Foot Locker Tumbles Almost 30%

Nvidia helps push S&P 500 upward
By Newser Editors and Wire Services
Posted Mar 6, 2024 3:36 PM CST
Wall Street Claws Back Some of Its Tuesday Losses
People pass the New York Stock Exchange on Wednesday, March 6, 2024, in New York.   (AP Photo/Peter Morgan)

Stocks recovered some of their losses Wednesday from the day before, which was Wall Street's worst in three weeks.

  • The S&P 500 rose 26.11 points, or 0.5%, to 5,104.76.
  • The Dow Jones Industrial Average rose 75.86 points, or 0.2%, to 38,661.05.
  • The Nasdaq composite rose 91.95 points, or 0.6%, to 16,031.54.
Treasury yields edged lower after Federal Reserve Chair Jerome Powell said again that cuts to interest rates may be coming later this year. Powell also said the Fed needs more data showing inflation is cooling before it will act. Traders have already shelved earlier expectations for a cut in March, and they're now eyeing June as the likeliest beginning, the AP reports.

CrowdStrike jumped 10.8% after the cybersecurity company reported stronger profit for the latest quarter than analysts expected. It also gave a forecast for upcoming profit that topped Wall Street's estimates. Nvidia was the strongest force pushing upward on the S&P 500 as it rose 3.2%. Meta Platforms also steadied itself and rose 1.2% a day after sliding 1.6%. Shares of the troubled New York Community Bancorp bounced around after it announced a lifeline of more than $1 billion from a group of investors, including Steven Mnuchin, the former US Treasury secretary under Donald Trump. The stock was up 7.5%. It plunged 42.2% earlier in trading before being halted for news.

Foot Locker tumbled 29.4% even though it reported stronger profit for the latest quarter than analysts expected. The sneaker retailer said it's not yet resuming its dividend as it rebuilds cash. It also gave a forecast for upcoming profit that fell short of analysts' expectations. Nordstrom likewise fell even though its report for the latest quarter topped forecasts. It sank 16.1% after giving a forecasted range for profit this upcoming year whose midpoint was below analysts' estimates.

(More stock market stories.)

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