S&P 500 Gains and Losses Today: McKesson Falls Amid Plans To Exit Canada Businesses
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Key TakeawaysThe S&P 500 slid 0.3% on Thursday, Sept. 5, with soft private payroll data adding to concerns about the labor market ahead of Friday's jobs report.McKesson shares plunged after the medical products distributor announced plans to sell its Canada-based Rexall and Well.ca businesses.Dollar Tree shares moved higher, clawing back some of the steep losses in the previous session.
Major U.S. equities indexes were mixed as the latest ADP jobs data showed a smaller-than-expected jump in private payrolls in August.The report was the latest in a string of indicators suggesting a cooling labor market. Investors will now turn their attention to the Bureau of Labor Statistics (BLS) August employment report, which will be released on Friday morning.The S&P 500 slid 0.3% on Thursday, ending in negative territory for the third straight day, while the Dow dropped 0.5%. The Nasdaq gained 0.3% to post its first winning session this week.McKesson (MCK) shares plunged 9.9%, the biggest loss of any S&P 500 stock, after the pharmaceutical and medical supply distributor issued lower-than-expected profit guidance for the second quarter. The firm also agreed to sell its Canada-based businesses Rexall and Well.ca to Birch Hill Equity Partners. McKesson explained the move will allow it to prioritize investments in oncology and biopharma services.Shares of Zimmer Biomet Holdings (ZBH), a medical technology company specializing in artificial joint replacements and other orthopedic products, fell 8.7% on Thursday. In a presentation at a health care conference, Zimmer executives warned the company's implementation of a new enterprise resource planning (ERP) system could weigh on its performance in the second half of 2024. The software transition has reportedly affected production and shipping processes.Copart (CPRT), which operates an online car auction platform, reported mixed results for its fiscal fourth quarter of 2024, and its shares dropped 6.7%. Although revenue ticked higher year over year and slightly edged out estimates, net income was down from a year ago and missed forecasts. Operating expenses—including increased general, administrative and yard operations costs—weighed on profitability in the quarter.Dollar Tree (DLTR) shares jumped 7.7%, notching the top daily performance in the S&P 500. Thursday's gain marked a partial recovery from the 22% dive posted by the stock in the previous session. The discount retailer missed earnings estimates and lowered its full-year guidance, citing strong macroeconomic headwinds.Shares of Marketaxess Holdings (MKTX), which operates an electronic trading platform for fixed-income investments, gained 6.7%. The financial technology firm reported strong growth in trading volume for August, led by gains in U.S. high-grade credit and municipal bonds.Tesla (TSLA) shares were up 4.9% Thursday. The electric vehicle (EV) maker said it plans to launch its full self-driving (FSD) technology in Europe and China in the first quarter of 2025, pending regulatory approval. In addition, comments from CEO Elon Musk attracted attention to Tesla's robotics unit. Read the original article on Investopedia.
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