Stock Market Recap- Indices Close Low on Poor Earnings Reports

The three top stock market indices closed low on Thursday and are headed to poor trading session for Friday to close out the week.

The Dow Jones Industrial Average fell 0.32% on Thursday amid poor stock showings from Amazon, Microsoft, and Apple. All three of these stocks fell more than 1% on Thursday, with Amazon taking the biggest hit. The online retailer was down 1.84%.

Over on the Nasdaq Composite, the overall numbers fell 0.65%, the biggest drop of any of the top three indices. The Nasdaq continued to drop as trading opened on Friday morning. The low numbers were led by shipping company C3is and its decline of 67% amid debt problems. Two research stocks fell hard as well on Thursday- Lucy Scientific Discovery and SELLA Life Sciences.

The S&P 500 dropped 0.54% for Thursday and opened still low for Friday morning. Adobe was the biggest loser there, with a nearly 14% drop following a weak forecast for the current fiscal quarter, despite sales growth from last quarter. Global manufacturer Jabil Inc. fell as well, dropping 12.33% after a disappointing earnings report for the quarter.

Big Stock Winners to Watch

The major movers over on the S&P 500 were Valero Energy and the Costar Group, increasing 3% each.

Verb Technology was the big winner on the Nasdaq Composite, as the platform developer announced a merger with Meta and gained 160% increase in its stock price. As Better Therapeutics is about to be delisted from the Nasdaq Composite, the company announced it would be seeking alternative business strategies, and the stock price shot up 112%.

AI stocks like Nvidia and SoundHead AI are still good investments that have retained much of their recent gains and have the potential to grow further this year. Dollar General has stopped falling for now after major losses were recorded in its recent earnings report. If the current business strategy pays off, this stock may recover later this year.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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