Crude Oil Surges 6%; Macy’s Shares Fall After Q2 Results

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 300 points on Thursday.

The Dow traded down 0.60% to 52,065.92 while the NASDAQ dipped 0.55% to 26,109.70. The S&P 500 also fell, dropping, 0.54% to 7,595.24.

Leading and Lagging Sectors

Consumer staples shares jumped by 0.6% on Thursday.

In trading on Thursday, materials stocks fell by 1.6%.

Top Headline

Macy’s Inc. (NYSE:M) stock fell around 4% on Thursday after the retailer reported second-quarter fiscal 2026 results that topped Wall Street expectations but issued a weaker-than-expected third-quarter earnings outlook.

Adjusted EPS was 40 cents, excluding a 23-cent net tariff refund benefit, beating the 37-cent consensus estimate. Sales rose 1.1% year over year to $4.866 billion, topping the $4.826 billion estimate.

For the third quarter, Macy’s expects an adjusted loss of 19 cents to 23 cents per share, compared with an estimated loss of 6 cents. Sales are projected at $4.65 billion to $4.70 billion versus the $4.68 billion estimate.

Equities Trading UP
           

• Tenon Medical Inc (NASDAQ:TNON) shares shot up 86% to $4.53 after the California-based medical device company disclosed it repaid its outstanding convertible notes early.
• Shares of Orchestra Biomed Holdings Inc (NASDAQ:OBIO) got a boost, surging 9% to $5.92. BTIG analyst Marie Thibault upgraded Orchestra BioMed from Neutral to Buy and announced a $10 price target.
• AeroVironment, Inc. (NASDAQ:AVAV) shares were also up, gaining 7% to $151.00 following upbeat quarterly earnings.

Equities Trading DOWN

• Cooper Companies Inc (NASDAQ:COO) shares dropped 15% to $53.71 as the company reported mixed third-quarter financial results and cut its FY26 guidance below estimates.
• Shares of American Eagle Outfitters Inc (NYSE:AEO) were down 13% to $14.70 following second-quarter results.
• Navan Inc (NASDAQ:NAVN) was down, falling 20% to $20.63. Navan reported upbeat second-quarter fiscal 2027 results, raised its full-year outlook, and announced the acquisition of BoomPop.

Commodities

In commodity news, oil traded up 6% to $101.83 while gold traded down 1.3% at $4,403.60.

Silver traded down 5.7% to $64.73 on Thursday, while copper fell 5.1% to $6.5375.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dipped 0.57%, while Spain’s IBEX 35 Index fell 0.01%, London’s FTSE 100 declined 0.41%, Germany’s DAX dipped 0.59%, while France’s CAC 40 slipped 0.4%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 0.20%, Hong Kong’s Hang Seng index falling 1.27%, China’s Shanghai Composite falling 0.43% and India’s BSE Sensex gaining 0.19%.

Economics

• U.S. producer prices rose 5.4% year-over-year in August, versus the 5.3% rate economists expected and accelerating from July’s 4.8% reading, according to Labor Department data released Thursday.
• U.S. initial jobless claims fell by 1,000 to 206,000 in the first week of September, compared to market estimates of 205,000.
• U.S. wholesale inventories increased by 1.3% month-over-month to $958.9 billion in July compared to a revised 0.4% gain in June.
• U.S. existing home sales declined by 2.0% from the previous month to an annualized rate of 3.98 million units in August.
• U.S. natural-gas stocks rose 40 billion cubic feet in the week ending Sept. 4, compared to market estimates of a 31-bcf build.

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