During trading Wednesday, 40 stocks traded to a 52-week high, while 170 stocks bottomed out at new 52-week lows. The S&P 500 is up 0.28% so far today while the Dow is down 0.08%, the Nasdaq is up 0.76%, and the Russell 2000 is up 1.11%.
Stocks are mostly higher Wednesday afternoon ahead of the release of notes from the Fed's May meeting. The notes are expected to show a gauge for the pace of monetary tightening. Leading up to the meeting, derivative traders are no longer pricing in half-point rate hikes in the forthcoming June and July meetings.
Dicks Sporting Goods Inc (DKS) is advancing 9.39% despite beating both earnings and revenue estimates by a solid margin. Dampening sentiment towards the company's report was downside full-year 2023 guidance, which came courtesy of headwinds from supply chain constraints and inflation.
Caleres Inc (CAL) is up 26.56% after a stellar earnings report that beat on all fronts. Caleres had a solid earnings and revenue beat that paired with upside full-year 2023 earnings guidance and in-line revenue guidance.
Lastly, Nordstrom, Inc. (JWN) is rising 11.7% despite posting a wider-than-expected loss per share. Nordstrom beat revenue estimates and provided upside full-year 2023 earnings and revenue guidance. Nordstrom tends to have more affluent consumers compared to retailers like Kohl's and Ross Stores, which likely helped bolster the upside guidance that came contrary to numerous disappointing outlooks provided throughout the industry. Further, the retailer announced a $500 million share repurchase program. Macy's Inc (M) is up 7.67% following the report and ahead of its earnings report tomorrow.
Sector Highlights
Energy stocks dominated our list of highs today with 25 out of the 40 total stocks that reached their high coming from the Energy sector. The Energy sector is outperforming the market, increasing 1.05% so far on the day. Over the last month, the Energy sector has outperformed the market, increasing 10.03% while the S&P decreased 7.73%.
Energy: APA, ARLP, CHK, CIVI, COP, CTRA, CVX, DINO, DMLP, EQT, HES, KRP, MNRL, MPC, MRO, PBT, PSX, RTLR, SD, SJT, STNG, TALO, TNK, TTI, XOM
The Healthcare sector makes up the majority of our 52-week lows, as 75 out of our 170 lows comes from the Healthcare sector. The Healthcare sector is outperforming the market today, decreasing 0.48% so far on the day. Over the last month, the Healthcare sector has outperformed the market, decreasing 1.96% while the S&P decreased 7.73%.
Healthcare: AGEN, AGIO, AKUS, ALBO, ALLK, ALXO, AMPE, AMTI, ANAB, AQST, ARAY, ATEC, ATHX, ATOS, BBLN, BDTX, BLUE, BTX, CLSD, CRTX, DYN, EAR, ELYM, ENTA, EPZM, EVLO, EWTX, FIXX, FMTX, GHRS, GRPH, GRTS, HRTX, IFRX, IMGN, IMRX, JNCE, KRON, LAB, LXRX, MBIO, MCRB, MEIP, MGNX, MRUS, MTEM, NLTX, NUVB, OCX, OMIC, OSUR, OVID, OYST, PGNY, PRTK, PSNL, PSTX, QTNT, RARE, SEER, SGMO, SIEN, SMMT, SPRO, STOK, STRO, SURF, TALK, TCMD, TGTX, TSHA, URGN, VBIV, VOR, VRCA
