎐month and be distributed through a limited specialty pharmacy network.

Shares of Madrigal Pharmaceuticals were 14% higher at around $277 Friday aft💜ernoon. They have adva𓆉nced by almost 30% so far this year.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Jabil Stock Plunges as Sales and Guidance Miss Estimates on 'Revenue Headwinds'

Jabil Inc. (JBL) was the worst-performing stock in the S&P 500 on Friday after the electronics manufacturing services firm’s second-quarter fiscal 2024 sales and current-quarter guidance missed esti🌃mates as it faced difficult economic conditions.

Jabil said that quarterly revenue declined 16.8% to $6.77 billion, short of forecasts. Core 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) came in at $1.68, slightly better than expected.

Jabil anticipates current-quarter revenue of $6.2 billion to $6.8 billion, and core EPS of between $1.65 and $2.05. Both were less than analysts had been looking for. In additiꦉon, the company lowered its full-year revenue guidance to $28.5 billion from $30.6 billion.

Jabil shares were down 16.2% at $123.63 Friday🍷 afternoon. Despite today🌠’s steep drop, the stock is up more than 50% over the past year.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Real Estate Stocks Tumble on NAR Settlement

Shares of real estate firms like Zillow (Z), Redfin (RDFN), and Compass (COMP) tumbled on Friday after the 澳洲幸运5官方开奖结果体彩网:National Association of Realtors (NAR) agreed to a $418 million settlement that could upend the way real estate brokers are compensated. 

As part of the settlement, NAR agreed to abandon longstanding rules that required home listings to include offers of broker compensation. In October, a Kansas City, Mo., jury determined that practice had kept U.S. real estate broker’s commissions artificially high.

The agreement also introduces a new rule that requires 澳洲幸运5官方开奖结果体彩网:Multiple Listing Service (MLS) participants to enter written agreements with buyers, effectively allowing buyers to negotiate with their agentsಌ and forgo some services. 

🐼 The $418 million settlement, which is subject to court approval, wi✅ll be paid out over four years. 

ꦿShares of digital home-listing provider Zillow tumbled more than 13% to a 3-month low on Friday. Brokerages Compass and Redfin slid 11% and 5%, respectively. 

Volatility Index Up on First Tr🌄iple Witching Day of 2024

The Cboe Volatility Index (VIX) rose more than 4% on Friday, th🍌e first of this🧸 year’s four triple witching days.

澳洲幸运5官方开奖结果体彩网:Triple witching refers to the simultaneous expiration of stock options, stock index options, and stock index futures contracts. It occurs on the third Friday of every March, June, September, and Decem♛ber. 

Triple witching days are characterized by above-average volatility i﷽n equity markets as trade🤡rs either close or roll out their positions. 

About $5 trillion worth of derivatives contracts expire today. More than $3 billion of index options and futures came due at the open. That leaves room for more volatility near the end of the day when about $2 trillion of single stock options and index derivatives will expire.

Ulta Beauty Stock Falls on Weak Margin Forecast

Ulta Beauty's (ULTA) stock fell F𓂃riday, a day🌱 after the beauty retailer reported fourth-quarter earnings that beat expectations but issued a weak margin forecast for 2024.

Ulta reported $394.4 million in net income, or diluted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $8.08, both above analyst estimates compiled by Visible Alpha.

For the 2024 fiscal year, Ulta projected net sales of $11.7 billion to $11.8 billion and diluted EPS of $26.20 to $27, above 2023 figures and analyst estimates. However, Ulta said it anticipates a lower profit margin of 14% to 14.3%, compared to 15% in 2023, with margins pressured by higher costs and increased promotions.

Ulta shares were down 5.5% at $535 late Friday morning, though they were up more than 9% year to date.⛦

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Ether Slips from Highs as Investors Lock in Profits🦩 After Upgrade

Ether (ETH), the native coin of the Ethereum blockchain and second largest cryptocurrency by 澳洲幸运5官方开奖结果体彩网:market capitalization, fell to about $3,700 early Friday morning, days after the network completed its highly anticipated Dencun upgrade, indicating investors may have already factored in⭕ the news.

The enhancement, which aims to improve the Ethereum ecosystem’s cost-effectiveness, added to bullish sentiment surrounding Ether, helping propel the cryptocurrဣency through the $4,000 level earlier this week.

Investors have also been hoping that the 澳洲幸运5官方开奖结果体彩网𒊎:U.S. Securities and Exchange Commission (SEC) will approve an Ether ETF application filed by asset manager BlackRock on May 23, though Bloomberg ETF analysts estimate the chances of an approval by that date at just 30%.

Ether started its current bull run in late October last year, with the uptrend gaining further momentum when the 澳洲幸运5官方开奖结果体彩网:50-day moving average crossed above the 澳洲幸运5官方开奖结果体彩网:200-day moving average just over a month later to form a bullish 澳洲幸运5官方开奖结果体彩网:golden cross chart pattern. Gains accelerated throughout February and early March before the price ran into resistance earlier thiไs week just above the🍒 closely watched $4,000 level.

Amid ongoing selling pressure, monitor key 澳洲幸运5官方开奖结果体彩网:Fibonacci retracement levels as potential areas of support. Currently, the 38.2% Fib level sits around $3,365, while the 50% Fib level lines up with the $3,135 regio𓂃n.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Adobe Stock🐷 Tumbles After Reporting Record Quarterly Revenue, Soft Guidance

Adobe (ADBE) shares tumbled Friday morning after the company beat first-quarter earnings estimates, but 🔯issued soft guidance for the second quarter.

The company reported first-quarter revenue for fiscal 2024 of $5.18 billion. This record high exceeded analyst estimates compiled by Visible Alpha and represented 11% year-over-year growth.

Adobe's net income for the quarter at $2.05 billion also beat analysts' expectations and was up from the previous quarter and year-ago period. Diluted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) at $4.48 surpassed proje🎶c🅺tions and grew from the quarter and year prior as well.

The company said it expects revenue in the second quarter ☂of between $5.25 billion and $5.3 billion. However, analysts had anticipated guidance at the higher end of this range at $5.3 billion.

Adobe shares dropped mo✨re than 13% to $493 Friday morning. Still, the stock has gained about 47% in the past year.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

Stocks Making the Biggest Moves Premarket

Gains:

• Madrigal Pharmaceuticals Inc. (MDGL): Shares of the biopharmaceutical company jumped more than 20% after the FDA approved its treatment of liver inflammation associated with obesity. 
• Vodafone Group Plc (): Shares of the British telecom jumped more than 5% after it agreed to sell its Italian business to Swisscom AG. 
• Rivian Automotive Inc. (RIVN): Shares of the electric truck maker rose more than 3% after an analyst at Piper Sandler upgraded the stock to buy, citing its attractive valuation and new vehicle platform. 
  

Losses:

• Adobe Inc. (ADBE): Shares of the design software maker tumbled 11% after it beat earnings expectations but offered soft current-quarter sales guidance. 
• Jabil Inc. (JBL): Shares of the electronics manufacturing company fell more than 10% after it also forecast weaker-than-expected revenue in the current quarter
• Ultra Beauty Inc. (ULTA): Shares of the beauty retailer slid 8% after it forecast lower-than-expected full-year earnings as higher costs weigh on margins. 

Stock Futures Little Changed

Futures contracts connected to the Dow Jones Industrial A🐭verage were up about 0.2% in premarket t𒉰rading on Friday.

S&P 500 futures rose about 0.1%.

Nasdaq 100 futures were down 0.1% from Thursday's close about an hour before markets opened.