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U.S. stocks closed mostly lower with the Dow Jones falling over 200 points despite an improvement in the CNN Money Fear and Greed index, which remained in the 'Greed' zone. Inflation rates and personal spending rose, while U.S. construction spending fell. Torrid Holdings and Doma Holdings saw significant movements with Doma entering a merger to go private. Most S&P 500 sectors closed lower except for communication services and energy. Investors await earnings from Cal-Maine Foods, Dave & Buster's, and Paychex.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 8:19 am

BTCUSD

Ken Griffin, founder of Citadel, warned investors about modest economic growth and the rising U.S. national debt, emphasizing the irresponsibility of current borrowing practices. He predicts a below-potential economic growth due to a challenging landscape, with net interest spending expected to hit 3.1% of GDP in 2023. Despite these concerns, Griffin sees potential benefits for consumers from falling inflation and rising wages, and expects improvements in fixed-income markets. Citadel's flagship hedge fund gained 15.3% last year, managing about $59 billion.

Portfolio Pulse from Benzinga Neuro

April 02, 2024 | 8:18 am

PLTR

Jim Cramer expressed his bullish stance on Palantir Technologies Inc. (NYSE:PLTR), praising its recent performance and strong presence in the IT defense sector. He highlighted the company's good earnings and its dominance in IT defense, following a lucrative contract with the Defense Information Systems Agency (DISA). Additionally, an analyst from Mizuho maintained a Neutral stance on Palantir but raised the price target from $18 to $21, citing prospects in AI expansion after a $178 million deal with the Army. Palantir's stock closed at $22.86, with a 52-week range of $7.28 to $27.50.

Portfolio Pulse from Benzinga Neuro

April 02, 2024 | 8:13 am

F

Ford Motor Co (NYSE:F) significantly increased Mustang Mach-E sales by slashing prices in February, with sales jumping from 300 units weekly to over 1,800. The price cuts, ranging between $3,100 and $8,100, lowered the starting price to $39,895, boosting Mach-E's market share in the EV space from 5.2% to 13.3%. However, Ford anticipates its EV business segment, Model-e, to report widened losses of $5 billion to $5.5 billion this year due to pricing pressure and investment in new vehicles. Cloud Theory warns that despite the temporary sales boost, the EV industry faces future uncertainties including demand hesitations and profitability challenges.

Portfolio Pulse from Anan Ashraf

April 02, 2024 | 8:12 am

ABVX

Abivax reported a FY23 net loss of €147.4 million, a significant increase from the previous year's loss of €60.7 million. However, the company maintains a strong cash position of €261 million.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 8:06 am

VGK

The Eurozone Manufacturing Purchasing Managers Index (PMI) for March was reported at 46.1, slightly above the estimated 45.7 but below the previous month's figure of 46.5.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 8:02 am

TRNR

Interactive Strength (NASDAQ:TRNR) reported a Q4 loss of $(0.80) per share with an adjusted EBITDA loss of $3.5M.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 7:11 am

GOEV

Canoo Inc. (NASDAQ:GOEV) spent over double its 2023 revenue on CEO Tony Aquila's private jet, totaling $1.7 million against a revenue of $886,000. Despite delivering 22 vehicles and reducing operating losses, Canoo's net annual losses were $302.6 million. The company also paid $1.7 million in 2023 for shared services at its Texas office. This spending raises concerns amid a widening wealth gap and discussions on the wealthy's societal responsibilities.

Portfolio Pulse from Benzinga Neuro

April 02, 2024 | 7:09 am

SRG

Seritage Growth Properties reported a FY23 EPS of $(2.85), a decrease from $(1.59) YoY. Sales also declined to $20.78M from $107.06M YoY.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 6:52 am

PLAY

Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) is anticipated to report higher earnings for Q4, with expectations of $1.10 per share, up from 80 cents the previous year, and revenue of $602.61 million, up from $563.76 million. Despite a recent in-line loss for Q3, PLAY shares rose 2.9% to close at $64.43. Analyst ratings have varied, with downgrades and price target adjustments reflecting differing outlooks on the company's performance.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 5:56 am