S&P 500 Gains and Losses Today: Nike Stock Loses Air After Weak Sales Report
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Key TakeawaysThe S&P 500 fell 0.4% on Friday, June 28, 2024, following this election season's first presidential debate between Joe Biden and Donald Trump.Nike shares plummeted after the footwear and apparel maker's quarterly revenue fell short of forecasts.Shares of consumer finance firm Synchrony Financial moved higher after Baird initiated coverage on the stock with a bullish rating, citing the strength of its credit card platform.
Major U.S. equities indexes fell on the final day of the trading week as investors mulled the financial implications of Thursday's presidential debate.Meanwhile, the Personal Consumption Expenditures (PCE) index, a gauge of inflation closely monitored by the Federal Reserve, showed that prices increased in May at their slowest rate in more than three years, boosting probabilities for interest rate cuts in the coming months.Despite initially rising in the wake of the increasingly favorable monetary policy outlook, the S&P 500 ended the day down 0.4%. The Nasdaq was down 0.7%, while the Dow ticked 0.1% lower.Nike (NKE) shares plunged 20.0%, falling more than any other S&P 500 component. The athletic footwear and apparel maker reported lower-than-expected revenue for its fiscal fourth quarter. Nike's CEO said the difficult quarter prompted an update to the company's outlook for the current year, but the firm did not provide any specific new figures.The CEO of French cosmetics company L'Oréal (LRLCY) warned slowing sales in China could drag down growth in global beauty markets. Shares of U.S.-based rival Estée Lauder (EL) sank 4.0%.Shares of credit card and loan provider Synchrony Financial (SYF) jumped 6.7%, notching Friday's top performance in the S&P 500. Investment firm Robert W. Baird initiated coverage of the stock with an "outperform" rating. Analysts highlighted the leading position of Synchrony's domestic private-label credit card platform and its partnership with large retailers. Shares of fellow credit card issuer Discover Financial Services (DFS) added 5.9%.Shares of flooring provider Mohawk Industries (MHK) gained 5.1%, recovering from losses posted earlier in the week amid concerns about the outlook for companies in the home improvement industry. Mohawk has a global presence and caters to both commercial and residential customers.Regional bank stocks moved higher after the PCE report lifted expectations that lower interest rates could be on the horizon. Shares of Regions Financial (RF) and KeyCorp (KEY) were up 4.4% and 4.3%, respectively. Read the original article on Investopedia.
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