The three major U.S. equities indexes closed lower again on Thursday for the third day in a row. The Nasdaq closed down 1.3%. The Dow Jones industrials lost 0.9%, and the S&P 500 closed down by 1.1%. Among S&P 500 stocks, losers outnumbered winners by more than 5 to 1 in Thursday’s trading. Ten of 11 sectors closed lower, led by consumer cyclicals (down 1.8%), materials (down 1.5%) and technology (down 1.3%). Only the utilities sector (up 0.1%) closed higher.
Crude oil settled at $86.90 on Thursday and traded down about 3.4% in early morning trading Friday at $83.93. The 10-year/two-year U.S. Treasury note spread ended the day at 0.784%, down nearly three basis points.
Here are the five S&P 500 stocks that closed with the biggest gains on Thursday: Morgan Stanley (up 4.28%), Travelers (3.19%), Centene (1.76%), IQVIA (1.71%) and Humana (1.37%).
Thursday’s biggest losers among S&P 500 stocks were M&T Bank (down 5.44%), Lowe’s (4.59%), Bath & Body Works (4.43%), BorgWarner (4.30%) and Eastman Chemical (4.19%).
As of 7:00 a.m. ET, the leading gainer among S&P 500 stocks in Friday’s premarket trading, was homebuilder Lennar Corp. (NYSE: LEN), up 2.17% at $97.68. The stock reaches its ex-dividend date next Wednesday, and the quarterly dividend payment rises 50% from $0.25 to $0.375.
Athletic gear maker Under Armour Inc. (NYSE: UA) and (NYSE: UAA) traded up 2.07% and 1.35%, respectively in the premarket session at $16.31 and $18.76, respectively. The company’s stock was upgraded from Underperform to Neutral at Exane BNP Paribas on Wednesday.
Eli Lilly and Co. (NYSE: LLY) traded up 0.55% in Friday’s premarket. The company had no specific news.
Concert promoter Live Nation Entertainment Inc. (NYSE: LYV) traded up by 0.5% Friday. There was no specific news behind the move.
Stocks trading lower in Friday’s premarket session include Netflix Inc. (NASDAQ: NFLX), which reported quarterly earnings last night that beat estimates, but it disappointed investors with guidance. It really disappointed them — the shares traded down nearly 20% in Friday’s premarket
Specialty chemicals company Ecolab Inc. (NYSE: ECL) traded down by about 4.3% Friday morning. In a preview of its quarterly earnings report due next month, the company warned that supply chain issues could cost it $0.10 a share in the fourth quarter.
Walt Disney Co. (NYSE: DIS) traded down about 3.6% Friday morning. Netflix’s lower-than-expected guidance on new subscribers is affecting Disney as well because the company’s Disney+ streaming service has become critical for revenue and profit growth.
Devon Energy Corp. (NYSE: DVN) traded down 2.94% in Friday’s premarket. The slide in oil prices gets the blame here.
Ford Motor Co. (NYSE: F) closed down more than 3.5% on Thursday and traded down by about 2.6% in Friday’s premarket. On Wednesday, analysts at Jefferies downgraded the stock from Buy to Hold while raising the price target from $22 to $25.
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