Stock futures are little changed after S&P 500 closes at a record, Nvidia earnings loom: Live updates
Will Nvidia Earnings Boost Record S&P 500?
U.S. stock futures remained stable after the S&P 500 hit a record close, with investors focusing on Nvidia's upcoming earnings. The Dow Jones edged up slightly, while S&P 500 and Nasdaq futures stayed near the flatline. Urban Outfitters and Toll Brothers saw gains in extended trading following strong quarterly results. The market anticipates Nvidia's report and other major earnings, alongside economic data and FOMC minutes, to potentially influence further movements.
What specific financial results did Urban Outfitters achieve in its latest quarter that led to a 5% increase in its stock price in extended trading?
Urban Outfitters reported financial results for the latest quarter that exceeded analysts' expectations, which contributed to a 5% increase in its stock price in extended trading. The clothing retailer posted beats on both the top and bottom lines. Specifically, the company reported record first quarter sales driven by continued strength at the Anthropologie, Free People, FP Movement, and Nuuly brands. Customer demand remained robust for the company's spring and summer fashion, which bodes well for continued sales growth.
Key financial highlights for the quarter ended April 30, 2024, include:
- Net income of $61.8 million and record first quarter earnings per diluted share of $0.65. Adjusted net income was $65.5 million and adjusted earnings per diluted share were $0.69.
- Total company net sales increased 7.8% to a record $1.20 billion. Total Retail segment net sales increased 5.8%, with comparable Retail segment net sales increasing 4.6%.
- Gross profit rate increased by 68 basis points compared to the same quarter in the previous year, and gross profit dollars increased 10.0% to $408.4 million.
- The company opened a total of 8 new retail locations, including 4 Urban Outfitters stores, 2 Anthropologie stores, and 2 Free People stores (including 1 FP Movement store); and closed 4 retail locations, including 2 Urban Outfitters stores, 1 Anthropologie store, and 1 Free People store4.
These strong financial results and the company's positive outlook for continued sales growth contributed to the after-hours boost in Urban Outfitters' stock price.
What were the closing figures for the S&P 500 and Nasdaq Composite that set new records on Tuesday?
The S&P 500 and Nasdaq Composite both achieved new record closes on Tuesday. The S&P 500 increased by 0.25% to close at a new record, while the tech-heavy Nasdaq Composite gained 0.22%, also closing at a record high.