Closing Bell Movers: Elastic jumps 17% after Q2 earnings beat

In the opening hour of the evening session, U.S. equity futures are down marginally – S&P 500, Nasdaq 100, and Dow Industrials are all down 0.1%.  In energy, WTI Crude Oil is slightly softer but still above $64 per barrel after its second consecutive session of gains.  In precious metals, Gold and Silver remained bid for the third straight day, rising above $3,475 and $39 per ounce respectively.  

Outperformance in Communications Services helped propel the S&P 500 to record highs above 6,500 on Thursday, with Alphabet (GOOGL) notably notching fresh record highs.  Tech was the 2nd best performing sector, as Nvidia (NVDA) shrugged the soft data center outlook reported overnight to close down by less than 1%, well off the post-earnings 3% decline.   Application Software names also continued to trade stronger with Salesforce (CRM) and ServiceNow (NOW) up for the second straight session.   Meanwhile, Utilities and Staples were the worst performing sectors on the index, highlighted by outsized declines in NextEra Energy (NEE) and Hormel Foods (HRL).

Looking out to the last trading session prior to the long weekend, investors will watch for the release of the PCE inflation data, the Fed’s preferred gauge, with another benign print likely to solidify expectations of renewed FOMC easing starting with its next decision on September 17th.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Ambarella (AMBA) up 18.2%
• Petco Health and Wellness (WOOF) up 16.4%
• Elastic N.V. (ESTC) up 16.0%
• Affirm Holdings, Inc. (AFRM) up 14.0%
• Autodesk (ADSK) up 10.2%
• SentinelOne (S) up 8.2%
• Ulta Beauty (ULTA) up 3.6%

DOWN AFTER EARNINGS –

• Marvell Technology (MRVL) down 12.4%
• Dell Technologies (DELL) down 5.2%
• Gap (GAP) down 1.5%

ALSO LOWER –

• Offerpad Solutions (OPAD) down 27.5% after entering $100M stock sale under existing shelf