The major US stock indices are closing in the red to start the holiday-shortened week. The declines were led by the Nasdaq but the closing levels are closing near the midpoint of the days trading range after dip buyers reentered at lows.
Looking at the closing levels:
- Dow industrial average of -64.21 points or -0.17% at 38563.79. The low for the day reached down -167.80.
- S&P index -30.04 points or -0.60% at 4975.52. At session lows the decline was down -50.54 points.
- NASDAQ index -144.88 points or -0.92% at 15630.77. At session lows, the decline was down -267.16
- Russell 2000 fell -28.60 points or -1.41% at 2004.14. At session lows, the decline was down -34.65 points.
Last week, the major indices fell for the first time after 5-weeks of gains.
A look at some of the major big-cap stocks:
- Nvidia, -4.35%. Nvidia reports earnings after the close tomorrow.
- Amazon, -1.43%
- Meta, -0.33%
- Apple, -0.35%
- Super Micro Computers, -1.96%
- Alphabet rose 0.43%
After the close Palo Alto Network released earnings and guidance disappointed despite beats on the top and bottom lines:
- Adjusted EPS: $1.46, which BEAT expectations of $1.30.
- Revenue: $1.975 billion, slightly BEAT expectations of $1.97 billion.
Forward Guidance:
- Q3 Billings: Expected to be between $2.30 billion and $2.35 billion, which MISSED the expectations of $2.63 billion.
- Q3 Revenue: Forecasted to be between $1.95 billion and $1.98 billion, which MISSED the expectations of $2.04 billion.
- FY24 Billings: Revised to between $10.10 billion and $10.20 billion, down from the previous forecast of $10.7 billion to $10.8 billion, and MISSED the expectations of $10.76 billion.
Shares of Palo Alto Networks (PANW) are trading down -$47 or -12.86% at $319.40 after closing the day at $366.09. It’s