Closing Bell Movers: Salesforce falls despite Q2 earnings beat

In the opening hour of the evening session, U.S. equity futures are mixed – S&P 500 and Nasdaq 100 are trading flat while Dow Industrials are down a decimal.  In commodities, WTI Crude Oil is down another 0.3% below $64 per barrel as energy continues to reverse yesterday’s price jump.  Precious metals are also seeing a pullback – Gold is at $3,613 after rising as high as $3,640 earlier on Wednesday, while Silver is below $41.70 after seeing the upside of $42 per ounce.

Fresh record highs in shares of Alphabet (GOOGL) in the wake of the constructive U.S. District Court ruling overnight that was widely tagged as a win for shareholders by the Street helped propel the Communication Services sector to the top of the S&P 500 on Wednesday.  Meanwhile, with the overnight spike in prices being erased, Energy was the worst performing group in the index.   Several high-profile names reporting results after the closing bell also had mixed afterhours performance – Salesforce (CRM) and Gitlab (GTLB) were down mid-single digits, while Asana (ASAN) traded higher on Q2 beat and raise.  

Following today’s soft JOLTS data from the Bureau of Labor Statistics, investors will get more economic input on the labor sector on Thursday with the release of private sector ADP employment data as well as the weekly jobless claims.   Heading into the next FOMC decision, Fed Funds futures are now pricing in a 96% chance of a 25bp cut this month and a better than 40% chance of 75bps in easing by the Fed before the end of the year.

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

HIGHER AFTER EARNINGS –

• American Eagle (AEO) up 24.9%
• Tilly’s (TLYS) up 8.4%
• Asana (ASAN) up 7.2%
• Credo Technology (CRDO) up 7.2%
• HP Enterprise (HPE) up 1.7%

DOWN AFTER EARNINGS –

• Figma (FIG) down 14.6%
• C3.ai (AI) down 11.0%
• GitLab (GTLB) down 6.5%
• Salesforce (CRM) down 5.8%
• ChargePoint (CHPT) down 4.5%
• PagerDuty (PD) down 4.1%