The three major U.S. equities indexes closed lower again Thursday. Stocks could not hold on to early morning gains, and by early afternoon only the Dow Jones industrial average was able to hold the break-even line. The Nasdaq closed down 1.4%, the Dow ended essentially flat, and the S&P 500 slipped 0.5%. Among S&P 500 stocks, losers outnumbered winners by about 1.8 to 1 on Thursday. Five of 11 sectors closed lower, led by consumer cyclicals (down 2.4%) and real estate (1.8%). The energy (up 1.1%) and utilities (0.9%) sectors posted the best gains.
Crude oil settled at $86.61 on Thursday and traded up about 0.8% in early trading Friday to $87.24. The 10-year/two-year U.S. Treasury note spread ended the day at 0.63%, narrower by nine basis points.
The U.S. Bureau of Economic Analysis releases its monthly report on personal income and outlays for December 2021 Friday morning. Economists have forecast a rise of 0.5% in income and a decline of 0.5% in expenditures. The core PCE price index is forecast to rise 0.5% month over month and 4.8% year over year.
Here are the five S&P 500 stocks that closed with the biggest gains on Thursday: ServiceNow (up 9.14%), Ball (8.57%), Seagate (7.65%), Packaging Corp. of America (7.56%) and Netflix (7.51%).
Thursday’s biggest losers among S&P 500 stocks were Teradyne (down 22.40%), Tesla (11.60%), AMD (7.30%), Northrop Grumman (7.30%) and Textron (7.11%).
At around 7:00 a.m. ET Friday morning, S&P 500 futures traded down about 0.5%, the Nasdaq traded down about 0.1%, and the Dow was down by 0.6%.
The leading gainer among S&P 500 stocks in Friday’s premarket trading was Visa Inc. (NYSE: V), up by around 4.3%, at $215.04 in a 52-week range of $190.10 to $252.67. The company reported results late Thursday that beat estimates on both the top and bottom lines.
Apple Inc. (NASDAQ: AAPL) traded up about 4% to $165.53, in a 52-week range of $116.12 to $182.94. The company beat top-line and bottom-line estimates when it reported results Thursday. For the current quarter, Apple said it expects “solid” revenue growth, but less than the 11.3% year-over-year growth rate in the December quarter. The current consensus estimate calls for year-over-year revenue growth of 0.07%.
Weyerhaeuser Co. (NYSE: WY) traded up about 0.8% before markets opened Friday, at $38.20 in a 52-week range of $30.87 to $41.80. The wood products giant beat estimates on both the top and bottom lines Friday morning. The company also will pay a “supplemental dividend” of $1.45 on February 28 to shareholders of record on February 18.
Fidelity National Information Services Inc. (NYSE: FIS) traded up by about 0.7% to $110.00, in a 52-week range of $101.79 to $155.96. The company announced a 21% dividend increase on Thursday.
Penn National Gaming Inc. (NASDAQ: PENN) traded up 0.5% to $42.56, in a 52-week range of $37.76 to $142.00. On Thursday, the company received approval to offer online sports betting in Louisiana.
Stocks trading lower in Friday’s premarket session include Robinhood Markets Inc. (NASDAQ: HOOD), which had retreated 13% at $10.10, a new 52-week low if that price carried over into the regular trading session. The current trading range is $11.15 to $85.00. Robinhood missed both earnings and revenue estimates when it reported quarterly results on Thursday. The company also said it expects slower growth going forward.
Western Digital Corp. (NASDAQ: WDC) traded down 11.1% to $47.87, in a 52-week range of $49.50 to $78.19. The hard drive and flash storage maker reported better-than-forecast earnings and revenue but issued downside guidance for the March quarter.
Stryker Corp. (NYSE: SYK) traded down by 3% in Friday’s premarket, at $238.00 in a 52-week range of $220.90 to $281.16. The company beat revenue estimates but missed on profits and then issued downside guidance for its 2022 fiscal year.
KLA Corp. (NASDAQ: KLAC) traded down by 3.3% in Friday’s premarket session to $350.00, in a 52-week range of $273.24 to $457.12. The semiconductor equipment maker beat estimates on both the top and bottom lines but issued downside guidance for the current quarter on both profits and revenues.
Robert Half International Inc. (NYSE: RHI) traded down about 2.7% Friday morning, at $108.00 in a 52-week range of $64.84 to $120.83. The staffing company beat December-quarter estimates, but it appears to have made no difference to investors. Total return to shareholders over the past 12 months was about 74%, about 67% in share price growth and the rest in dividend yield (1.37%) and buybacks.
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