U.S. Market Averages Extend 4-day Rally, Second Quarter GDP Growth Lowered

Market indexes on Wall Street advanced for the fourth day in a row and investors reviewed private sector payrolls and second quarter economic revision data. 

Market sentiment was positive for the fourth day and tech stocks led gainers after investors reviewed the second jobs report in as many days. 

The job market cooling trend reported in the JOLT report by the government was confirmed by the private sector payrolls data Wednesday. 

Private sector payrolls expanded 177,000 in August, sharply lower than and downwardly revised 371,000 in July, the monthly survey released by ADP showed Wednesday.  

ADP monthly data is far less reliable because of its inherent volatility and sharp revisions, but still the report confirmed its cooling job market trend after twelve rate hikes from the Federal Reserve over the last sixteen months. 

Investors also reviewed the downward revision of the second quarter economic growth estimate. 

Despite the recent market gains for the second week in a row, the Nasdaq Composite is down 2.8% in August and the S&P 500 index and the Dow Jones Industrial are estimated to close down about 2%. 

US Q2 GDP Growth Rate Revised Lower 

The second quarter U.S. economic growth was revised lower primarily reflecting adjustments in inventories, the U.S. Bureau of Economic Analysis said Wednesday. 

The U.S. economy expanded at an annualized 2.1% in the second quarter, revised from the preliminary rate of 2.4% and down from the first quarter's expansion of 2.0%, the statistical agency said in its second estimate. 

Private inventory investment and nonresidential fixed investment were downwardly revised, and partly offset by an upwardly revised state and local government spending.

U.S. Indexes & Yields 

The S&P 500 index traded up 0.1% to 4,402.91 and the Nasdaq Composite gained 0.03% to 13,948.65. 

The yield on 2-year Treasury notes decreased to 4.84%, 10-year Treasury notes inched lower to 4.10% and 30-year Treasury bonds edged down to 4.23%. 

West Texas Intermediate crude oil and Brent crude oil prices hovered near the levels last seen In April after a larger-than-expected weekly drawdown of weekly crude supplies last week. 

Crude oil decreased $0.61 to $81.77 a barrel and natural gas prices increased 4 cents to $2.70 a thermal unit. 

U.S. Stock Movers 

Hewlett Packard Enterprise Company declined 3.2% to $16.29 after the company reported mixed quarterly results. 

Revenue in the fiscal third quarter was $7 billion and adjusted earnings per share was 7 cents.  

HP Inc fell 9.9% to $28.37 after the maker of personal computers and digital devices and systems reported weaker-than-expected fiscal third quarter revenue of $13.2 billion and adjusted earnings per share of 86 cents.  

Insulet Corporation increased 4.8% to $198.91 after chief executive James Hollingshead reported purchasing of 5,500 shares in the medical device maker.  

On Monday, the company announced the launch of the insulin delivery system Omnipod 5 in its third largest market Germany. 

Box Inc dropped 8.9% to $27.77 after the cloud storage company reported mixed quarterly results. 

PVH Corp rose 1% to $80.99 after the owner of several apparel brands including Calvin Klein reported strong quarterly results. 

The apparel maker reported quarterly revenue increased to $2.21 billion and adjusted earnings per share to $1.98. 

The company also lifted its full-year earnings per share and revenue outlook.  

Europe Movers: Delivery Hero, Direct Line Insurance, Instem, Orsted, Prudential

European markets struggled on the worries of a rebound in inflation and looming economic slowdown after the U.S. second quarter GDP growth was revised lower to 2.0%  

The DAX index decreased 0.3% to 15,886.16, the CAC-40 index declined 0.3% to 7,350.99 and the FTSE 100 index advanced  0.4% 7,483.65.

The yield on 10-year German bonds decreased to 2.58%, French bonds traded lower to 3..10%, the UK gilts edged down to 4.45% and Italian bonds fell to 4.23%.

Prudential Plc increased 3.3% to 1,017.50 pence after the British insurance company said first-half operating profit increased 6% to $1.46 billion. 

Adjusted net profit rebounded to $947 million compared to a loss of $1.5 billion in the previous year, as the insurance company sold more insurance products to mainland Chinese visitors in Hong Kong.

Sales of new insurance products soared 39% to $1.5 billion after sales in Indonesia  advanced 42%, Africa 31%, Philippines 13% and   Malaysia 12% but declined 5% in Singapore and 18% in Vietnam. 

The company increased its interim dividend by 9% to 6.26 U.S. cents. 

Instem Plc soared 40% to 825.0 pence after the UK-based software company agreed to be acquired by the U.S.-based private equity firm. 

Orsted AS dropped 24% to DKK 424.80 after the Danish renewable energy firm issued an impairment alert of up to DKK 5 billion (or $730 million) in its U.S. portfolio.   

Direct Line Insurance Group Plc decreased a fraction to 160.70 pence after the home and automobile insurer announced the appointment of Adam Winslow, a senior executive at rival Aviva. 

Delivery Hero SE dropped 7.4% to €33.12 after the online food delivery service company reported operating and net loss in the first-half. 

European Markets On Backfoot, EU Passenger Vehicle Registrations Jumped 15%

European markets struggled after two days of gain and new inflation data weighed on the market sentiment. 

Market indexes lacked direction in London, Paris and Frankfurt after inflation rebounded in Spain and some German states. 

Spain's consumer inflation accelerated to 2.6% in August from 2.3% in July,  National Statistics Institute reported Wednesday. 

Investors have been cautious amid worries of hawkish stance from the European Central Bank and looming global slowdown following the uneven economic recovery in China and cooling job market in the U.S. 

EU Passenger Car Sales Rose In July, Battery Share Expanded 

Passenger vehicle sales in the European Union continued to increase for the twelfth month in a row, the European Automobile Manufacturers Association reported Wednesday.  

New car registration increased 15.2% to 851,200 units in July after supply chain disruptions eased and production picked up. 

Sales in four largest markets in the region rose as customers showed willingness to buy vehicles despite higher prices.

Passenger vehicle registration in France rose 19.9%, in Germany advanced 18.1%, Spain jumped 10.7% and Italy increased 8.7%. 

Battery powered vehicles garnered a larger share of the total and sales increased to 13.6% from 9.8% a year earlier. 

In the first seven months between January and July 2023, passenger vehicle sales increased 17.6% to 6.3 million. 

Despite the sustained recovery over the last two years from the pandemic-era related supply disruption,  sales in the seven-month period were 22% lower than in 2019.

Europe Indexes & Yields

The DAX index decreased 0.3% to 15,886.16, the CAC-40 index declined 0.3% to 7,350.99 and the FTSE 100 index advanced  0.4% 7,483.65.

The yield on 10-year German bonds decreased to 2.58%, French bonds traded lower to 3..10%, the UK gilts edged down to 4.45% and Italian bonds fell to 4.23%.

The euro edged to the lowest level since mid-June on the hopes that the central is more likely to pause its rate hike campaign and assess the impact of the multiple rate hikes on the economy. 

The euro edged lower to $1.089, the British pound to $1.266 and the U.S. dollar fetched 87.94 Swiss cents.

Brent crude increased $0.26 to $85.77 a barrel and the Dutch TTF natural gas decreased €0.40 to €34.80 per MWh.

Europe Stock Movers

Prudential Plc increased 3.3% to 1,017.50 pence after the British insurance company said first-half operating profit increased 6% to $1.46 billion. 

Adjusted net profit rebounded to $947 million compared to a loss of $1.5 billion in the previous year, as the insurance company sold more insurance products to mainland Chinese visitors in Hong Kong.

Sales of new insurance products soared 39% to $1.5 billion after sales in Indonesia  advanced 42%, Africa 31%, Philippines 13% and   Malaysia 12% but declined 5% in Singapore and 18% in Vietnam. 

The company increased its interim dividend by 9% to 6.26 U.S. cents. 

Instem Plc soared 40% to 825.0 pence after the UK-based software company agreed to be acquired by the U.S.-based private equity firm. 

Orsted AS dropped 24% to DKK 424.80 after the Danish renewable energy firm issued an impairment alert of up to DKK 5 billion (or $730 million) in its U.S. portfolio.   

Direct Line Insurance Group Plc decreased a fraction to 160.70 pence after the home and automobile insurer announced the appointment of Adam Winslow, a senior executive at rival Aviva. 

Delivery Hero SE dropped 7.4% to €33.12 after the online food delivery service company reported operating and net loss in the first-half. 

Movers: 3M Company, Best Buy, Big Lots, Cryptocurrencies Stocks, Heico, NIO

Best Buy Co Inc fell 5.6% to $78.28 after the electronics retailer reported fiscal second quarter results ahead of market expectations. 

The company also tightened its upper end of its full-year revenue outlook. 

Big Lots Inc soared 31% to $8.22 after the deep discount retailer reported smaller-than-expected loss. 

Big Lots said quarterly revenue rose to $1.14 billion and adjusted loss of earnings per share of $3.24. 

Heico Corp declined 1.2% to $165.91 after the company said its operating margin declined from a year ago but quarterly results were ahead of market expectations. 

Nio Inc declined 4.5% to $10.48 after the China-based electric vehicle maker reported a wider quarterly loss. 

3M Company 1.9% to $106.10 after the company agreed to settle lawsuits related to defective military earplugs for $6.01 billion. 

Cryptocurrency linked stocks advanced after a court ruled against the Securities and Exchange Commission in a suit related to spot bitcoin ETFs. 

Marathon Digital jumped 27.5%, Coinbase Global soared 14.5% and Riot Platforms jumped 16.5%.   

Tech Stocks Rallied and Treasury Yields Eased after Job Openings Dropped to 28-month Low

Stocks on Wall Street advanced and tech stocks led gainers for the third day in a row. 

Market averages jumped up after 10-year Treasury yields fell sharply following the release of the JOLT report by the U.S. Bureau of Labor Statistics. 

The number of job openings declined by 338,000 from the previous month to 8.827 million in July, the lowest level since March 2021. 

The job openings declined for the third month in a row, indicating the job market is gradually cooling after the Federal Reserve lifted rates twelve times over the last sixteen months.  

Job openings increased in the West by 57,000 and in Northeast by 29,000 but fell in the South by 57,000 and in the Midwest by 69,000. 

The job market cooling tempered the yield on 10-year Treasury notes to 4.11% after soaring as high as 4.33% a week ago. 

Tech stocks advanced following the lower bond yields as the present value of the estimated future cash flow increased. 

U.S. Indexes & Yields 

The S&P 500 index traded up 0.7% to 4,462.73 and the Nasdaq Composite gained 1.0% to 13,843.77. 

The yield on 2-year Treasury notes decreased to 4.91%, 10-year Treasury notes inched lower to 4.14% and 30-year Treasury bonds edged down to 4.24%. 

West Texas Intermediate crude oil and Brent crude oil prices hovered near the levels last seen In April.  

Crude oil decreased $0.06 to $80.02 a barrel and natural gas prices increased 1 cent to $2.67 a thermal unit. 

U.S. Stock Movers 

Best Buy Co Inc 5.6% to $78.28 after the electronics retailer reported fiscal second quarter results ahead of market expectations. 

The company also lowered its tightened its upper end of its full-year revenue outlook. 

Big Lots Inc soared 31% to $8.22 after the deep discount retailer reported smaller-than-expected loss. 

Big Lots said quarterly revenue rose to $1.14 billion and adjusted loss of earnings per share of $3.24. 

Heico Corp declined 1.2% to $165.91 after the company said its operating margin declined from a year ago but quarterly results were ahead of market expectations. 

Nio Inc declined 4.5% to $10.48 after the China-based electric vehicle maker reported a wider quarterly loss. 

3M Company 1.9% to $106.10 after the company agreed to settle lawsuits related to defective military earplugs for $6.01 billion. 

Cryptocurrency linked stocks advanced after a court ruled against the Securities and Exchange Commission in a suit related to spot bitcoin ETFs. 

Marathon Digital jumped 27.5%, Coinbase Global soared 14.5% and Riot Platforms jumped 16.5%.   

European Markets Extended Gains, Spanish Retail Sales Accelerated In July

Stocks in Europe extended gains for the second day this week and investors focused on regional economic issues. 

Market indexes in London rebounded after traders returned from a late summer bank holiday and bid up resource and energy stocks after investors reacted for the first time the China's capital market stimulus measures on Sunday. 

Popular averages in Paris and Frankfurt extended gains for the second day after banks and energy stocks led the gainers. 

Investors are divided about the future rate path in the Euro Area and interest rates are still not restrictive enough to bring down inflation to the 2% level preferred by the European Central Bank. 

While central bankers are talking tough but policymakers are showing no urgency in bringing down inflation, after food, energy and housing price inflation shows no signs of abating.  

The ECB President Christine Lagarde and others speak in hawkish tones but central bankers have avoided giving out a time table in lowering inflation below 2% level. 

Spain's Retail Sales Accelerated In July 

Spain's retail sales accelerated 7.3% in July from the upwardly revised 6.5% annual rate in June, the National Statistics Institute or INE reported Tuesday.  

Retail sales increase was driven by a rise in non-food stores sales after personal equipment sales increased to an annual rate of 15.3% from 13.8%, other goods sales rose to 14.1% from 12% and home equipment sales advanced 1.2% from flat in the previous month. 

On a monthly basis, retail sales inched up 0.2% after rising 0.3% in June. 

Europe Indexes & Yields

The DAX index increased 0.4% to 15,849.79, the CAC-40 index advanced 0.4% to 7,351.61 and the FTSE 100 index 1.4% 7,440.19.

The yield on 10-year German bonds decreased to 2.57%, French bonds traded lower to 3.08%, the UK gilts edged down to 4.46% and Italian bonds fell to 4.22%.

The euro edged to the lowest level since mid-June on the hopes that the central is more likely to pause its rate hike campaign and assess the impact of the multiple rate hikes on the economy. 

The euro edged lower to $1.081, the British pound to $1.258 and the U.S. dollar fetched 88.46 Swiss cents.

Brent crude decreased $0.76 to $85.18 a barrel and the Dutch TTF natural gas decreased €2.23 to €36.18 per MWh.

Europe Stock Movers

Technip Energies NV increased 0.8% €21.27 after the company was awarded a hydrogen production facility  at its Kwinana biorefinery in Western Australia.

Evotec SE jumped 1.5% to €21.03 after the German drug and discovery firm narrowed its second quarter loss. 

NN Group NV advanced 8.9% to €37.57 after the Dutch insurance group said its solvency improved in the first six months of 2023.

Standard Chartered PLC inched up 1.4% to 721.20 pence after the British lender agreed to sell its global aviation finance leasing unit. 

Bunzl  Plc added 2.7% to 2,798.0 after the business supplies distributor forecasted 2023 adjusted operating earnings in constant currencies to be moderately higher than in 2022.   

Antofagasta, Anglo American and Glencore increased between 1% and 2% after copper prices rose and the dollar edged lower. 

U.S. and Global Markets Advanced, Global Bond Yields Hovered Near Recent Highs

Market indexes retailed upward bias in Monday's trading and tech stocks led gainers for the fifth session in a row. 

On Wall Street crude oil and commodities were in focus after China announced stimulus measures.  

Energy and base metal prices advanced on the hopes that China measures will revive the flagging confidence in stock markets and policymakers may announce additional measures to lift confidence in the property market. 

China's finance ministry cut stamp duty by half to 0.05% and lowered margin requirement to 80% from 100%, hoping to revive market confidence and support flagging markets. 

Market indexes in Hong Kong are down about 9% in the year so far, the worst performing market among 15 leading markets around the world and the Shanghai Composite index fell 1% in the period. 

The measures are likely to fall short in reviving market confidence as consumer confidence remains weak and corporations are looking to cut costs amid falling exports and weakening corporate profits.

Investors also reviewed the latest comments from the Federal Reserve Chair Jerome Powell last week. 

Investors are still divided about the future direction of interest rates but more market participants are looking for the Fed to lift rates at the next policy meeting in about three weeks. 

U.S. Indexes & Yields 

The S&P 500 index traded up 0.5% to 4,426.19 and the Nasdaq Composite gained 0.6% to 13,672.88.  

The yield on 2-year Treasury notes increased to 5.07%, 10-year Treasury notes inched higher to 4.22% and 30-year Treasury bonds edged up to 4.27%. 

West Texas Intermediate crude oil and Brent crude oil prices hovered near the levels last seen In April.  

Crude oil decreased $0.02 to $79.90 a barrel and natural gas prices decreased 2 cents to $2.55 a thermal unit. 

U.S. Stock Movers 

3M Company jumped 3.8% to $102.74 after a report from Wall Street Journal suggested that the company is close to settling for $5.5 billion for its liabilities related to military-grade earplugs. 

Boston Scientific Corporation jumped 4.8% to $53.20 after the company reported on Sunday encouraging results for its treatment of patients with abnormal heart rates. 

Xpeng Inc ADR increased 2.7% to $18.0 after the company agreed to acquire the smart electric car business from ridesharing company Didi for $744 million. 

Mister Car Wash Inc soared 8% to $7.45 after positive comments from analyst at the brokerage firm Piper Sandler. 

Mister Car Wash stock has fallen 21% in the year so-far. 

European Markets Closed Higher After China Stimulus Lifted Resource and Luxury Stocks 

European markets trade higher and bond yields edged up and investors search for bargains in industrial and financial sectors. 

Market averages in Paris and Frankfurt advanced on the first day of a new week after China announced new measures to support capital markets. 

The measures are likely to fall short in reviving market confidence as consumer confidence remains weak and corporations are looking to cut costs amid falling exports and weakening corporate profits.

But at least in today's trading, luxury stocks in Paris and resource stocks in London advanced on the hopes that China's measures will revive sales. 

Europe Indexes & Yields

The DAX index increased 1.0% to 15,792.61, the CAC-40 index advanced 1.3% to 7,324.71. 

Financial markets were closed today in London today. and the FTSE 100 index edged higher 0.07% to 7,338.58 in Friday's trading. 

In the previous week, the DAX index increased 0.4%, the CAC40 index advanced 0.7% and the FTSE 100 index gained 0.5%. 

The yield on 10-year German bonds decreased to 2.57%, French bonds traded lower to 3.10%, the UK gilts edged down to 4.44% and Italian bonds fell to 4.22%.

The euro edged to the lowest level since mid-June on the hopes that the central is more likely to pause its rate hike campaign and assess the impact of the multiple rate hikes on the economy. 

The euro edged lower to $1.081, the British pound to $1.252 and the U.S. dollar fetched 88.43 Swiss cents.

Natural gas prices traded volatile after local reports showed some progress between the workers' unions and Woodside Energy and Chevron in averting a long strike at LNG terminals. 

Brent crude decreased $0.03 to $84.51 a barrel and the Dutch TTF natural gas increased €0.99  to €35.78 per MWh.

Europe Stock Movers

Deutsche Bank, Commerzbank, BNP Paribas and Societe Generale jumped more than 1% after the ECB President Christine Lagarde stressed the need the for monetary policy to be restrictive enough. 

Renault SA advanced 1.5% to €36.97 after the French automaker with significant sales in China was in focus following the stimulus measures announced by China's finance ministry. 

French luxury products makers also advanced following China's stimulus news. 

Kering SA jumped 1.4% to €494.30, LVMH advanced 1.2% to €794.80, and Hermes International increased 1.2% to €1,905.0.  

U.S. Market Averages Scale Higher After China Stimulus Measures Lift Resource Stocks

Market indexes on Wall Street advanced in Monday's trading and crude oil commodities were in focus after China measures. 

Energy and base metal prices advanced on the hopes that China measures will revive the flagging confidence in stock markets and policymakers may announce measures to lift confidence in the property market. 

China's finance ministry cut stamp duty by half to 0.05% and lowered margin requirement to 80% from 100%, hoping to revive market confidence and support flagging markets. 

Market indexes in Hong Kong are down about 9% in the year so far, the worst performing market among 15 leading markets around the world and the Shanghai Composite index fell 1% in the period. 

The measures are likely to fall short in reviving market confidence as consumer confidence remains weak and corporations are looking to cut costs amid falling exports and weakening corporate profits.

Investors also reviewed the latest comments from the Federal Reserve Chair Jerome Powell last week. 

Investors are still divided about the future direction of interest rates but more market participants are looking for the Fed to lift rates at the next policy meeting in about three weeks. 

U.S. Indexes & Yields 

The S&P 500 index traded up 0.6% to 4,431.21 and the Nasdaq Composite gained 0.5% to 13,676.28.  

The yield on 2-year Treasury notes increased to 5.07%, 10-year Treasury notes inched higher to 4.22% and 30-year Treasury bonds edged up to 4.27%. 

West Texas Intermediate crude oil and Brent crude oil prices hovered near the levels last seen In April.  

Crude oil decreased $0.85 to $80.68 a barrel and natural gas prices decreased 12 cents to $2.66 a thermal unit. 

U.S. Stock Movers 

3M Company jumped 3.8% to $102.74 after a report from Wall Street Journal suggested that the company is close to settling for $5.5 billion for its liabilities related to military-grade earplugs. 

Boston Scientific Corporation jumped 4.8% to $53.20 after the company reported on Sunday encouraging results for its treatment of patients with abnormal heart rates. 

Xpeng Inc ADR increased 2.7% to $18.0 after the company agreed to acquire the smart electric car business from ridesharing company Didi for $744 million. 

Mister Car Wash Inc soared 8% to $7.45 after positive comments from analyst at the brokerage firm Piper Sandler. 

Mister Car Wash stock has fallen 21% in the year so-far. 

European Stocks and Bond Yields Edged Higher

European markets trade higher and bond yields edged up and investors search for bargains in industrial and financial sector stocks. 

Market averages in London, Paris and Frankfurt advanced on the first day of a new week after China announced new measures to support capital markets. 

China's finance ministry cut stamp duty by half to 0.05% and lowered margin requirement to 80% from 100%, hoping to revive market confidence and support flagging markets. 

Market indexes in Hong Kong are down about 9% in the year so far, the worst performing market among 15 leading markets around the world and the Shanghai Composite index fell 1% in the period. 

The measures are likely to fall short in reviving market confidence as consumer confidence remains weak and corporations are looking to cut costs amid falling exports and weakening corporate profits.

But at least in today's trading, luxury stocks in Paris and resource stocks in London advanced on the hopes that China's measures will revive sales. 

Europe Indexes & Yields

The DAX index increased 0.4% to 15,699.88, the CAC-40 index advanced 0.6% to 7,274.41 and financial markets were closed in London on Monday. 

In the previous week, the DAX index increased 0.4%, the CAC40 index advanced 0.7% and the FTSE 100 index gained 0.5%. 

The yield on 10-year German bonds decreased to 2.57%, French bonds traded lower to 3.10%, the UK gilts edged down to 4.44% and Italian bonds fell to 4.22%.

The euro edged to the lowest level since mid-June on the hopes that the central is more likely to pause its rate hike campaign and assess the impact of the multiple rate hikes on the economy. 

The euro edged lower to $1.081, the British pound to $1.252 and the U.S. dollar fetched 88.43 Swiss cents.

Natural gas prices traded volatile after local reports showed some progress between the workers' unions and Woodside Energy and Chevron in averting a long strike at LNG terminals. 

Brent crude decreased $0.32 to $84.17 a barrel and the Dutch TTF natural gas increased €0.98  to €35.17 per MWh.

Europe Stock Movers

Deutsche Bank, Commerzbank, BNP Paribas and Societe Generale jumped more than 1% after the ECB President Christine Lagarde stressed the need the for monetary policy to be restrictive enough. 

Renault SA advanced 1.5% to €36.97 after the French automaker with significant sales in China was in focus following the stimulus measures announced by China's finance ministry. 

French luxury products makers also advanced following China's stimulus news. 

Kering SA jumped 1.4% to €494.30, LVMH advanced 1.2% to €794.80, and Hermes International increased 1.2% to €1,905.0.  

Nordstrom Inc dropped 10.5% to $15.05 after the fashion apparel retailer reported better-than-expected quarterly results. 

But investors sold stock after the company reiterated its full-year sales estimate to decline between 4% and 6%. 

Total revenue in the second quarter ending in July declined 8.3% to $3.8 billion from $4.1 billion and net income rose to $137 million from $126 million and diluted earnings per share rose to 84 cents from 77 cents a year ago. 

Excluding the impacts of the Canadian wind-down and Anniversary Sale timing shift, net sales would have been down approximately 4%. 

During the quarter, Nordstrom banner net sales decreased 10.1% and GMV decreased 10.4% and  net sales for Nordstrom Rack fell 4.1%.

Digital sales fell 12.9% in the quarter from a year earlier. 

Collectively, eliminating store fulfillment for Nordstrom Rack digital orders during the third quarter of fiscal 2022 and the closing of Trunk Club during the second quarter of fiscal 2022 negatively impacted second quarter digital sales by approximately 500 basis points. 

The timing shift of the Anniversary Sale had a negative impact on company digital sales of approximately 300 basis points compared with the second quarter of 2022. 

Digital sales represented 36 percent of total sales during the quarter.

The board of directors declared a quarterly cash dividend of 19 cents a share  payable on September 13 to shareholders of record on August 29.

Ulta Beauty Inc decreased 3.3% to $408.79 after the specialty retailer reported a decline in comparable sales and mixed quarterly results. 

Comparable sales (at stores opened at least 14 months and e-commerce sales) slowed to 8% in the quarter from 14.4% and the company opened net new 3 store compared to 7 in the year ago period. 

Net sales in the quarter ending in July increased 10.1% to $2.5 billion from $2.3 billion and net income increased $300.1 million from $295.6 million and diluted earnings per share $6.02 from $5.5.70 a year ago. 

During the second quarter of fiscal 2023, the company repurchased 593,629 shares of its common stock at a cost of $275.5 million. 

In the first six months of fiscal 2023, the company repurchased 1.1 million shares of its common stock at a cost of $559.0 million. 

As of July 29,, $541 million remained available under the $2 billion share repurchase program announced in March 2022.

At the end of the second quarter, the company operated 1,362 stores totaling 14.3 million square feet.    

The company revised higher its fiscal year 2023 sales outlook to between $11.05 billion and $11.15 billon from $11.0 billion and $11.1 billion and comparable sales to increase between 4.5% and 5.5% from the previous range between 4% and 5%. 

Intuit Inc soared 2.9% to $512.99 after the software company reported quarterly results that were ahead of market expectations. 

The software company said revenue in the quarter increased 12% to $2.71 billion and net income of $89 million compared to a loss of $56 million and diluted earnings per share of 32 cents from (0.20 cents) a year ago. 

Lowe's Companies Inc increased 3.6% to $225.74 after the home improvement retailer reiterated its full-year outlook. 

Revenue in the quarter ending on August 4 declined to $24.96 billion from $27.5 billion and net income decreased to $2.67 billion from $2.88 billion and diluted earnings per share fell to $4.56 from $4.68 a year earlier.   

Dick's Sporting Goods Inc plunged 24.1% to $111.53 after the sporting goods retailer reported sharply lower earnings per share and the company blamed the shortfall to higher-than-usual theft. 

Dick's said fiscal second quarter revenue was $3.22 billion and diluted earnings per share was $2.82, sharply lower than some analysts estimate of as high as $3.79. 

The retailer also lowered its annual outlook. 

Fabrinet soared 31.5% to $153.66 after the advanced manufacturing company reported better-than-expected quarterly results. 

Revenue increased to $655.9 million compared to $587.9 million and net income increased to $60.8 million from $56.2 million and diluted earnings per share rose to $1.65 from $1.51 a year earlier. 

Fabrinet's Board of Directors approved the repurchase of up to an additional $47.6 million of the company's ordinary shares, bringing the aggregate authorization under the existing share repurchase program to $294.8 million, with $100 million still available.