Business and Finance News - 9.5.24

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Dick's Sporting Goods exceeded Wall Street's earnings expectations in Q2 and raised its full-year guidance, although the new outlook was slightly below analysts' forecasts. The company has addressed prior issues with theft and markdowns, which had pressured profits last year, suggesting these challenges are now under control. (CNBC)

*Dick’s Sporting Goods (DKS) - Dick’s Sporting Goods is a leading American sporting goods retailer that offers a wide range of products, including sports equipment, apparel, footwear, and outdoor gear.

Dollar Tree cut its full-year outlook due to increasing financial pressures on middle- and higher-income customers, leading to a decline in discretionary spending. The company reported a 0.7% increase in same-store sales for the quarter but faces challenges including higher expenses and weaker sales at its Family Dollar stores. (CNBC)

*Dollar Tree (DLTR) - Dollar Tree is a retail store that sells a wide variety of products, most of which cost one dollar or less.

Job openings in the U.S. fell to 7.67 million in July, the lowest level since January 2021, indicating a softening labor market. The decline in job openings, coupled with an increase in layoffs and separations, may prompt the Federal Reserve to consider lowering interest rates at its upcoming policy meeting. (Yahoo! Finance)

*Job Openings - Job openings are a key indicator of economic stability, reflecting the demand for labor within the economy. A high number of job openings typically signals a healthy economy, while a decline in job openings may indicate economic uncertainty or contraction.

Lyft is laying off around 1% of its workforce and selling $34 to $46 million in assets related to its bike and scooter rentals as part of a restructuring plan. The company is shifting its focus towards e-bike rentals to sustain its micromobility business and improve financial performance. (Quartz)

*Lyft (LYFT) - Lyft is a transportation network company that operates a ridesharing service primarily through a mobile app.

Nvidia shares fell nearly 2% on Wednesday after Bloomberg reported that the company received a subpoena from the Department of Justice as part of an antitrust investigation, though Nvidia denied receiving the subpoena. This follows a nearly 10% drop on Tuesday, which wiped $279 billion off its market capitalization. (CNBC)

*Nvidia (NVDA) - Nvidia Corporation is a leading technology company specializing in designing and manufacturing graphics processing units (GPUs) and related technologies for gaming, professional visualization, data centers, and automotive markets.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,974.97 +38.04 (+0.09%)

• S&P 500: 5,520.07 -8.86 (-0.16%)

• Nasdaq Composite: 17,084.30 -52.00 (-0.30%)

• Russell 2000: 2,145.22 -3.99 (-0.19%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 550.95 -1.13 (-0.20%

• iShares Core S&P 500 ETF (IVV): 554.10 -1.16 (-0.21%)

• Invesco QQQ Trust (QQQ): 460.61 -1.20 (-0.26%)

• Vanguard S&P 500 ETF (VOO): 506.30 -1.26 (-0.25%)

• Vanguard Total Stock Market ETF (VTI): 271.78 -0.61 (-0.22%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.387T]: 220.85 -1.92 (-0.86%)

• Microsoft (MSFT) [3.039T]: 408.90 -0.54 (-0.13%)

• Nvidia (NVDA) [2.617T]: 106.21 -1.79 (-1.66%)

• Alphabet (GOOGL) [1.953T]: 156.45 -0.91 (-0.58%)

• Amazon (AMZN) [1.804T]: 173.33 -2.92 (-1.66%)

• Meta Platforms (META) [1.301T]: 512.74 +0.98 (+0.19%)

• Tesla (TSLA) [699.74B]: 219.41 +8.81 (+4.18%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $57,102.03 (9:00PM PST on 9/4/24)

• Ethereum (ETH): $2,405.02 (9:00PM PST on 9/4/24)

• Solano (SOL): $131.56 (9:00PM PST on 9/4/24)