Ross Stores Inc ROST:NASDAQ

Last Price$86.15Cboe Closing Price as of 4:00PM ET 8/10/22
Cboe Real-Time Quotes
Today's Change+1.69(2.00%)
Bid (Size)$71.45 (100)
Ask (Size)$101.93 (100)
Day Low / High$86.10 - 87.36
Volume1.8 M

S&P 500 Turns Marginally Higher on Friday After Briefly Entering Bear-Market Territory

5:01PM ET 5/20/2022 MT Newswires
The S&P 500 turned marginally higher just ahead of the closing bell on Friday, having briefly entered bear-market territory intraday as investors braced for higher rates from the US Federal Reserve in an attempt to curb rising inflation.

The S&P 500 closed at 3,901.36. The Dow Jones Industrial Average also ended the day slightly higher, at 31,261.90, while the Nasdaq Composite fell 0.3% to 11,354.62.

All three indexes ended the week lower, with the S&P 500 down for the seventh consecutive week, at 3.1%. The Dow finished 2.9% lower this week and the Nasdaq slumped 3.8%. A bear market is considered a 20% drop from a recent high.

Consumer discretionary and industrials led decliners while health and real estate were the biggest gainers.

The US 10-year yield dropped by 6.5 basis points to 2.79%, its lowest in May.

West Texas Intermediate crude oil futures rose by $1.02 to $113.23 a barrel.

In economic news, state-level from the BLS showed that the unemployment rate fell in 13 states in April and held steady elsewhere, with 10 states hitting their lowest recorded rates. The largest decline was in Maryland, where the rate declined by 0.4 percentage points, followed by 0.3 percentage point declines in Iowa, Maine, and Minnesota. The national unemployment rate held steady at 3.6% in April.

Payrolls rose in 11 states in April, with Texas and Florida posting the largest increases in absolute terms and New Hampshire seeing the biggest percentage gain. National nonfarm payrolls rose by 428,000 in April after an identical gain in the previous month.

In other news, the Group of Seven leading economies pledged $19.8 billion in aid to Kyiv to help defend itself against Russia, which intends to take all of the Donetsk and Luhansk regions in Ukraine, a report from Bloomberg said.

In corporate earnings news, Ross Stores (ROST) shares sank 22.5% after the retailer posted lower fiscal first-quarter earnings and sales late Thursday. Credit Suisse and Deutsche Bank were among the investment houses to downgrade the company's share-price target. The company was the worst performer on the S&P 500 and the Nasdaq 100.

Palo Alto Networks (PANW) late on Thursday raised full-year guidance as a trend relating to network and cloud transformation and fortifying enterprise infrastructure against security threats boosted demand across its products portfolio. The shares of the cybersecurity firm jumped nearly 10%, the most on the Nasdaq 100.

Gold rose $1.80 to $1,849.60 per troy ounce and silver was down $0.16 to $21.75 per ounce. Among energy ETFs, the United States Oil Fund was up 1.3% to $81.65 while the United States Natural Gas Fund fell 0.9% to $27.73.