Stocks Stumble as Tech Giants Drop: Salesforce and Kohl’s Report Disappointing Results

The stock market experienced a mix of gains and losses on Thursday, with some major technology companies taking a hit. Salesforce, a cloud-based software company, saw its shares plummet nearly 20% after reporting weaker revenue than expected. This marked the company’s worst day in nearly 20 years.

Kohl’s also faced a significant drop, with shares falling 22.9% after reporting a surprise loss for the latest quarter. The retailer cited decreased sales and lowered forecasts for the year ahead.

On the other hand, Best Buy and Foot Locker exceeded profit expectations, leading to a boost in their stock prices. Best Buy’s stock rose 13.4%, while Foot Locker saw a 15% increase.

The market also received support from easing Treasury yields, which helped most stocks climb. The Russell 2000 index, which tracks smaller stocks, rallied 1%.

Despite the overall mixed performance, investors are keeping a close eye on economic indicators and upcoming reports, particularly the monthly update on inflation. This data could impact market sentiment and influence future Federal Reserve decisions.

Overall, the market remains focused on earnings reports and the performance of key companies, especially in the tech and retail sectors. With inflation concerns and economic uncertainties lingering, investors are navigating a complex landscape in search of stability and growth.