Market Update
Wall Street Indexes Register Gains After Wild Swings and Elevated Tariff Fears
Barry Adams
11 Apr, 2025
New York City
Stocks advanced in Friday's trading as investors reviewed the latest developments on the rapidly evolving tariff landscape, and activities in the bond trading and the U.S. dollar garnered attention.
The S&P 500 index edged up 0.2%, and the Nasdaq Composite advanced 0.3% as investors hoped for calmer markets and a lower level of volatility.
As of Thursday's close, the S&P 500 index is up 3.8%, and the tech-heavy Nasdaq Composite advanced 5.1% after a historic market rally on Wednesday pushed indexes higher.
Despite wild swings in markets after the Trump administration announced the halting of country-specific tariffs for 90 days, it kept the base tariff of 10% on all countries, except China.
Moreover, the U.S. slapped additional tariffs on Chinese goods, increasing the total to 145%, prompting Beijing to increase its retaliatory tariff to 125% from 84%.
The rapidly deteriorating trade relations between the two largest economies in the world are fueling market uncertainty and investor anxieties and sharply raising the risk of a global recession and widespread job losses.
Moreover, U.S. consumers are facing resurgent inflation as automobile dealers rush to raise prices between $3,000 and $7,000, food retailers increase prices between 15% and 30%, and electronics and appliance retailers revise prices higher by as much as 70%.
Amazon.com's chief executive, Andy Jess, in a nod to a changing landscape, said that the online retailer will allow sellers to increase their prices.
U.S. Movers
JPMorgan Chase advanced 1.3% to $230.08, and the financial service company topped earnings expectations.
The company warned that the U.S. economy is facing "considerable turbulence" amid trade policy uncertainty, resurgent inflation, and a slowdown in economic activities.
Wells Fargo & Company advanced 0.6% to $63.49, and the financial service company reported first quarter results that met investor expectations.
Revenues in the first quarter were $20.12 billion, driven by a decrease of 6% in net interest income of $11.50 billion, and non-interest income increased 1% to $8.65 billion.
In the first quarter, Wells Fargo repurchased 44.5 million of its own shares for $3.5 billion.
Morgan Stanley advanced 0.9% to 107.49, and the investment bank and asset management company's quarterly results surpassed market expectations after equity trading soared 45%.
First quarter revenue jumped 17% to $17.74 billion, and earnings advanced 26% to $4.32 billion, and earnings per share rose to $2.60 per share.
Equity trading revenue jumped 45% to $4.13 billion, fixed-income trading revenue advanced 5% to $2.6 billion, and investment banking fees increased 8% to $1.56 billion.
Europe Markets Struggle to React to U.S. Trade Policy Driven Turmoil
Bridgette Randall
11 Apr, 2025
London
European markets turned early gains into losses in Friday's trading as the global tariff war intensified between the U.S. and China.
Benchmark indexes in Frankfurt, Paris, Milan, and London declined between 1% and 4% after China retaliated with its own retaliatory tariffs.
China slapped 125% tariffs on U.S. goods after the U.S. imposed a total of 145% tariffs on Chinese goods.
The European Union halted its proposed tariffs for 90 days after the Trump administration paused "reciprocal tariffs" on all imports but continued with the universal tariff of 10%.
The rapidly changing U.S. trade policy is having a chilling effect on international trade, and investors are worried that global recession risks are rising.
Moreover, China-controlled entities are lowering their holdings of U.S. Treasuries, putting upward pressure on yields and downward pressure on the U.S. dollar.
Europe Indexes and Yields
The DAX index increased by 0.7% to 20,709.38, the CAC-40 index edged higher 0.8% to 7,183.20, and the FTSE 100 index advanced by 0.4% to 7,949.80.
The yield on 10-year German bonds inched higher to 2.61%, French bonds increased to 3.39%, the UK gilts moved up to 4.71%, and Italian bonds edged higher to 3.86%.
The euro increased to $1.13; the British pound was higher at $1.30; and the U.S. dollar was lower and traded at 81.64 Swiss cents.
Brent crude increased $0.62 to $63.93 a barrel, and the Dutch TTF natural gas was higher by €0.28 to €33.64 per MWh.
Europe Stock Movers
Flughafen Zuerich AG surged 4.4% to CHF 203.60 after the owner and operator of Zurich airport reported passenger numbers for the month of March.
Zurich Airport handled a total of 2,353,808 passengers in March, an increase of 0.6% compared to the previous year.
The number of local passengers increased by 3.2%, and transfer passengers decreased by 4.4%. The transfer rate, which was at 33.6% last March, is at 31.9% in the month under review.
In March, flight movements increased by 4.4% to 20,930 versus the previous year.
“Total turnover in March was CHF 46.5 million, down 5.4% versus the previous year,” the company said in a release to investors.
The decrease divides into a decline of 1.8% for aircraft-related revenue and a 9.8% fall in revenue related to passengers and cargo, the company added in the statement.
Stellantis NV, the parent company of Fiat, declined 5.3% to €7.55 after vehicle shipments decreased 9% in the first quarter.
Novartis AG gained 1% to CHF 85.55, and the Swiss drugmaker announced its plans to invest $23 billion ahead of the looming tariffs on pharmaceutical imports.
Europe Markets Struggle to React to U.S. Trade Policy Driven Turm
Bridgette Randall
11 Apr, 2025
London
European markets turned early gains into losses in Friday's trading as the global tariff war intensified between the U.S. and China.
Benchmark indexes in Frankfurt, Paris, Milan, and London declined between 1% and 4% after China retaliated with its own retaliatory tariffs.
China slapped 125% tariffs on U.S. goods after the U.S. imposed a total of 145% tariffs on Chinese goods.
The European Union halted its proposed tariffs for 90 days after the Trump administration paused "reciprocal tariffs" on all imports but continued with the universal tariff of 10%.
The rapidly changing U.S. trade policy is having a chilling effect on international trade, and investors are worried that global recession risks are rising.
Moreover, China-controlled entities are lowering their holdings of U.S. Treasuries, putting upward pressure on yields and downward pressure on the U.S. dollar.
Europe Indexes and Yields
The DAX index increased by 0.7% to 20,709.38, the CAC-40 index edged higher 0.8% to 7,183.20, and the FTSE 100 index advanced by 0.4% to 7,949.80.
The yield on 10-year German bonds inched higher to 2.61%, French bonds increased to 3.39%, the UK gilts moved up to 4.71%, and Italian bonds edged higher to 3.86%.
The euro increased to $1.13; the British pound was higher at $1.30; and the U.S. dollar was lower and traded at 81.64 Swiss cents.
Brent crude increased $0.62 to $63.93 a barrel, and the Dutch TTF natural gas was higher by €0.28 to €33.64 per MWh.
Europe Stock Movers
Flughafen Zuerich AG surged 4.4% to CHF 203.60 after the owner and operator of Zurich airport reported passenger numbers for the month of March.
Zurich Airport handled a total of 2,353,808 passengers in March, an increase of 0.6% compared to the previous year.
The number of local passengers increased by 3.2%, and transfer passengers decreased by 4.4%. The transfer rate, which was at 33.6% last March, is at 31.9% in the month under review.
In March, flight movements increased by 4.4% to 20,930 versus the previous year.
“Total turnover in March was CHF 46.5 million, down 5.4% versus the previous year,” the company said in a release to investors.
The decrease divides into a decline of 1.8% for aircraft-related revenue and a 9.8% fall in revenue related to passengers and cargo, the company added in the statement.
Stellantis NV, the parent company of Fiat, declined 5.3% to €7.55 after vehicle shipments decreased 9% in the first quarter.
Novartis AG gained 1% to CHF 85.55, and the Swiss drugmaker announced its plans to invest $23 billion ahead of the looming tariffs on pharmaceutical imports.
U.S. Movers: CarMax
Scott Peters
11 Apr, 2025
New York City
CarMax Inc. dropped 0.2% to $66.30 after the used car retailer reported results for the fiscal fourth quarter of 2025 ending in February.
Revenue increased to $6.00 billion from $5.63 billion, net income surged to $89.87 million from $50.27 million, and diluted earnings per share rose to 58 cents from 32 cents a year ago.
CarMax sold 301,811 retail and wholesale used vehicles in the quarter, an increase of 4.9% from the same period a year ago.
The average price for a car edged up, snapping an eight-quarter streak of declines.
For the quarter to Feb. 28, CarMax said the average selling price for used cars was $26,133, up 0.6% from the same period a year ago.
Wholesale vehicles’ price was up 0.1% to $8,044 in the quarter from $8,034 a year ago.
For the full year, revenue edged down to $26.35 billion from $26.54 billion, net income jumped to $500.5 million from $479.2 million, and diluted earnings per share climbed to $3.21 from $3.02 a year earlier.
The annual price of used vehicles declined 2.8% to $26,273 from $27,028 in 2024, while the annual price of wholesale vehicles edged down 7.9% to $8,019 from $8,707 a year ago.
The company repurchased $98.5 million shares in the fourth quarter, and as of February 28, the car dealer had $1.94 billion remaining available for repurchase under authorization.
Shares of CarMax were headed for their worst day in nearly three years on Thursday, and the used-car retailer said it was putting its long-term goals on hold because of the uncertainty surrounding the economy.
U.S. Movers: CarMax
Scott Peters
11 Apr, 2025
New York City
CarMax Inc. dropped 0.2% to $66.30 after the used car retailer reported results for the fiscal fourth quarter of 2025 ending in February.
Revenue increased to $6.00 billion from $5.63 billion, net income surged to $89.87 million from $50.27 million, and diluted earnings per share rose to 58 cents from 32 cents a year ago.
CarMax sold 301,811 retail and wholesale used vehicles in the quarter, an increase of 4.9% from the same period a year ago.
The average price for a car edged up, snapping an eight-quarter streak of declines.
For the full year, revenue edged down to $26.35 billion from $26.54 billion, net income jumped to $500.5 million from $479.2 million, and diluted earnings per share climbed to $3.21 from $3.02 a year earlier.
The company repurchased $98.5 million shares in the fourth quarter, and as of February 28, the car dealer had $1.94 billion remaining available for repurchase under authorization.
Shares of CarMax were headed for their worst day in nearly three years on Thursday, and the used-car retailer said it was putting its long-term goals on hold because of the uncertainty surrounding the economy.
Europe Movers: Flughafen Zuerich
Inga Muller
11 Apr, 2025
Frankfurt
Flughafen Zuerich AG surged 4.4% to CHF 203.60 after the owner and operator of Zurich airport reported passenger numbers for the month of March.
A total of 2,353,808 passengers were handled at Zurich Airport in March, an increase of 0.6% compared to the previous year.
The number of local passengers increased by 3.2%, and transfer passengers decreased by 4.4%.
The transfer rate, which was at 33.6% last March, is at 31.9% in the month under review.
In March, flight movements increased by 4.4% to 20,930 versus the previous year.
“Total turnover in March was CHF 46.5 million, down 5.4% versus the previous year,” the company said in a release to investors.
The decrease divides into 1.8% fall in the airside revenue and a decline in 9.8% for landside, the company added in the statement.
Europe Movers: Flughafen Zuerich
Inga Muller
11 Apr, 2025
Frankfurt
Flughafen Zuerich AG surged 4.4% to CHF 203.60 after the owner and operator of Zurich airport reported passenger numbers for the month of March.
A total of 2,353,808 passengers were handled at Zurich Airport in March, an increase of 0.6% compared to the previous year.
The number of local passengers increased by 3.2%, and transfer passengers decreased by 4.4%.
The transfer rate, which was at 33.6% last March, is at 31.9% in the month under review.
In March, flight movements increased by 4.4% to 20,930 versus the previous year.
“Total turnover in March was CHF 46.5 million, down 5.4% versus the previous year,” the company said in a release to investors.
“The decrease divides into -1.8% for airside and -9.8% for landside,” the company added in the statement.
Tokyo Stocks Gyrate Tracking Volatile Wall Street Indexes
Akira Ito
11 Apr, 2025
Tokyo
Stock market indexes in Tokyo fell sharply in Friday's trading and erased the previous session's gains.
The Nikkei 225 Stock Average fell nearly 3%, and the broader TOPX index decreased 3% as trade tensions between the U.S. and China rose to a new high.
The U.S. paused the so-called reciprocal tariffs on imports from all countries for 90 days but imposed additional tariffs totaling 145% on shipments from China.
Meanwhile, the Trump administration retained a universal tariff of 10% on all imports and 25% tariffs on shipments from Canada and Mexico.
The rapidly deteriorating situation between the U.S. and China raised the prospects of a global recession and a sharp reduction in growth in international trade.
Investors are hoping that Japan's trade negotiations with the U.S. will improve trade relations and lower the proposed reciprocal tariffs.
However, uncertainty linked to the U.S. trade policy and rising risks of the U.S. recession weighed on the market sentiment.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 2.8% to 33,627.97, and TOPIX dropped 2.7% to 2,470.17.
Mitsubishi UFJ Financial Group declined 3.5% to ¥1,653.00, and Sumitomo Mitsui Financial Group dropped 4% to ¥3,083.00.
Seven & I Holdings dropped 4% to ¥1,968.00, Fast Retailing Company fell 2.2% to ¥45,480.0, and Takashimaya Co. Ltd. declined 1.8% to ¥1,108.50.
Toyota Motor Company fell 4.8% to ¥2,420.0, Honda Motor Company fell 2.5% to ¥1,315.00, and Nissan Motor Company dropped 6.2% to ¥318.40.
Tokyo Stocks Gyrate Tracking Volatile Wall Street Ind
Akira Ito
11 Apr, 2025
Tokyo
Stock market indexes in Tokyo fell sharply in Friday's trading and erased the previous session's gains.
The Nikkei 225 Stock Average fell nearly 3%, and the broader TOPX index decreased 3% as trade tensions between the U.S. and China rose to a new high.
The U.S. paused the so-called reciprocal tariffs on imports from all countries for 90 days but imposed additional tariffs totaling 145% on shipments from China.
Meanwhile, the Trump administration retained a universal tariff of 10% on all imports and 25% tariffs on shipments from Canada and Mexico.
The rapidly deteriorating situation between the U.S. and China raised the prospects of a global recession and a sharp reduction in growth in international trade.
Investors are hoping that Japan's trade negotiations with the U.S. will improve trade relations and lower the proposed reciprocal tariffs.
However, uncertainty linked to the U.S. trade policy and rising risks of the U.S. recession weighed on the market sentiment.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 2.8% to 33,627.97, and TOPIX dropped 2.7% to 2,470.17.
Mitsubishi UFJ Financial Group declined 3.5% to ¥1,653.00, and Sumitomo Mitsui Financial Group dropped 4% to ¥3,083.00.
Seven & I Holdings dropped 4% to ¥1,968.00, Fast Retailing Company fell 2.2% to ¥45,480.0, and Takashimaya Co. Ltd. declined 1.8% to ¥1,108.50.
Toyota Motor Company fell 4.8% to ¥2,420.0, Honda Motor Company fell 2.5% to ¥1,315.00, and Nissan Motor Company dropped 6.2% to ¥318.40.
China Indexes Remain Under Pressure Amid Rapidly Deteriorating U.S.-China Relations
Li Chen
11 Apr, 2025
Hong Kong
Stocks in China and Hong Kong extended their weekly losses amid rapidly escalating trade tensions between the U.S. and China.
The Hang Seng index fell as much as 0.9% but recovered in the final hour of trading, and the CSI 300 index rebounded from a loss of 0.5%.
For the week to Thursday, the Hang Seng index fell 10%, the largest weekly decline since the fall of 13.3% in the final week of October 2008, and the index extended its losses to the fifth consecutive week.
Chinese market indexes slumped after the U.S. president announced stiff tariffs on imports from all countries and levied its maximum import tax on Chinese goods.
Earlier in the week, the Trump administration paused so-called reciprocal tariffs on all countries but ramped up cumulative tariffs on China to 145%, prompting Beijing to announce its retaliatory tariffs of 84%.
China is set to announce additional tariffs on U.S. goods and raise barriers for U.S. service providers amid rapidly deteriorating relationships between the two largest economies in the world.
In addition, China-controlled entities stepped up their purchase of equities, and more than 100 companies announced stock buybacks totaling $2.7 billion.
China Indexes and Stocks
The Hang Seng index advanced 0.9% to 20,865.32, and the mainland-focused CSI 300 index added 0.2% to 3,740.38.
Alibaba Group Holding edged up 0.6% to HK 3,740.36, Tencent Holdings advanced 1.4% to HK 3,740.36, and Baidu Inc. added 1.5% to HK 80.75.
BYD gained 6.7% to HK 368.60, Li Auto Inc. jumped 7.5% to HK 91.45, and Xpeng advanced 9.4% to HK 77.90.
China Indexes Remain Under Pressure Amid Rapidly Deteriorating U.S.-China Relations
Li Chen
11 Apr, 2025
Hong Kong
Stocks in China and Hong Kong extended their weekly losses amid rapidly escalating trade tensions between the U.S. and China.
The Hang Seng index fell as much as 0.9% but recovered in the final hour of trading, and the CSI 300 index rebounded from a loss of 0.5%.
For the week to Thursday, the Hang Seng index fell 10%, the largest weekly decline since the fall of 13.3% in the final week of October 2008, and the index extended its losses to the fifth consecutive week.
Chinese market indexes slumped after the U.S. president announced stiff tariffs on imports from all countries and levied its maximum import tax on Chinese goods.
Earlier in the week, the Trump administration paused so-called reciprocal tariffs on all countries but ramped up cumulative tariffs on China to 154%, prompting Beijing to announce its retaliatory tariffs of 84%.
China is set to announce additional tariffs on U.S. goods and raise barriers for U.S. service providers amid rapidly deteriorating relationships between the two largest economies in the world.
In addition, China-controlled entities stepped up their purchase of equities, and more than 100 companies announced stock buybacks totaling $2.7 billion.
China Indexes and Stocks
The Hang Seng index advanced 0.9% to 20,865.32, and the mainland-focused CSI 300 index added 0.2% to 3,740.38.
Alibaba Group Holding edged up 0.6% to HK 3,740.36, Tencent Holdings advanced 1.4% to HK 3,740.36, and Baidu Inc. added 1.5% to HK 80.75.
BYD gained 6.7% to HK 368.60, Li Auto Inc. jumped 7.5% to HK 91.45, and Xpeng advanced 9.4% to HK 77.90.
Wall Street Stocks and Bonds Face Hurdles as Trump Administration Suffers Credibility Gap
Barry Adams
10 Apr, 2025
New York City
Stock market indexes on Wall Street traded down amid worries that the Trump administration's trade policy shifts may have done the damage that could be difficult to reverse in the near term.
The S&P 500 index decreased 1.2%, and the Nasdaq Composite declined 1.8% as investors take a sober view of the rosy projections promoted by the White House advisors.
The persistent sell-off pushed the 10-year Treasury yields above 4.5% and the 30-year yield closer to 5.0%.
In addition, the Treasury officials signaled that the upcoming treasury bond auctions may not attract enough interest from foreign buyers, as trading partners step up their retaliation to reciprocal tariffs.
The bond and stock market sell-off and sharp rebuke from leading business leaders forced the U.S. president to announce a pause on tariffs and accept a rare defeat.
Despite the suspension of the reciprocal tariffs for three months, the Trump administration has kept a 10% universal tariff on all imports, with shipments from Mexico and Canada attracting as much as 25% tariffs.
The sharp escalation in tariffs, from 2% to 10%, is a large supply shock to the economy, which will negatively impact consumer spending.
In addition, a sharp increase in total tariffs to 125% on Chinese goods is also going to contribute to inflationary forces.
In the months ahead, inflation is likely to surge to as high as 6% and could possibly go even higher, as tariffs seep deeper into the economy and price increases in automobiles, food products, and electronic goods take effect on new shipment arrivals.
Moreover, confidence is deeply shaken in the Trump administration's ability to navigate the economy to a sustainable annual growth of over 2%, as the policy unpredictability adds to market anxieties.
Bond and stock investors are going to demand deeper discounts because of the chaotic and unpredictable nature of the Trump administration, known as Trump.
The wild ride in the bond market ahead of the start of the reciprocal tariffs was prompted after the holders of the U.S. Treasury bonds in Japan and China trimmed their holdings.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 2.2% to 5,335.61, the Nasdaq Composite edged down 2.7% to 16,652.85, and the Russell 2000 index was down 2.8% to 1,860.30.
The yield on 2-year Treasury notes edged lower to 3.86%, 10-year Treasury notes decreased to 4.35%, and 30-year Treasury bonds advanced to 4.81%.
WTI crude oil decreased $2.28 to $60.08 a barrel, and natural gas prices edged lower by $0.14 to $3.67 a thermal unit.
Gold increased by $39.34 to 3,125.25 an ounce, and silver edged up by $0.10 to $31.02.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 1.15 to 101.75 and traded at a two-year high.
U.S. Movers
Delta Air Lines declined 4.3% to $44.23 after the company announced better-than-expected quarterly results and pulled its annual outlook amid the weakness in international bookings.
Costco Wholesale Corp. declined 0.5% to $960.87, and the membership warehouse club operator reported better-than-expected monthly sales.
Sales in March climbed to $25.51 billion from $23.48 billion a year ago, an increase of 8.6%.
Net sales for the first 31 weeks were $158.87 billion, an increase of 8.3% from $146.64 billion a year earlier.
Comparable sales in March rose 6.4%, and in the 31-week period they were up 6.1%, and e-commerce sales were up 16.2% and 16.8%, respectively.
Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were up 9.1% in March and up 8.3% in the 31 weeks to April 6, while e-commerce sales increased by 17.5% and by 17.7%, respectively.
Constellation Brands declined 2.4% to $178.95 after the company's net income swung to a loss in the fiscal fourth quarter ending in March.
The distributor of alcoholic beverages said sales increased to $2.31 billion from $2.30 billion, net income swung to a loss of $375.3 million from a profit of $392.4 million, and diluted loss per share was $2.09 compared to a profit of $2.14 a year ago.
Wall Street Stocks and Bonds Face Hurdles as Trump Administration Suffers Cre
Barry Adams
10 Apr, 2025
New York City
Stock market indexes on Wall Street traded down amid worries that the Trump administration's trade policy shifts may have done the damage that could be difficult to reverse in the near term.
The S&P 500 index decreased 1.2%, and the Nasdaq Composite declined 1.8% as investors take a sober view of the rosy projections promoted by the White House advisors.
The persistent sell-off pushed the 10-year Treasury yields above 4.5% and the 30-year yield closer to 5.0%.
In addition, the Treasury officials signaled that the upcoming treasury bond auctions may not attract enough interest from foreign buyers, as trading partners step up their retaliation to reciprocal tariffs.
The bond and stock market sell-off and sharp rebuke from leading business leaders forced the U.S. president to announce a pause on tariffs and accept a rare defeat.
Despite the suspension of the reciprocal tariffs for three months, the Trump administration has kept a 10% universal tariff on all imports, with shipments from Mexico and Canada attracting as much as 25% tariffs.
The sharp escalation in tariffs, from 2% to 10%, is a large supply shock to the economy, which will negatively impact consumer spending.
In addition, a sharp increase in total tariffs to 125% on Chinese goods is also going to contribute to inflationary forces.
In the months ahead, inflation is likely to surge to as high as 6% and could possibly go even higher, as tariffs seep deeper into the economy and price increases in automobiles, food products, and electronic goods take effect on new shipment arrivals.
Moreover, confidence is deeply shaken in the Trump administration's ability to navigate the economy to a sustainable annual growth of over 2%, as the policy unpredictability adds to market anxieties.
Bond and stock investors are going to demand deeper discounts because of the chaotic and unpredictable nature of the Trump administration, known as Trump.
The wild ride in the bond market ahead of the start of the reciprocal tariffs was prompted after the holders of the U.S. Treasury bonds in Japan and China trimmed their holdings.
U.S. Movers
Delta Air Lines declined 4.3% to $44.23 after the company announced better-than-expected quarterly results and pulled its annual outlook amid the weakness in international bookings.
Costco Wholesale Corp. declined 0.5% to $960.87, and the membership warehouse club operator reported better-than-expected monthly sales.
Sales in March climbed to $25.51 billion from $23.48 billion a year ago, an increase of 8.6%.
Net sales for the first 31 weeks were $158.87 billion, an increase of 8.3% from $146.64 billion a year earlier.
Comparable sales in March rose 6.4%, and in the 31-week period they were up 6.1%, and e-commerce sales were up 16.2% and 16.8%, respectively.
Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were up 9.1% in March and up 8.3% in the 31 weeks to April 6, while e-commerce sales increased by 17.5% and by 17.7%, respectively.
Constellation Brands declined 2.4% to $178.95 after the company's net income swung to a loss in the fiscal fourth quarter ending in March.
The distributor of alcoholic beverages said sales increased to $2.31 billion from $2.30 billion, net income swung to a loss of $375.3 million from a profit of $392.4 million, and diluted loss per share was $2.09 compared to a profit of $2.14 a year ago.