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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 +0.78% 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 +1.19% Hong Kong-listed shares /zigman2/quotes/201047207/delayed HK:9888 -0.88% 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 -2.33% 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 +2.24% 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 -3.06% 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 +0.10% , which measures the greenback against major currencies, was down about 0.2%.

  • Oil futures /zigman2/quotes/209723049/delayed CL00 -0.54%  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 -0.08%  for June delivery rose 0.2% to settle at $1,851.30 an ounce.

  • Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -0.83% was off 2% at $28,863.

  • In European equities, the Stoxx Europe 600  /zigman2/quotes/210599654/delayed XX:SXXP +0.06%  closed 1.4% higher and booked a 3% gain for the week. London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.55% ended 0.3% higher, for a weekly advance of 2.6%.

  • In Asia, the Shanghai Composite  /zigman2/quotes/210598127/delayed CN:SHCOMP -0.09% finished 0.2% higher Friday but slid 0.5% for the week. Hong Kong’s Hang Seng Index  /zigman2/quotes/210598030/delayed HK:HSI +0.12%  rose 2.9% Friday, but remained down 0.1% for the week. Japan’s Nikkei 225 index  /zigman2/quotes/210597971/delayed JP:NIK +2.37% 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
$ 47.60
+0.37 +0.78%
Volume: 2.34M
Aug. 11, 2022 4:00p
P/E Ratio
6.52
Dividend Yield
N/A
Market Cap
$34.93 billion
Rev. per Employee
$814,391
loading...
/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 139.38
+1.64 +1.19%
Volume: 1.37M
Aug. 11, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$46.89 billion
Rev. per Employee
$427,249
loading...
/zigman2/quotes/201047207/delayed
HK : Hong Kong
$ 135.60
-1.20 -0.88%
Volume: 920,037
Aug. 12, 2022 11:21a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$367.95 billion
Rev. per Employee
$3.33M
loading...
/zigman2/quotes/200053236/composite
US : U.S.: Nasdaq
$ 53.71
-1.28 -2.33%
Volume: 8.97M
Aug. 11, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.45%
Market Cap
$46.74 billion
Rev. per Employee
$754,496
loading...
/zigman2/quotes/210513442/composite
US : U.S.: Nasdaq
$ 390.03
+8.55 +2.24%
Volume: 567,871
Aug. 11, 2022 4:00p
P/E Ratio
19.30
Dividend Yield
N/A
Market Cap
$19.77 billion
Rev. per Employee
$223,167
loading...
/zigman2/quotes/201157610/composite
US : U.S.: Nasdaq
$ 166.08
-5.25 -3.06%
Volume: 2.47M
Aug. 11, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$43.52 billion
Rev. per Employee
$355,846
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
105.20
+0.11 +0.10%
Volume: 0.00
Aug. 11, 2022 11:27p
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 93.83
-0.51 -0.54%
Volume: 10,183
Aug. 11, 2022 11:26p
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,805.80
-1.40 -0.08%
Volume: 8,651
Aug. 11, 2022 11:27p
loading...
/zigman2/quotes/31322028/realtime
US : CoinDesk
24,011.78
-201.98 -0.83%
Volume: 0.00
Aug. 11, 2022 11:35p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
440.16
+0.28 +0.06%
Volume: 0.00
Aug. 11, 2022 11:03p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,465.91
-41.20 -0.55%
Volume: 566,874
Aug. 11, 2022 4:53p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,278.58
-3.08 -0.09%
Volume: 18.30B
Aug. 12, 2022 11:21a
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,105.53
+23.10 +0.12%
Volume: 597,128
Aug. 12, 2022 11:22a
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
28,479.99
+660.66 +2.37%
Volume: 0.00
Aug. 12, 2022 11:30a
loading...

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