Closing Bell Movers: Intuit, Workday fall after results; Ross Stores higher

At the open of the evening session, U.S. equity futures are slightly higher, with S&P 500 and Nasdaq 100 front-month contracts up 0.1%.  In energy, WTI Crude Oil is little changed at $63.50, while Metals are also treading water – Gold is trading at $3,383 and Silver at $38.10 per ounce.  

Major indices traded cautiously on Thursday, with S&P 500 falling for the fifth consecutive session.  Consumer Staples was the worst performing sector of the index, dragged down by disappointing Q2 results out of Walmart (WMT), which ended the day down by over 4%.  Energy was the best performing sector, supported by the relative strength in Crude prices.  Geopolitical tension is escalating again after Russia attacked a manufacturing facility in Ukraine owned by U.S. company Flex (FLEX) and putting a damper on the perception of being a willing participant in Trump-brokered peace process. Tech, meanwhile, remains on the defensive, even though Palantir (PLTR) broke a strong of losing sessions, with traders unnerved by the wobble in AI-driven momentum names.  Of note, Meta Platforms (META) – the recent leader in the AI talent spending race – was reported to have signaled a hiring freeze in its AI division.

Heading into Friday’s critical Powell address from Jackson Hole, investors are looking for the Fed Chair to greenlight the widely expected easing in the Fed’s next meeting in September following the committee’s relatively neutral statement in July, particularly with the labor side of the Fed’s mandate trending weaker.  Following a soft July non-farm payrolls report and large downside revision for the past two months, Thursday’s more recent data saw another multi-month high registered in continuing jobless claims as released by the Labor Department.

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

HIGHER AFTER EARNINGS –

• Zoom Communications (ZM) up 5.2%
• Ross Stores (ROST) up 2.2%

DOWN AFTER EARNINGS –

• Intuit (INTU) down 5.5%
• Workday (WDAY) down 3.6%

ALSO LOWER –

• Evoke Pharma (EVOK) down 11.2%, reversing gains after 9% advance after listing of new GIMOTI patent in FDA Orange Book
• 5E Advanced Materials (FEAM) down 16.8% after equity offering