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Friday's big stock stories: What's likely to move the market in the next trading session

Brendan McDermid | Reuters

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 8, 2024.

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Here's what CNBC TV's producers were watching during the rebound and what's on the radar for the next session.

  • E.l.f. Beauty blew past Wall Street estimates, posting a 50% gain in sales in its fiscal first quarter. That follows a 76% jump in the year-ago period. On its post-earnings conference call, the company said to expect higher container and transportation cost headwinds in FY25. Shares rose 3.4% during the regular session, but fell 10% in after-hours trading.
  • Paramount Global added 5% after the closing bell – after dropping 2.4% during the regular trading day. The company's streaming division swung to an unexpected profit for the first time ever. Paramount also announced it is cutting 15% of its U.S. workforce, as part of broader cost savings. CNBC TV's Julia Boorstin will have the latest.
  • Sweetgreen soared more than 20% after the closing bell. The company boosted its full-year sales outlook. Earnings missed, with a loss of 13 cents per share versus the Street's estimates of a loss of 10 cents a share. Revenue came in at $185 million, beating estimates of $181 million.
  • Dropbox added 3% in after-hours trading after the company beat on earnings and revenue.
  • Archer Aviation tumbled in after-hours trading, after reporting quarterly results. The company also unveiled plans for a Los Angeles air taxi network, as soon as 2026. CNBC TV's Phil LeBeau will cover the story on Friday.

Jill Schneider

Renovation nation

  • CNBC's real estate reporter Diana Olick will report on an uptick for home renovations in the U.S.
  • She'll have details on CNBC TV Friday.
  • Shares of Home Depot are down 2% this week. The stock is 12% from the 52-week high hit back in March. Year to date, shares are flat.
  • Lowe's is 10% from the 52-week high. The stock is down 1.7% week to date, but it's up 6% in 2024.

Bonds in the U.S.A.

  • CNBC.com's Darla Mercado reports as the Federal Reserve may very well be getting ready for a rate cut, investors will have to look for new sources of yield rather than those 5%-plus short-term bonds.
  • She lists several core and core-plus bond funds for investors to consider including Vanguard's Core Bond Fund (VCORX), which has a 30-day SEC yield of 4.47% right now.
  • Fidelity's Intermediate Bond Fund (FTHRX) has a 30-day yield of 4.32%.
  • Vanguard's Core-Plus Bond Fund (VCPIX) has a 30-day SEC yield of 4.66%.
  • BAGIX is the Baird Aggregate Bond Fund, which has a 30-day SEC yield of 4.32%.
  • BlackRock's Total Return ETF (BRTR) has a 30-day SEC yield of 4.97%.

Magnificent gains for the Magnificent Seven

  • Nvidia jumped 6% on Thursday. The stock is 25% from the June 20 high.
  • Meta Platforms was up 4.2% in Thursday's rally. The stock is 6% from the July 8 high.
  • Tesla added 3.7% in the session. The stock is 28.7% from the September high.
  • Alphabet was up nearly 2%. The stock is 15.5% from the July high.
  • Amazon was up 1.86% Thursday. The stock is 17.6% from the July high.
  • Apple was up about 1.7%. The stock is 10% from the July high.
  • Microsoft closed 1% higher. The stock is 14% from the early July high.
  • Thursday was the S&P 500's best session since November 2022. Tech was the best performing sector of the day, while Communication Services was second.

Delta Air Lines and CrowdStrike

  • The airline says the CrowdStrike tech outage last month cost it $380 million dollars.
  • CrowdStrike said it offered to help, and it called the airline's narrative "misleading."
  • "Fast Money" trader Karen Finerman announced that she was opening a position in CrowdStrike, saying the sell-off since the crisis is "overdone."
  • CrowdStrike was up 4.27% on Thursday. The stock is 40% from the July 9 high.
  • The relative strength index on the stock, which is one metric traders use to tell when a stock is oversold, is now at 30.8. An RSI of 30 suggests a stock may be oversold, while a reading of 70 or greater means it's overbought. There is no guarantee that a stock will fall when the RSI hits 70 or that it will jump at 30, but it is one piece of data that some traders use to make decisions.

Make-up

  • As Jill Schneider said above E.l.f. sales jumped 50% in the last quarter. That seems pretty good.  Guidance, however, was cautious. The stock is down 11% after hours. E.l.f. is up 13% in four days. It's up 30% year to date, and it's 15% from the March high.
  • Ulta Beauty is 43% from the March high.
  • Estee Lauder is down 45% in the last year.
  • Coty is 30% from the February high.

—Jason Gewirtz

Copyright CNBC
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