The three major U.S. equities indexes closed down sharply on Thursday. Geopolitics (a continued Russian threat to invade Ukraine and a possible nuclear deal with Iran) drove the oil market lower, and stocks drifted downward all day with little evident interest in buying the dip. The Dow Jones industrials closed down 1.78%, the S&P 500 down 2.12% and the Nasdaq closed down 2.88%.
Among S&P 500 stocks, losers outnumbered winners by more than five to one in Thursday trading. Nine of 11 sectors closed lower, with the biggest declines coming in technology (down 3.0%), consumer cyclicals and communications services (both down 2.7%). The consumer staples (up 1.8%) and utilities (up 0.1%) sectors were the day’s only winners.
At around 7:00 a.m. ET Friday morning, S&P 500 futures traded up about 0.5%, the Nasdaq was up about 0.7% and the Dow traded up by 0.4%.
Crude oil settled at $91.76 a barrel on Thursday, down by nearly $2 a barrel, and it traded down by about 2.5% in early morning trading Friday at $89.50. The 10-year Treasury note settled at 1.97% and the two-year at 1.47% on Wednesday. The yield curve narrowed to 0.48 by the end of the day, down by about three basis points. The spread had increased to nearly 0.49 in early trading Friday.
Here are the five S&P 500 stocks that closed with the largest gains on Thursday: Newmont (up 5.4%), Sealed Air (5.0%), Walmart (4.01%), Marathon Oil (3.89%) and Leidos (3.48%).
Thursday’s biggest losers among S&P 500 stocks were Albemarle (down 19.91%), LKQ (14.32%), Vontier (12.18%), Tyler Technologies (8.75%) and Bank of New York Mellon (8.24%).
Here are Friday’s premarket leaders and laggards. Not all are S&P 500 stocks.
DuPont de Nemours Inc. (NYSE: DD) traded up by about 3.7%, at $82.69 in a 52-week range of $66.37 to $86.28. The company has agreed to sell its mobility and materials business to Celanese for $11 billion cash.
Charles Schwab Corp. (NASDAQ: SCHW) traded up by about 2.6%, at $88.29 in a 52-week range of $60.64 to $96.24. The company had no specific news Friday.
Albemarle Corp. (NYSE: ALB) traded up by around 2.0%, at $200.99 in a 52-week range of $133.82 to $291.48. The lithium producer dropped nearly 20% on Thursday after reporting quarterly results that beat estimates and issuing in-line guidance. Investors were clearly disappointed.
Under Armour Inc. (NYSE: UAA) traded up by about 0.8%, at $16.66 in a 52-week range of $16.52 to $27.28. The low was posted Thursday. S&P Global Ratings raised its outlook for the company’s debt from stable to positive. The analysts noted, “the company is now better positioned to be strategic about its inventory levels and avoid returning to the heavy promotional pricing that previously eroded its brand equity.”
Advanced Micro Devices Inc. (NASDAQ: AMD) traded up about 1.4%, at $113.99 in a 52-week range of $72.50 to $164.46. The chipmaker had no specific news, but the stock could be catching a bid from investors looking to buy the dip.
PPL Corp. (NYSE: PPL) traded down by about 3.3%, at $27.21 in a 52-week range of $23.15 to $30.71. The electricity and natural gas utility missed fourth-quarter revenue estimates. The company announced a quarterly dividend of $0.20, slightly less than the prior dividend of $0.415. PPL closed the $10.4 billion sale of its U.K. assets last June and a dividend cut was rumored.
Penn National Gaming Inc. (NASDAQ: PENN) traded down by about 2.8%, at $47.95 in a 52-week range of $37.76 to $142.00. The company had no specific news.
Phillips 66 (NYSE: PSX) traded down by about 2.0%, at $85.27 in a 52-week range of $63.19 to $94.34. The refiner and marketer’s stock is likely reacting to the dip in crude oil prices. Other producers are also likely to see share prices slipping.
Halliburton Co. (NYSE: HAL) traded down by about 1.5%, at $32.49 in a 52-week range of $17.82 to $$34.32. The oilfield services company posted its highest share price in 18 years on Wednesday, but lower crude oil prices mean less demand for Halliburton’s services.
Intel Corp. (NASDAQ: INTC) traded down about 1.0%, at $47.10 in a 52-week range of $46.30 to $68.49. The chipmaker issued upside guidance at its investor meeting on Thursday. At the same time, CEO Pat Gelsinger noted that profit margins will fall this year, remain steady for a few years and begin to increase in 2025. Gross margin dropped from nearly 58% last year to around 52% in the prior year. That could drop into a range of 51% to 53% before climbing to a range of 54% to 58% in 2025.
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