Dow Achieves Milestone, Walmart and Canada Goose Drive Earnings Surge The Dow Jones Industrial Average made history on Thursday by briefly surpassing the 40,




Dow Hits Record High of 40,000 Before Retreating, Walmart and Canada Goose Lead Earnings Rally


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Dow Achieves Milestone, Walmart and Canada Goose Drive Earnings Surge

The Dow Jones Industrial Average made history on Thursday by briefly surpassing the 40,000 mark for the first time ever, but ultimately retreated from this milestone as investors evaluated a rebound in Treasury yields and a robust earnings rally led by Walmart and Canada Goose.

Market Performance

At 16:00 ET (20:00 GMT), the Dow Jones Industrial Average dipped 38 points, or 0.1%, after reaching an all-time high of 40,051.05 earlier in the day. The S&P 500 also edged lower by 0.2%, while the NASDAQ Composite closed 0.3% lower, despite both indices hitting record intraday highs.

Earnings Highlights

Walmart Inc (NYSE:WMT), a significant component of the Dow, surged 7% following its fiscal Q1 earnings report, which surpassed Wall Street estimates on both revenue and earnings. The retail giant also raised its guidance, reflecting strong performance and positive outlook.

Canada Goose Holdings Inc (NYSE:GOOS) witnessed a remarkable uptick of over 15% after reporting better-than-expected fiscal Q4 results and expressing optimism about annual margin improvement, signaling resilience in the apparel sector.

However, Cisco Systems Inc (NASDAQ:CSCO) experienced a downturn of more than 2% as it cut its annual earnings guidance despite beating revenue and earnings expectations for the quarter. This unexpected move overshadowed the positive aspects of its quarterly performance.

Market Sentiment and Rate Cut Expectations

While the market remained buoyed by expectations of a September rate cut, driven by softer consumer price index data and signs of a cooling labor market, a rebound in Treasury yields prompted cautious optimism among investors. Initial jobless claims fell to 222,000 in the week ending May 11, slightly below economists' expectations.


The Dow's momentous flirtation with the 40,000 level reflects the optimism pervading the market, fueled by robust earnings performances from key players like Walmart and Canada Goose. As investors continue to monitor economic indicators and Fed commentary, staying informed is paramount to navigating the evolving market landscape.

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