The major stock market indexes didn't make any progress Wednesday afternoon and closed near the lows of the day, as investors weighed mixed earnings reports.
The Dow Jones Industrial Average shed 0.6% and the S&P 500 dropped 1.1%. The Nasdaq composite lost 1.7% while the small-cap Russell 2000 fell 1.5%.
Volume on the NYSE and Nasdaq was lower compared to the same time on Tuesday.
The Dow held narrow margins above its 50-day line and 21-day exponential moving average, while the S&P 500 traded above its 21-day line. The Nasdaq remains above its 200-day moving average. The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF gave back 1.8%.
Crude oil gained 1.7% to $78.41 per barrel. The Energy Select Sector SPDR ETF slipped 0.9% as it tests its 50-day average.
Bitcoin futures dipped 1.5% to $22,960. The Innovator IBD 50 ETF was in line with the Nasdaq, shedding 1.7%.
The 10-year U.S. Treasury yield trimmed 5 basis points to 3.63%.
European stock markets were mixed, with the German DAX adding 0.6% and Paris CAC down 0.2%. The London FTSE gained 0.3% to close out the trading day.
How Did Your Online Broker Do In IBD's 2023 Best Online Broker Survey?
Stock Market Movers: Fitness Stock Sells Off
Xponential Fitness gapped down 13.5% in heavy volume after announcing late yesterday a secondary offering of 5 million shares from existing shareholders at $24.50 each. The move sent the stock below its 21-day line, but it held above its 50-day.
Xponential is the largest global franchiser of fitness boutiques with over 2,300 locations in 48 U.S. states and Canada. The club operator has expansion agreements in 12 additional countries including Japan and Portugal.
Their exercise services range from Pilates, barre, cycling, rowing, dance, yoga, boxing and functional training to stretching. The company operates 10 brands of fitness franchises under brands such as CycleBar, Club Pilates and Yoga Six.
Xponential offers in-studio experiences, on-demand streaming services and corporate wellness programs.
CME Group popped 5.4% after reporting better-than-expected Q4 earnings per share for the futures exchanges operator. The stock closed near its largest increase since gaining 5.9% on April 27, 2022, according to Dow Jones Market Data. CME stock was the second biggest gainer on the S&P 500 today.
Cybersecurity firm Fortinet soared 10.9% in heavy volume, following a beat on its Q4 earnings per share and positive 2023 revenue guidance. FTNT was the S&P 500 leader today.
Luxury Retailer Plunges
Designer accessory and footwear retailer Capri Holdings tanked 23.6% in heavy volume after reporting a large miss on it December-ended quarter EPS and a modest miss on sales.
Uber Technologies rose 5.5% after it reported better-than expected Q4 sales and gave a higher-than-expected Q1 gross bookings forecast. The IBD 50 stock is extended from the 5% buy zone, which reaches to 32.87 from a 31.30 buy point.
Chipotle Mexican Grill gapped down 5% in heavy volume after reporting a miss on top and bottom Q4 numbers Tuesday after the market close.
CVS Health rose 3.5% on news it will buy Oak Street Health for about $10.6 billion including debt. Oak Street Health gained 4.6% on the news but had already surged nearly 30% Tuesday when The Wall Street Journal reported a deal was in the works.
IBD 50 component Israel-based digital ad tech firm Perion Network plummeted 8.4% in heavy volume after it reported disappointing Q4 earnings and issued guidance.
Google parent company Alphabet plunged 7.7% following a mishap at its AI event to demonstrate its new chatbot, Bard. The bot had an error in its first demonstration. The stock sank back below its 200-day moving average but found support at its 21-day line.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
