Industry News

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Key Takeaways

• U.S. equities were mixed at midday Thursday, June 6, 2024 ahead of Friday's key employment report.
• J.M. Smucker shares rose after the company reported better-than-expected quarterly profit on cost-cutting, higher prices, and the acquisition of Hostess Brands.
• Robinhood shares rose after the online trading platform announced its acquisition of Bitstamp, a European cryptocurrency exchange.

U.S. equities were mixed at midday Thursday ahead of Friday's key employment report , which could influence whether the Fed will cut interest rates. The Dow was little changed and slightly higher, while the S&P 500 and Nasdaq were lower.

J.M. Smucker ( SJM ) shares gained after the maker of its eponymous jelly, Jif peanut butter, and Meow Mix cat food reported better-than-expected quarterly profit on cost cuts, higher prices, and the acquisition of Hostess Brands.

Shares of Lululemon Athletica ( LULU ) advanced after the workout apparel retailer reported sales jumped in China, and it announced a $1 billion increase in its stock buyback program.

Robinhood Markets ( HOOD ) shares rose after the online trading platform announced its acquisition of Bitstamp , a European cryptocurrency exchange, for about $200 million as Robinhood works to expand its crypto and international capabilities.

Salesforce ( CRM ) shares gained as the business software provider announced it would open its first-ever artificial intelligence (AI) center, which will be in London.

Five Below ( FIVE ) shares cratered after the discount retailer missed quarterly earnings and revenue estimates and slashed its guidance as inflation-weary customers pulled back spending.

Shares of Sprinklr ( CXM ) tumbled as the enterprise software firm also reduced its outlook as customers hold off on purchases.

Oil and gold futures rose. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained on the pound, but lost ground to the euro and yen. Most major cryptocurrencies traded in negative territory.

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