PRISM Market Moves on Wednesday: Gold Reaches Record Highs; CrowdStrike Soars, FootLocker Falls
US equities are trading higher at midday on Wednesday, though off best levels. Semis, precious metals, industrial metals, chemicals, hotels, cruise lines, machinery and select food names are outperforming, while big tech is mixed. Regional banks, autos, beverages, and sporting goods/apparel are weaker. Treasuries are firmer, the Dollar index is down (0.5%), Gold is up +0.8%, Bitcoin futures are up more than +8.0% and WTI crude is up +1.3%.
Notable gainers at midday are CrowdStrike ($CRWD) which has surged +11.3% with Q4 results ahead, Palantir Technologies ($PLTR) is up +9.8% after being awarded a US Army contract valued at $178.4 million to deliver its TITAN next generation deep-sensing capability. Box, Inc. ($BOX) has risen +7.5% on strong Q4 results with EPS beat, revenue in line and Q1 EPS and revenue guidance largely in line.
The day’s decliners are Foot Locker ($FL) which has fallen by (31.4%), Nordstrom ($JWN) which is down (15.9%) after announcing Q4 EPS beat but revenue missed, and gross margins missed amid cautious consumer spending. Thor Industries ($THO) has dropped (13.5%) on missing FQ2 EPs and revenue and lowered FY24 EPS and revenue guidance. The company cited the weaker macro environment into the prime retail selling season including elevated interest rates, and consumers’ lack of desire to make large discretionary purchases.
