Influential Salesforce Drags Down Markets

All the major indexes fall
By Newser Editors and Wire Services
Posted May 30, 2024 3:15 PM CDT
Influential Salesforce Drags Down Markets
Specialist Michael Pistillo, left, and trader Robert Charmak work on the floor of the New York Stock Exchange, Thursday, May 30, 2024.   (AP Photo/Richard Drew)

The worst day for Salesforce's stock in nearly 20 years helped drag stock indexes lower on Thursday:

  • The Dow fell 330 points, or 0.9%, to 38,111.48.
  • The S&P 500 fell 31.47 points, or 0.6%, to close at 5,235.48.
  • The Nasdaq fell 183.50, or 1.1% to 16,737.08.

Salesforce, which helps businesses manage their customers, is an influential stock on Wall Street indexes, particularly on the Dow, per the AP. It lost a fifth of its value after reporting weaker revenue for the latest quarter than analysts expected. The cloud-based software company also gave forecasts for revenue in the current quarter and fiscal year that fell short of expectations, causing shares to drop more than 20%. Kohl's fell by a similar percentage after reporting a surprise loss for the latest quarter when analysts were expecting to see a profit.

Helping to support the market were better-than-expected profit reports from a range of companies. Best Buy topped forecasts even though its revenue fell short last quarter, and its stock rose 12%. Foot Locker ran 17% higher after likewise reporting better-than-expected profit despite ringing up sales shy of analysts' forecasts. Stocks also broadly got a boost from easing Treasury yields in the bond market. That helped most stocks on Wall Street to climb, and the smaller stocks in the Russell 2000 index rallied.

(More stock market stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.