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U.S. Movers: Five Below, Hooker Furnishings, lululemon, Nvidia, Robinhood Markets

Scott Peters
06 Jun, 2024
New York City

Lululemon Athletica jumped 3.8% to $319.99 after the athletic apparel retailer reported higher than expected first quarter earnings and sales.

Five Below declined 15.3% to $112.43 after the discount retailer estimated weaker-than-expected revenue in the current quarter.

Nvidia Corp. advanced 0.9% to $1,234.28 after the company at the center of the artificial intelligence boom extended this year's gains to over 150% and a one-year surge to over 216%.

Robinhood Markets increased 3.5% to $22.36 after the online trading company agreed to acquire crypto exchange Bitstamp for $200 million.

Hooker Furnishings declined 8% to $16.08 after the furniture maker and retailer reported a decline in revenue of 28% and net income swung to a loss.

Revenue in the first quarter declined to $93.5 million from $121.8 million, net income swung to a loss of $4.0 million from a profit of $1.5 million, and diluted earnings per share were a loss of 39 cents compared to a profit of 13 cents a year ago.

S&P 500 and Nasdaq Pause Ahead of Friday's Nonfarm Payrolls Report

Barry Adams
06 Jun, 2024
Frankfurt

Stocks lacked direction and hovered near record highs reached in the previous session.

The S&P 500 index and the Nasdaq Composite meandered ahead of the release of nonfarm payroll data on Friday.

Investors are hoping that the increase in payroll will moderate, confirming the latest softer increase in private payrolls reported by ADP on Wednesday.

The moderating labor market conditions are likely to confirm that economic growth is intact and the labor market is strong but not too hot, giving policymakers room to consider a rate cut later in the year.

Initial weekly jobless claims for the week ended on June 1 increased by 8,000 to 229,000, according to the latest weekly report from the U.S. Labor Department.

The previous week's level was revised up by 2,000 from 219,000 to 221,000.

The 4-week moving average was 222,250, a decrease of 750 from the previous week's revised average.

At the same time, continuing claims unexpectedly rose by 2,000 to 1.79 million for the week ending May 25.

In a separate report, the Bureau of Labor Statistics reported that nonfarm productivity increased by 0.2% in the first quarter, while unit labor costs rose by 0.4%.

U.S. Trade Gap Widened in April

The U.S. goods and service trade deficit widened in April after imports rose faster than exports, the U.S. Bureau of Economic Analysis reported Thursday.

Exports edged up 0.8% to $263.7 billion, and imports rose 2.4% to $338.2 billion, resulting in a trade deficit increase of 8.7% to $74.6 billion.

Goods exports increased $2.2 billion to $172.7 billion, and services exports decreased $0.2 billion to $90.9 billion.

The increase in exports of electric apparatus, semiconductors, electric machinery, and pharmaceutical preparation was offset by a decline in industrial supplies and financial services.

Imports of goods advanced $8.1 billion to $271.9 billion, and services declined $0.1 billion to $66.3 billion.

The increase in imports of capital goods, vehicles, computer accessories, telecommunications, and insurance services was offset by a decline in travel services.

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.1% to 5,358.77, and the Nasdaq Composite fell 0.01% to 17,176.77.

The yield on 2-year Treasury notes edged lower to 4.75%, 10-year Treasury notes decreased to 4.31%, and 30-year Treasury bonds edged higher to 4.46%.

WTI crude oil increased $0.01 to $74.08 a barrel, and natural gas prices rose 9 cents to $2.84 a thermal unit.

Gold increased by $2.21 to $2,357.08 an ounce, and silver rose 31 cents to $30.33.

The dollar index, which weighs the U.S. currency against a basket of foreign currencies, edged lower to 104.32.

U.S. Stock Movers

Lululemon Athletica jumped 3.8% to $319.99 after the athletic apparel retailer reported higher than expected first quarter earnings and sales.

Five Below declined 15.3% to $112.43 after the discount retailer estimated weaker-than-expected revenue in the current quarter.

Nvidia Corp. advanced 0.9% to $1,234.28 after the company at the center of the artificial intelligence boom extended this year's gains to over 150% and a one-year surge to over 216%.

Robinhood Markets increased 3.5% to $22.36 after the online trading company agreed to acquire crypto exchange Bitstamp for $200 million.

ECB Lowered Rates by 0.25% and Signaled Restrictive Stand

Bridgette Randall
06 Jun, 2024
Frankfurt

The European Central Bank lowered its three key lending rates by 25 basis points from record highs.

The move was widely advertised by the central bank, but policymakers stressed that price pressures are still high and rates are likely to remain elevated for the foreseeable future and well into next year.

The ECB's Governing Council lowered the main refinancing rate to 4.25%, the deposit facility rate to 3.75%, and the marginal lending rate to 4.5%.

"Based on an updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission, it is now appropriate to moderate the degree of monetary policy restriction after nine months of holding rates steady," the ECB Governing Council said in a statement released after the policy meeting held Thursday.

The central bank lowered all three rates for the first time since the last cut in March 2016.

The central bank lowered the rate after inflation eased by 2.5 percentage points since September 2023, driven in large part by the decline in energy prices.

The policy committee's staff revised the overall and core inflation estimates for 2024 and 2025.

The staff projected the overall inflation in 2024 as averaging 2.5% and 2.4% in 2025, and the core inflation as 2.8% and 2.2%, respectively.

The economic growth estimate was revised higher to 0.9% in 2024 and 1.4% in 2025.

Europe Movers: N Brown Group, Hargraves Services

Inga Muller
06 Jun, 2024
Frankfurt

European markets advanced ahead of monetary policy decisions by the European Central Banks later today.

German factory orders unexpectedly fell in April retail sales in the eurozone fell more than expected in April and Switzerland's jobless rate held steady in May.

The DAX index increased by 0.7% to 18,696.65; the CAC-40 index rose by 0.4% to 8,041.74; and the FTSE 100 index advanced by 0.3% to 8,272.49.

The yield on 10-year German bonds edged lower to 2.53%; French bonds inched lower to 3.02%; the UK gilts edged lower to 4.17%; and Italian bonds inched lower to 3.82%.

N Brown Group soared 31% to €0.17 after the online fashion retailer reported a profit in its fiscal year 2024. The company also estimated sales would improve in the current fiscal year.

Hargreaves Services jumped 2.4% to 573.68 pence, and the company estimated pre-tax earnings marginally ahead of market expectations.

In Paris trading, Carrefour declined 0.8% to €14.82, Capgemini rose 1.2% to €194.30, and L'Air Liquide rose 1% to €186.46.

In Frankfurt trading, BMW advanced 0.1% to €91.48, Deutsche Bank gained 1.5% to €15.24, Deutsche Lufthansa declined 0.7% to €6.32, and Siemens AG decreased 1% to €177.04.

Eurozone Retail Sales Dropped In April, German Factory Orders Unexpected Eased In April

Bridgette Randall
06 Jun, 2024
Frankfurt

Benchmark indexes in Europe advanced for the third day in a row in the hopes of a widely anticipated rate cut by the European Central Bank later today.

Market indexes in Frankfurt, Paris, and London advanced between 0.3% and 0.7% amid expectations of a cut in three key lending rates by 25 basis points for the first time since 2016.

The ECB lowered only one of the three key lending rates, the deposit facility rate, in 2019.

Investors are also looking forward to comments from ECB president Christine Lagarde about the possibility of additional rate cuts in the year.

Most market participants are looking for at least one rate cut in September or December.

In other economic news, Switzerland's jobless rate held steady at 2.3% in May compared to the previous month, the Secretariat for Economic Affairs announced Thursday.

Eurozone Retail Sales Edged Lower In April

In other economic news, eurozone retail sales decreased 0.5% in April, following a downwardly revised 0.7% increase in March, Eurostat reported Thursday.

Sales of food, drinks, and tobacco fell 0.5% in April after rising 1% in the previous month, and auto fuel sales decreased 2.2%, reversing the 1% gain.

Nonfood sales declined 1% in April, matching the rate of decline in the previous month.

On an annual basis, retail sales were unchanged following a 0.7% rise in March.

German Factory Orders Declined In April.

Real factory orders, adjusted for seasonal and calendar factors, in Germany decreased by 0.2% from the previous month in April, the Federal Statistical Office, or Destatis, reported Thursday.

On an annual basis, new orders declined 1.6%.

Incoming orders in a three-month period to April declined 5.4% from the previous three-month period, mainly due to a large order in December 2023.

Excluding the large orders, new orders in April were 2.9% higher than in March and 1.4% lower in the three-month period between February and April than the previous three-month period.

The decline in orders was widespread, and orders declined in four key sectors.

Incoming orders for electric equipment declined 4.1%, mechanical engineering fell 1.5%, aircraft, ships, and trains dropped 15.4%, and electronic and optical products fell 5.1%.

However, orders in the automotive industry rose 4.1%, offsetting the overall decline in incoming orders.

Domestic orders declined by 0.3%, and foreign orders fell by 0.1%, driven by a 1.4% decline in orders from the eurozone, while orders from the rest of the world rose by 0.6%.

Europe Indexes and Yields

The DAX index increased by 0.7% to 18,696.65; the CAC-40 index rose by 0.4% to 8,041.74; and the FTSE 100 index advanced by 0.3% to 8,272.49.

The yield on 10-year German bonds edged lower to 2.53%; French bonds inched lower to 3.02%; the UK gilts edged lower to 4.17%; and Italian bonds inched lower to 3.82%.

The euro edged higher to $1.087; the British pound inched higher to $1.276; and the U.S. dollar weakened to 89.11 Swiss cents.

Brent crude increased $0.27 to $77.68 a barrel, and the Dutch TTF natural gas rose by €0.33 to €33.71 per MWh.

Europe Stock Movers

N Brown Group soared 31% to €0.17 after the online fashion retailer reported a profit in its fiscal year 2024. The company also estimated sales would improve in the current fiscal year.

Hargreaves Services jumped 2.4% to 573.68 pence, and the company estimated pre-tax earnings marginally ahead of market expectations.

In Paris trading, Carrefour declined 0.8% to €14.82, Capgemini rose 1.2% to €194.30, and L'Air Liquide rose 1% to €186.46.

In Frankfurt trading, BMW advanced 0.1% to €91.48, Deutsche Bank gained 1.5% to €15.24, Deutsche Lufthansa declined 0.7% to €6.32, and Siemens AG decreased 1% to €177.04.

Nikkei 225 Jumps 1% Following Market Rally In New York, Elliott Management Amasses a $2 Billion Stake In Softbank

Akira Ito
06 Jun, 2024
Tokyo

Market indexes in Tokyo jumped, following a tech-stock-driven rally in overnight trading on Wall Street.

Benchmark indexes jumped as much as 1% after tech stocks rallied in Tokyo and the market advanced broadened to most sectors in the early afternoon.

The semiconductor stocks in Tokyo advanced following the record high at Nvidia in New York, which lifted the S&P 500 index and the Nasdaq Composite to new highs.

The Japanese yen held firm at 155.89 against the U.S. dollar, and the yield on the 10-year Japanese government bonds fell below 1% for the first time in two weeks.

Japan Stock Movers

The Nikkei 225 Stock Average jumped 0.7% to 38,751.57, and the Topix index advanced 0.4% to 2,759.05.

Tech stocks led the gainers, and Tokyo Electron, Advantest, and Screen Holdings jumped between 1.5% and 5%.

SoftBank jumped 1.3% to ¥9,545.0 after activist investor Elliott Investment acquired a $2 billion stake in the company with the aim of pushing the tech conglomerate to buy back $15 billion of its own stock.

The news was first reported by the Wall Street Journal and confirmed by two traders in Tokyo and New York.

Ocean shipping companies were in focus again, and Kawasaki Kisen Kaisha jumped 4.2% to ¥2,465.0 and Nippon Yusen advanced 2.6% to ¥5,018.0.

Energy companies traded higher despite the recent weakness in crude oil prices.

Idemitsu Kosan jumped 3% to ¥1,072.0, INPEX gained 0.02% to ¥2,313.0, and Iwatani jumped 2.6% to ¥9,458.0.

On the downside, Alps Alpine declined 5.5% to ¥1,463.0, and Mercari dropped as much as 3% to ¥2,023.50.

China Stocks Advanced Ahead of Exports Data, China's Property Sales Remain Depressed

Li Chen
06 Jun, 2024
Hong Kong

Stocks in Shanghai and Hong Kong advanced, and the yuan remained under pressure for the second consecutive week.

Benchmark indexes advanced ahead of the release of international trade data on Friday, and economists are estimating export growth to accelerate above 5% in May.

Market sentiment was also bolstered after Country Garden reported rising residential property unit sales in May, following the increase reported by China Vanke.

Policymakers are hoping that recent supportive measures announced by local authorities and the People's Bank of China may encourage more property transactions.

Despite the cautious optimism, markets are worried that the long-term economic growth trajectory is on the decline, which is likely to negatively impact corporate earnings growth.

The National Bureau of Statistics is set to announce international trade data on Friday, and economists are looking for exports to jump by as much as 5% amid rising global demand for electric vehicles and industrial machinery.

Investors are also awaiting the release of import growth, which generally signals the health of domestic demand.

China Stock Movers

The CSI 300 index increased 0.4% to 3,610.63, and the Hang Seng index advanced 0.5% to 18,508.73.

Country Garden decreased 3.1% to $5.62 despite the residential property developer reporting rising sales in May, according to filings with the Hong Kong Stock Exchange.

Contracted sales in May increased by 11.4% to 440,000 square meters from 430,000 square meters in April.

Sales increased to 4.29 billion yuan, or $592 million, from 3.85 billion yuan in April.

Despite the recent pick-up in activities, sales declined 76% from a year ago after dropping 83% in April, indicating the government measures are not working as fast as anticipated and the incipient recovery is still limited to tier-1 cities.

Nationwide residential property sales by the top 100 Chinese developers increased 3.4% from the previous month in May to 322.4 billion yuan, still down about 34% from a year ago, according to the data released by the China Real Estate Information Corporation.

India Movers: BHEL, IEX, KPI Green, Force Motors, Maruti Suzuki, NBCC, Nazara Tech

Arun Goswami
06 Jun, 2024
Mumbai

Stocks rebounded for the second day in a row, and the post-election results jitters eased after the NDA moved fast to form the next central government.

The Sensex index increased by 0.5% to 74,780.33, and the Nifty index rose by 0.5% to 22,740.65.

On the Mumbai stock exchange, 48 stocks traded at their 52-week highs, and 24 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 7.03%, and the Indian rupee edged higher at ₹83.52 against the U.S. dollar.

Maruti Suzuki increased 2.7% to ₹12,511.55, and the vehicle maker said it plans to invest 450 crore over the next three years in renewable energy projects.

BHEL jumped 5.7% to ₹269.90 after the company won a 3,500 crore order from Adani Power for setting up a power plant in Chhattisgarh.

Indian Energy Exchange surged 5.2% to ₹164.30 after the company said overall trading volume jumped 29% to 10,633 million units from 8,251 million units in May.

KPI Green Energy soared 4.4% to ₹1,756.75 after the company won orders for solar energy generation and transmission worth ₹351 crore.

Nazara Technologies advanced 3.9% to ₹715.60 after the company's subsidiary agreed to acquire SoapCentral.com, the soap opera-focused content provider, for $1.4 million, or approximately ₹11 crore.

NBCC added 7.6% to ₹139.95 after the company said it won 13 new orders worth ₹451 crore.

Force Motors gained 0.7% to ₹8,460.0 after the commercial vehicle maker said total domestic unit sales in May rose 13.9% to 2,412 from 2,118.

However, total exports in the month plunged 63% to 180 units from 491 units a year ago.

Aimtron Electronics is set to list its stock on the National Stock Exchange's small and medium enterprise platform with a plan to raise as much as 87 crore through the sale of 54.05 lakh shares.

Service Sector Strength and Rally In Nvidia Lift S&P 500 and Nasdaq to New Record Highs

Alexander Garcia
05 Jun, 2024
Miami

Stocks on Wall Street moved higher as investors reviewed the latest update on private payroll and the service sector and reaffirmed their bet on at least one rate cut before the year's end.

After two hours of trading, the market rally broadened beyond semiconductor and leading tech companies, and the two benchmark indexes inched further into record territory.

The S&P 500 index and the Nasdaq Composite advanced, and the AI chip leader Nvidia soared to a new record high.

Private payroll expanded by 152,000 in May, according to the latest survey released by ADP.

The private payroll rose at the slowest pace in four months, and fewer jobs were added compared to the downwardly revised 188,000 in April.

Most of the job gains were in the service sector, with an increase of 149,000, and goods-producing sector payroll expanded by 3,000 in the month.

Annual wage gains for those who switched jobs slowed to 7.8%, and for those who continued with their current jobs, they held steady at 5% for the third month in a row.

A separate report showed that service growth accelerated in May due to faster new order growth and notably higher business activity.

The service sector's activities expanded at the fastest pace in nine months, according to the latest survey released by ISM.

The ISM Services PMI in the U.S. jumped to 53.8 in May from 49.4 in April, when it contracted for the first time since December.

"The majority of survey participants suggested that inflation and the current interest rates are an impediment to improving business conditions," Anthony Nieves, chair of the ISM business survey committee, said.

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.9% to 5,336.56, and the Nasdaq Composite advanced 0.7% to 17,122.81.

The yield on 2-year Treasury notes edged lower to 4.78%, 10-year Treasury notes decreased to 4.34%, and 30-year Treasury bonds edged higher to 4.47%.

WTI crude oil increased $0.34 to $73.60 a barrel, and natural gas prices rose 9 cents to $2.68 a thermal unit.

Gold increased by $24.65 to $2,353.49 an ounce, and silver rose 37 cents to $29.95.

The dollar index, which weighs the U.S. currency against a basket of foreign currencies, edged lower to 104.34.

U.S. Stock Movers

Hewlett-Packard Enterprise rose 12.4% to $19.79 after the advanced computer system maker reported a better-than-expected fiscal second quarter.

CrowdStrike Holdings jumped 6.7% to $326.56 after the cyber security firm reported better-than-expected first quarter results and issued a stronger-than-expected outlook for the current quarter.

Nio Inc. increased 0.01% to $5.22 after the Chinese electric vehicle maker received approval to build its third production facility in China.

The news was first reported by Reuters but could not be independently verified.

Deere & Co. declined 0.2% to $368.79 after the farm equipment maker said in a regulatory filing that it plans to trim its "production and salaried workforce" as the company struggles with a global demand slowdown.

European Markets Close Higher Ahead of Thursday's Rate Decisions

European markets edged higher in cautious trading ahead of the European Central Bank's rate decisions on Thursday.

Benchmark indexes in Frankfurt, Paris, and London advanced in choppy trading as investors awaited the ECB's first rate cut and insights in timing for additional cuts.

The ECB is widely expected to cut its policy rates by 25 basis points from a record high of 4% after inflation eased over the last eighteen months from a record high close to 9%.

Industrial Producer Prices Fell Sixth Consecutive Month in May

On the economic front, industrial producer prices in the Euro Area declined 1% from the previous month in April, following a downwardly revised drop of 0.5% in March, Eurostat reported on Wednesday.

Producer prices, a measure of wholesale inflation, declined for the sixth month in a row.

The decline in producer prices in May was driven by a 3.6% decline in energy prices (compared to a fall of 2.3% in March).

Excluding energy, producer prices edged slightly up by 0.2%, slower than an increase of 0.3% in the previous month.

Euro-Area Business Activities Expanded in May

Business activities in the eurozone in May rose, according to the final update released by the HCOB and S&P Global on Wednesday.

The HCOB eurozone composite PMI edged slightly lower to 52.2 in May from the preliminary reading of 52.3, but rose from 51.7 in April.

The growth accelerated to the highest level since May 2023, following the decline in inflation in the currency union.

France's Industrial Output Rebounded in May

France's industrial output increased by 0.5% on a monthly basis in April, rebounding from the revised 0.2% decline in March, the statistical office INSEE reported in its monthly update.

The rebound in manufacturing output by 0.4% from the contraction of 0.4% in March and the acceleration in mining, energy, water supply, and waste management to 1.2% from 0.8% in March drove the French output higher.

However, construction activity shrank by 1% on a monthly basis in April, reversing the 0.8% increase in March.

On a yearly basis, industrial production growth accelerated to 0.9% from 0.7% in the previous month.

Europe Indexes and Yields

The DAX index increased by 0.9% to 18,575.94; the CAC-40 index rose by 0.9% to 8,006.57; and the FTSE 100 index advanced by 0.2% to 8,246.95.

The yield on 10-year German bonds edged lower to 2.52%; French bonds inched lower to 3.01%; the UK gilts edged lower to 4.20%; and Italian bonds inched lower to 3.84%.

The euro edged higher to $1.086; the British pound inched higher to $1.277; and the U.S. dollar weakened to 89.23 Swiss cents.

Brent crude increased $0.75 to $78.33 a barrel, and the Dutch TTF natural gas fell by €0.74 to €33.37 per MWh.

Europe Stock Movers

Inditex jumped 4.5% to €45.94 after the parent company of apparel retailer Zara reported higher sales and earnings in the first quarter.

Elekta AB plunged 17.5% to SEK 70.25 after the maker of radiation therapy equipment reported lower-than-expected operating earnings in its fiscal fourth quarter.

Workspace Group plc increased 4.6% to 576.59 pence, despite the office space firm reporting a wider pre-tax loss.

Centrica PLC decreased 2.9% to 138.10 pence after the UK-based energy service company said the company's performance is in line with market expectations.

KPN increased 1.5% to €3.53 after the company signed an agreement with the Dutch pension fund ABP, a new wireless communication tower company.

AstraZeneca increased 1% to 12,532.0 pence after the pharmaceutical company announced the completion of the acquisition of Fusion Pharmaceuticals, a clinical-stage biopharmaceutical company.

Japan's Wage Gains Lag Inflation In April, Safety Certification Falsification Scandal Widens

Market indexes in Tokyo fell amid a broad market selloff as investors reassessed the rate path outlook and the persistent rate differential between the U.S. and Japan.

The Nikkei and the Topix index declined more than 1% after banks, tech and industrial companies, and vehicle makers were among the leading decliners.

Market sentiment was dented after April wage gains lagged inflation, stoking fears of weak consumer spending negatively impacting economic growth in the current quarter.

Wages in April rose 2.1%, lagging core consumer price inflation of 2.2% in the month as small- and medium-sized businesses struggled to lift wages.

The Japanese yen edged higher and hovered near 155.73 against the U.S. dollar, reversing the previous week's slide.

Currency traders are still anticipating the yen to dip to 165 against the dollar due to the persistent yield differential between the U.S. and Japan.

Moreover, the Bank of Japan is reluctant to lift its interest rates, despite the recent rise in inflation driven by the increase in commodities, energy, and food prices.

Japan Stock Movers

The Nikkei 225 stock average decreased 1.1% to 38,405.05, and the Topix index declined 1.6% to 38,405.05.

Tokyo Electron, Advantest, Screen Holdings, and Softbank declined between 1.2% and 3.3%.

Resource-linked stocks also declined after metals and crude oil prices fell for the second week in a row.

JFE Holdings, Nippon Steel, and Inpex Corp. fell between 2% and 4%.

Toyota Motor, Honda Motor, and Nissan Motor fell between 0.7% and 2.8% after the yen edged higher.

Toyota Motor Corp. declined 2.4% to ¥3,218.0 after the company said it plans to halt the shipment of three models produced in Japan following certification issues and a government raid at its headquarters.

Honda also fell after the company confirmed that it had falsified safety certification tests after a government action against the company.

Mazda Motor also temporarily halted shipment of two models after an internal investigation discovered irregularities; however, these models have not been in production since the end of May.

China's Service Growth Accelerates in April, Stock Indexes Extend 3-day Rally

Stocks in Shanghai and Hong Kong attempted to rebound for the third session in a row, and the yuan struggled amid persistent devaluation worries.

The CSI 300 and the Hang Seng index edged up 0.3% after the service sector expanded at the fastest pace in May.

The Caixin-SS&P Global services purchasing managers' index increased to 54.0 in May from 52.5 in April.

Earlier in the week, the private survey of the manufacturing sector showed an expansion, and together the two reports showed rising business activities last month.

The Hang Seng index advanced on speculation that the economy is likely to hit the government's target rate of 5% and corporate earnings in the current quarter are likely to be ahead of market expectations.

China indexes have been on the rebound in the last three months after hitting their lows in late January, but benchmark indexes are still down more than 40% from the peak reached in January 2018.

Moreover, China's economy is likely to continue to face deceleration, and GDP growth is likely to slow to less than 3% over the next three years.

The Chinese yuan hovered at 7.252 against the U.S. dollar, and the currency traded near a five-month low.

China Stock Movers

The CSI 300 index decreased 0.3% to 3,606.94, and the Hang Seng index jumped 0.4% to 18,525.56.

Meituan declined 0.2% to HK$113.30 ahead of the food delivery company's earnings after the market closed.

The food delivery company is expected to report a narrower loss in the first quarter as the company prioritizes profitability over sales growth.

Trip.com declined 1.3% to HK$403.0 after the online travel agency announced a $1.3 billion convertible debt offering to repay its existing debt, fund its foreign expansion, and finance its working capital needs.

Electric vehicle makers were in focus ahead of the release of international trade data later in the week.

BYD increased 1.2% to HK$233.60, Li Auto fell 0.4% to HK$79.25, and Xpeng rose 1.7% to HK$32.85.

U.S. Movers: CrowdStrike, Deere, Hewlett-Packard, Nio

Scott Peters
05 Jun, 2024
New York City

Hewlett-Packard Enterprise rose 12.4% to $19.79 after the advanced computer system maker reported a better-than-expected fiscal second quarter.

CrowdStrike Holdings jumped 6.7% to $326.56 after the cyber security firm reported better-than-expected first quarter results and issued a stronger-than-expected outlook for the current quarter.

Nio Inc. increased 0.01% to $5.22 after the Chinese electric vehicle maker received approval to build its third production facility in China.

The news was first reported by Reuters but could not be independently verified.

Deere & Co. declined 0.2% to $368.79 after the farm equipment maker said in a regulatory filing that it plans to trim its "production and salaried workforce" as the company struggles with a global demand slowdown.

Rate Cut Hopes Support Market Advance, Private Payrolls Growth Slows in May

Barry Adams
05 Jun, 2024
New York City

Stocks on Wall Street attempted to move higher as investors reviewed the latest update on private payroll and the service sector.

The S&P 500 index and the Nasdaq Composite advanced in early trading, and the AI chip leader Nvidia soared to a new record high.