In a surprising turn of events, Dollar Tree shares plummeted more than 7% in premarket trading after the discount retailer released its latest quarterly earnings report. The company reported an adjusted profit of $2.55 per share, but it was unclear if this figure was in line with analyst estimates. Additionally, Dollar Tree announced plans to close nearly 1,000 stores, adding to investor concerns.
Meanwhile, in Japan, Canon Electronics saw its shares drop by as much as 12.7% following the explosion of Space One’s rocket during its inaugural launch. The failed mission, which would have made Space One the first Japanese company to put a satellite in orbit, had a ripple effect on Canon Electronics and other companies involved in the venture.
On the economic front, South Korea reported a decrease in its unemployment rate to 2.6% in February, the lowest since October 2023. This positive news was reflected in the country’s stock market, with the Kospi index edging up by 0.5%.
In India, inflation slowed marginally in February but still exceeded economists’ expectations. Food and beverages were the main drivers of price growth, with the inflation rate reaching 7.76%.
As the S&P 500 continued to reach record highs, seven of the 11 sectors were in positive territory, with the tech sector leading the gains. However, utilities saw a decline of nearly 1%. Despite the overall positive performance, all sectors remained within 10% of their 52-week highs.
Looking ahead, futures for the S&P 500, Dow, and Nasdaq 100 opened little changed, hovering around the flat line. In extended trading, Coinbase shares fell more than 2% after the company announced a $1 billion convertible note offering to pay off debt or for general corporate purposes. Despite this setback, Coinbase stock has seen significant gains this year, with shares up more than 40% year to date.
