The S&P 500 (^GSPC) cleared the 5,000 milestone to notch record highs Friday morning. The move extends the index's streak to five straight weeks of gains amid resilient market momentum.
Shares of cosmetics maker L’Oréal (OR.PA) came under pressure after fourth-quarter sales missed estimates, impacted by underperformance in Asian markets in late 2023.
Take-Two Interactive (TTWO) stock sank following disappointing mobile ad sales and lower-than-anticipated revenue for its NBA 2K game, prompting the video game company to issue soft full-year guidance.
Consumer goods conglomerate Newell Brands (NWL) offered cautious 2024 guidance, projecting a 5-8% net sales decline for the year.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith
Video Transcript
BRAD SMITH: We're 30 minutes into the trading day. Let's take a look at how things are shaping up right now. The S&P 500 topping that 5,000 mark once again, sending stocks up for a fifth consecutive week of gains here. The rise driven by some solid earnings reports. As of right now, we're holding just above 5,000.
SEANA SMITH: All right, well, let's take a look at some of those individual movers. First up, L'Oreal dropping about 7%. A miss on sales in the fourth quarter that was driven by disappointing performance in Asia at the end of the year.
Now, luxury cosmetics company seeing sales growth in all regions except for Asia where they were down about 6.2%. That's why we're looking into stock under pressure here. The company though does see things improving this year. CEO saying the performance in China has been, quote, "pretty positive" so far this January.
BRAD SMITH: And excitement around Grand Theft Auto 6, GTA 6, can't save Take-Two stock. Shares of the video game company right now extending declines today after issuing a disappointing forecast, saying it sees weakness in mobile advertising, as well as in revenue from its NBA 2K24 basketball game. Take-Two CEO telling analysts the company is working on significant cost reduction in an effort to maximize margins.
SEANA SMITH: And Newell Brands, the maker of Rubbermaid and Sharpie under pressure this morning. Its soft outlook weighing on shares. Now, the company expecting net sales to fall by up to 8% this year. And this also comes as the company undergoes a major restructuring to reduce costs and also strengthen its brands.
