Crude Oil Falls Over 1%; Best Buy Reports Downbeat Results

U.S. stocks traded mostly higher midway through trading, with the S&P 500 gaining around 0.4% on Thursday.

The Dow traded up 0.03% to 42,113.07 while the NASDAQ jumped 0.59% to 19,213.22. The S&P 500 also rose, gaining, 0.37% to 5,910.10.

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Leading and Lagging Sectors

Real estate shares jumped by 0.9% on Thursday.

In trading on Thursday, communication services stocks fell by 0.5%.

Top Headline

Best Buy Co Inc (NYSE:BBY) posted downbeat results for the first quarter.

The company's first-quarter sales fell around 1% (comparable sales fell 0.7%) year over year to $8.77 billion. It missed the analyst consensus estimate of $9.22 billion. Best Buy reported adjusted earnings of $1.15, missing the consensus of $1.31.

Best Buy lowered its fiscal 2026 adjusted earnings from $6.20-$6.60 per share to $6.15-$6.30 per share versus consensus of $6.13 per share. The company lowered its sales guidance from $41.4 billion to $42.2 billion to $41.1 billion to $41.9 billion. The consensus hovers around $41.44 billion.

Equities Trading UP
           

• Alzamend Neuro, Inc. (NASDAQ:ALZN) shares shot up 99% to $6.60 after the company dosed the first patient in its Phase II clinical trial of AL001.
• Shares of Streamline Health Solutions, Inc. (NASDAQ:STRM) got a boost, surging 128% to $5.07 after the company announced MDaudit will acquire the company for $5.34 per share in cash.
• ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares were also up, gaining 25% to $7.45 after the company announced preliminary efficacy and safety data from its ongoing Phase 1b trial of ORIC-944. Additionally, the company announced a $125 million private placement, which was priced at an 18% premium to its 10-day trailing volume-weighted average price.

Equities Trading DOWN

• Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares dropped 19% to $4.8650 after the company announced a $75 million common stock offering and a $175 million convertible senior notes offering.
• Shares of Caleres, Inc. (NYSE:CAL) were down 14% to $14.16 after the company reported first-quarter financial results and missed its adjusted EPS and sales estimates. Additionally, the company announced it will suspend its guidance.
• Revelation Biosciences, Inc. (NASDAQ:REVB) was down, falling 50% to $0.9651 after the company announced a $4 million public offering.

Commodities

In commodity news, oil traded down 1.3% to $61.03 while gold traded up 1.4% at $3,341.80.

Silver traded up 0.3% to $33.255 on Thursday, while copper rose 0.2% to $4.6820.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 fell 0.09%, while Spain's IBEX 35 Index rose 0.21%. London's FTSE 100 rose 0.01%, Germany's DAX 40 fell 0.24% and France's CAC 40 gained 0.15% during the session.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei gaining 1.88%, Hong Kong's Hang Seng Index rising 1.35%, China's Shanghai Composite Index rising 0.70% and India's BSE Sensex rising 0.39%.

Economics

• U.S. initial jobless claims rose by 14,000 from the previous week to 240,000 in the week ending May 24th, compared to market estimates of 230,000.
• The U.S. economy shrank at an annualized rate of 0.2% in the first quarter, compared to the initial estimate of a 0.3% decline.
• Pending home sales in the U.S. fell 6.3% from the previous month in April.
• U.S. crude oil inventories declined by 2.795 million barrels in the week ended May 23, compared to market estimates of a 0.6 million barrel rise.

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