The three major U.S. equity indexes closed lower Tuesday. The Dow Jones industrials ended the day down 0.55%, the S&P 500 dropped by 0.41% and the Nasdaq fell by 0.74%. Seven of 11 sectors ended the day with losses, ranging from 1.2% (communications services) to 0.2% (consumer cyclicals). Real estate (up 1.0%) and utilities (up 0.3%) were the top gainers. Later in the morning, Apple will launch its new iPhone 14, along with other new and improved products. All three major indexes traded slightly lower ahead of Wednesday’s opening bell.
After markets closed Tuesday, Coupa Software beat estimates on both the top and bottom lines and issued earnings per share (EPS) guidance for the current quarter and the full year that was above analyst estimates. Revenue was guided lower than estimates, however. The stock traded up about 11.4% in Wednesday’s premarket session.
UiPath also beat top-line and bottom-line estimates but issued downside revenue guidance for the quarter and the full year. Shares traded down by more than 21% Wednesday morning.
GitLab beat EPS and revenue estimates as well and issued upside guidance for the quarter and the full year. The stock traded up by less than 1%.
Before markets opened Wednesday, Chinese electric vehicle maker Nio reported better than expected profits and revenue but issued downside guidance for the current quarter. Shares traded down about 5.3% in the premarket.
Academy Sports beat estimates on the top and bottom lines. The company raised fiscal-year EPS guidance and guided revenue in line with expectations. The stock traded up more than 6% Wednesday morning.
After markets close Wednesday and before they open again on Thursday, American Eagle Outfitters, Bilibili, FuelCell Energy and GameStop will report quarterly results.
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