NASDAQ 100, Dow Jones, S&P 500: Luxury Fashion Platform Farfetch Skyrockets

Highlights

• Stock market indices on track for weekly gains
• Farfetch, Deere, and Applied Materials show notable movements
• Disney downgraded, Foot Locker plunges, Gen Digital receives positive rating

Overview

On Friday, the S&P 500 futures saw a slight increase as Wall Street remained focused on the debt ceiling situation. Dow Jones Industrial Average futures rose by 94 points or 0.28%, while the S&P 500 futures gained 0.26%. Nasdaq-100 futures remained unchanged.

Overall, the major stock market indices are on track to record weekly gains. The S&P 500 has risen by 1.8% from the beginning of the week until Thursday’s market close, marking its largest weekly increase since March. Similarly, the Nasdaq Composite has seen a 3.3% increase this week, also its best weekly performance since March. The Dow has also experienced a 0.7% increase.

Before the market opened, notable stocks showing significant movements were Farfetch, Deere, and Applied Materials.

Big Winners

Among the stocks making significant moves in the stock market, Farfetch, the luxury fashion platform, stood out as the top performer with its stock soaring by 25.5% in Friday morning trading. Despite slightly missing analysts’ estimates on earnings, Farfetch’s revenue of $556 million exceeded Wall Street’s expectations.

Deere, the tractor maker, also had a strong showing as its shares rose by almost 4% after announcing better-than-expected earnings and revenue for its fiscal second quarter. Deere’s earnings per share of $9.65 and revenue of $17.39 billion outperformed analysts’ projections.

Bloom Energy, a clean energy company, experienced a 6.2% surge in its stock during premarket trading, following an upgrade to overweight from neutral by JPMorgan. The upgrade highlighted a buying opportunity in the stock after a recent decline.

Bath & Body Works, the popular mall shop, initially saw its shares surge by 10.7% in the previous trading session. However, it experienced a 2.2% pullback afterward.  This, despite reporting better-than-expected earnings for the fiscal first quarter and raising its full-year guidance.

Gen Digital, a cybersecurity company, climbed 1.5% after receiving an outperform rating from Evercore ISI, which initiated coverage on the stock. Analyst Peter Levine emphasized Gen Digital as the “leading consumer cybersecurity platform.

Big Losers

Applied Materials, a chip maker, saw a slight slip of over 1% in its stock price, despite posting earnings and revenue for the most recent quarter that surpassed Wall Street’s expectations. The company also provided upbeat guidance for the third quarter.

Disney’s stock fell by 0.9% in premarket trading after being downgraded to neutral from outperform by Macquarie Research due to uncertainties surrounding the growth of its streaming services.

Nike’s shares declined by over 2% as the company faced potential fines exceeding $530 million for misclassifying independent contractors, as reported by The Guardian.

Catalent, the drug maker, experienced a drop of almost 6% in its stock price after delaying its fiscal third-quarter earnings announcement and lowering its full-year earnings and revenue guidance.

DXC Technology, an IT company, saw its shares fall by 3.5% following its latest financial results, which fell below analysts’ expectations. DXC reported lower revenue than anticipated and announced the departure of its CFO later this year.

Foot Locker, the shoe retailer, had the most significant decline among the stocks mentioned, with its shares tumbling by over 23% after disappointing quarterly results. The company missed analysts’ expectations on both earnings and revenue for the first quarter.