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Stock Market Sees Decline as Hibbett Reports Disappointing Sales

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The morning bells rang a somber tune for the U.S. stock market today, with the Nasdaq Composite taking a tumble of over 100 points on Friday.

As the trading day opened, the Dow saw a 0.28% decline to 38,797.24, while the NASDAQ sank by 0.67% to 16,020.07. The S&P 500 also followed suit, dropping by 0.58% to land at 5,120.59.

 

Sector Performances Today

 

Energy shares saw a glimmer of hope, rising by 0.6% on Friday.

On the flip side, information technology shares took a hit, falling by 1.2% in today’s trading.

 

Hibbett’s Latest Report

 

Hibbett Inc HIBB shared disappointing news with investors, reporting lower-than-expected sales for the fourth quarter.

In the latest fiscal quarter, Hibbett saw sales grow by a mere 1.8% to $466.59 million, falling short of the analyst estimate of $477.49 million. The reported EPS of $2.55 also missed the consensus estimate by a hair, coming in under at $2.56.

Looking ahead, Hibbett anticipates a modest growth of flat to 2% in sales for FY25, with an EPS projection of $8.00 – $8.75, slightly below the consensus figure of $8.82.

 

Winners and Losers in Equities Today

 

Verb Technology Company, Inc. VERB saw a whopping 156% surge in shares, reaching $0.3580, following the successful launch of their social shopping technology integration with Facebook and Instagram through MARKET.live.

Meanwhile, Better Therapeutics, Inc. BTTX experienced a surge of 118% to $0.0762 after announcing plans to explore strategic alternatives and impending delisting from the Nasdaq.

Jet.AI Inc. JTAI also claimed victory today, with shares climbing by 82% to $1.2300.

 

Bringing Up the Rear in Equities

 

C3is Inc. CISS bore the brunt of a 66% drop to $0.0270 after announcing a $6 million underwritten public offering.

Likewise, SELLAS Life Sciences Group, Inc. SLS saw a 32% decrease to $1.05. SELLAS Life Sciences Group unveiled a $20 million registered direct offering and a concurrent private placement, sett sold at $1.535/share.

Lucy Scientific Discovery Inc. LSDI also felt the descent, slipping by 32% to $1.14.

Also Worth Knowing: Analysts’ Recommendations on Tech Stocks Offering High-Dividend Yields

 

Commodity Outlook

 

The commodity arena saw oil take a hit, slipping by 0.7% to $80.67, while gold also dipped by 0.3% to $2,161.80.

On the other hand, silver sparkled with a 1.2% upswing, reaching $25.35 on Friday, as copper followed suit with a 1.3% climb to $4.0975.

 

Market Movements in Other Regions

 

European markets showcased a positive performance today. The STOXX 600 in the eurozone rose by 0.1%, London’s FTSE 100 jumped by 0.1%, Spain’s IBEX 35 Index soared by 1.2%, Germany’s DAX saw a gain of 0.3%, France’s CAC 40 climbed by 0.5%, and Italy’s FTSE MIB Index flourished with a 0.6% increase.

Italy confirmed a 0.8% annual inflation rate in February, while France experienced a slight decrease in its annual inflation, slipping to 3% in February from 3.1% the previous month.

 

Asian Market Recap

 

Friday closed with mixed results across Asian markets, with Japan’s Nikkei 225 falling by 0.26%, Hong Kong’s Hang Seng Index dropping by 1.42%, China’s Shanghai Composite Index rising by 0.54%, and India’s S&P BSE Sensex slipping by 0.7%.

In economic news, new home prices in China saw a 1.4% year-over-year decline in February while the People’s Bank of China maintained the interest rate at 2.50%. Singapore also maintained a 2.0% unemployment rate for the fourth quarter.

 

Updates from the Economic Front

 

Noteworthy developments in the U.S. economic sector included a 0.8% month-over-month increment in manufacturing production for February. Industrial production in the U.S. also experienced a 0.1% rise from the previous month in February.

The NY Empire State Manufacturing Index took a sharp decline to -20.9 in March from -2.4 in February. Export prices in the U.S. saw a climb of 0.8% month-over-month in February, with import prices also rising by 0.3%.

Interested in Finance? Check Out: Strategies for Earning from Dollar General Stock Post Earnings Beat

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