Closing Bell Movers: Stitch Fix slips 4% despite earnings beat

In the opening hour of the evening session, U.S. equity futures are up marginally, with S&P e-minis  and Dow Industrials up 0.1% but Nasdaq 100 trading flat.  In commodities, WTI Crude Oil is off the highs above $65 per barrel, though the contract was up strongly for the second consecutive session.  Meanwhile, the relentless bid in precious metals has taken a pause – Gold futures are trading around $3,770, over $50 from this week’s record highs, while Silver slipped about 1% on Wednesday toward $44 per ounce level.  

With broader markets slipping for the second straight day session and “AI-trade” run taking a breather, investors favored Energy and Utilities.  The first is being driven by what could be a more definitive breakout in Crude prices, while the second showing resilience with a fifth consecutive session of gains as dividend investors re-position into higher yielding sectors following the start of the Fed’s easing cycle.   Materials underperformed, highlighted by a 17% decline in Freeport-McMoran (FCX) – the worst performing stock in the index – after the company cut its sales guidance due to a mud rush incident at the Grasberg Block Cave mine in Indonesia. 

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS – 

• KB Home (KBH) up 0.9%

ALSO HIGHER –

• Opendoor Technologies (OPEN) up 9.5% after 5.9% stake disclosed by Jane Street

DOWN AFTER EARNINGS –

• Stitch Fix (SFIX) down 3.8%
• Worthington Steel (WS) down 2.0%
• H.B. Fuller (FUL) down 1.3%

ALSO LOWER –

• Transocean (RIG) down 12.4% after equity offering
• Mirion Technologies (MIR) down 3.6% after stock, convertible debt offering
• KalVista Pharmaceuticals (KALV) down 2.6% after convertible debt offering