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May 28, 2022, 4:55 a.m. EDT

Stocks close sharply higher after inflation data; Dow snaps longest weekly losing streak since 1932

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By Christine Idzelis and William Watts

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Pessimism had gotten so “deep” in the stock market that it was in a place “to react more positively to even incrementally OK news,” according to Yung-Yu Ma, chief investment strategist at BMO Wealth Management.

“It’s too early, certainly, to wave anything like an ‘all clear’ flag,” Ma said in a phone interview Friday. “I still expect choppy markets.”

Which companies were in focus?

  • Retailers were in focus Friday. Big Lots Inc. BIG shares sank 12.1% after the big-box retailer swung to a surprise loss and sales miss . Stock in Gap Inc. GPS rose 4.3% after the clothing retailer reported a wider-than-expected loss and disappointing forecast. Costco Wholesale Corp. COST raked in $1 billion more than expected in revenue in its latest quarter, but missed on same-store sales. Shares ticked up 1.2%.

  • Dell Technologies Inc. /zigman2/quotes/203822527/composite DELL -0.79% shares jumped 12.9% after the computer equipment maker reported higher first-quarter sales and lower operating expenses.

  • Baidu Inc.’s /zigman2/quotes/209050136/composite BIDU -0.59% Hong Kong-listed shares /zigman2/quotes/201047207/delayed HK:9888 -1.86% surged around 14% after the Chinese search engine’s first-quarter results beat expectations and as several analysts raised their stock-price targets. U.S.-listed shares rose 2.1%.

  • Marvell Technology Inc. shares  /zigman2/quotes/200053236/composite MRVL -7.79% gained 6.7% after the semiconductor group reported solid earnings results and slightly-better-than expected guidance.

  • Ulta Beauty Inc. /zigman2/quotes/210513442/composite ULTA -0.95% shares soared 12.5% after the beauty products retailer lifted its full-year sales and earnings guidance Thursday after better-than-expected first-quarter results. 

  • Shares of Workday Inc. /zigman2/quotes/201157610/composite WDAY -0.22% dropped 5.6% after the human resources cloud-software company on Thursday reported earnings that missed the Wall Street consensus and slightly raised its forecast.

How did other assets trade?

  • They yield on the 10-year Treasury note BX:TMUBMUSD10Y edged down less than 1 basis point Friday to 2.748%, down six of the past eight trading days, according to Dow Jones Market Data. Treasury yields and prices move in opposite directions.

  • The ICE Dollar Index  /zigman2/quotes/210598269/delayed DXY -0.04% , which measures the greenback against major currencies, was down about 0.2%.

  • Oil futures /zigman2/quotes/209723049/delayed CL00 -0.14%  rose, with West Texas Intermediate crude for July delivery ending 0.9% higher at $115.07 a barrel, the highest close for a front-month contract since March 11.

  • Gold  /zigman2/quotes/210034565/delayed GC00 -0.25%  for June delivery rose 0.2% to settle at $1,851.30 an ounce.

  • Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -1.11% was off 2% at $28,863.

  • In European equities, the Stoxx Europe 600  /zigman2/quotes/210599654/delayed XX:SXXP -0.67%  closed 1.4% higher and booked a 3% gain for the week. London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.08% ended 0.3% higher, for a weekly advance of 2.6%.

  • In Asia, the Shanghai Composite  /zigman2/quotes/210598127/delayed CN:SHCOMP -0.04% finished 0.2% higher Friday but slid 0.5% for the week. Hong Kong’s Hang Seng Index  /zigman2/quotes/210598030/delayed HK:HSI -0.39%  rose 2.9% Friday, but remained down 0.1% for the week. Japan’s Nikkei 225 index  /zigman2/quotes/210597971/delayed JP:NIK -0.54% ended 0.7% higher Friday, booking a weekly gain of 0.2%.

—Barbara Kollmeyer contributed to this report.

/zigman2/quotes/203822527/composite
US : U.S.: NYSE
$ 45.09
-0.36 -0.79%
Volume: 2.77M
Aug. 9, 2022 4:00p
P/E Ratio
6.17
Dividend Yield
N/A
Market Cap
$33.61 billion
Rev. per Employee
$814,391
loading...
/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 135.60
-0.80 -0.59%
Volume: 1.14M
Aug. 9, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$48.75 billion
Rev. per Employee
$427,249
loading...
/zigman2/quotes/201047207/delayed
HK : Hong Kong
$ 132.00
-2.50 -1.86%
Volume: 147,978
Aug. 10, 2022 9:35a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$382.66 billion
Rev. per Employee
$3.33M
loading...
/zigman2/quotes/200053236/composite
US : U.S.: Nasdaq
$ 51.26
-4.33 -7.79%
Volume: 16.56M
Aug. 9, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.47%
Market Cap
$47.25 billion
Rev. per Employee
$754,496
loading...
/zigman2/quotes/210513442/composite
US : U.S.: Nasdaq
$ 375.78
-3.61 -0.95%
Volume: 641,680
Aug. 9, 2022 4:00p
P/E Ratio
18.60
Dividend Yield
N/A
Market Cap
$19.66 billion
Rev. per Employee
$223,167
loading...
/zigman2/quotes/201157610/composite
US : U.S.: Nasdaq
$ 166.43
-0.37 -0.22%
Volume: 2.11M
Aug. 9, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$42.37 billion
Rev. per Employee
$355,846
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
106.34
-0.04 -0.04%
Volume: 0.00
Aug. 9, 2022 9:40p
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 90.37
-0.13 -0.14%
Volume: 5,628
Aug. 9, 2022 9:40p
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,807.70
-4.60 -0.25%
Volume: 4,082
Aug. 9, 2022 9:40p
loading...
/zigman2/quotes/31322028/realtime
US : CoinDesk
22,889.43
-257.49 -1.11%
Volume: 0.00
Aug. 9, 2022 9:49p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
435.98
-2.95 -0.67%
Volume: 0.00
Aug. 9, 2022 11:03p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,488.15
+5.78 +0.08%
Volume: 536,605
Aug. 9, 2022 4:59p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,246.26
-1.17 -0.04%
Volume: 2.51B
Aug. 10, 2022 9:35a
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
19,925.06
-78.38 -0.39%
Volume: 87,394
Aug. 10, 2022 9:35a
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
27,847.70
-152.26 -0.54%
Volume: 0.00
Aug. 10, 2022 10:30a
loading...

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