The S&P 500 Gains and Losses Today: Costco Shares Drop After Quarterly Revenue Miss

Overview

The stock market experienced a mixed day on Friday, March 8, 2024, with the S&P 500 sliding 0.7% from record highs. Despite signs of a cooling job market that could lead to rate cuts by the Federal Reserve, the technology sector lost momentum, contributing to the overall decline in major U.S. equities indexes.

Costco Shares Plummet

One of the biggest losers of the day was Costco (COST), whose shares plunged 7.6% after the retailer posted mixed earnings results. While profits for its fiscal second quarter exceeded expectations, sales fell short of forecasts. Additionally, Costco decided to maintain its membership fees at current levels, but did not rule out potential fee hikes in the future.

Broadcom Disappoints Investors

Another notable loser was Broadcom (AVGO), whose shares tumbled 7.0% after the semiconductor maker’s full-year forecast failed to impress investors. Despite beating first-quarter revenue estimates, Broadcom reiterated guidance issued in December, causing a negative reaction from the market. This news also impacted other industry peers, including Nvidia (NVDA), which saw a 5.6% drop in its stock price.

Constellation Energy Slips

Maryland-based utility company Constellation Energy (CEG) saw its shares slip by 5.0% on Friday. The decline came after the stock had posted gains at the end of February following strong full-year guidance and an increase in dividends.

Etsy Shines Bright

On a more positive note, Etsy (ETSY) emerged as one of the top performers on the S&P 500, with its shares rising by 5.7%. The online crafts marketplace has been able to differentiate itself in the competitive e-commerce space by focusing on handmade and unique products.

Carnival Corp. Sees Growth Potential

Cruise operator Carnival Corp. (CCL) experienced a 4.5% increase in its stock price after analysts raised their price target on the company. The analysts believe that strong demand and pricing strength could lead Carnival to raise its guidance when it reports its results later in the month.

Moderna Reports Positive News

Biotech firm Moderna (MRNA) saw its shares rise by 3.6% despite a decline in sales of its COVID-19 vaccine. The company reported a surprise profit for the fourth quarter and has shown promising results in trials of a personalized cancer vaccine developed in collaboration with Merck (MRK).

Conclusion

Overall, the stock market experienced a mixed day on Friday, with some companies facing losses while others saw gains. The technology sector’s underperformance contributed to the decline in major U.S. equities indexes, but individual companies like Etsy and Carnival Corp. were able to shine through with positive news and growth potential.

For more information on the day’s market movements, you can read the original article on Investopedia.