Walmart, Nvidia, Exact Sciences, Bath and Body Works, and More

Major U.S. equities indexes turned lower Thursday afternoon, reversing early gains as a rally powered by Nvidia’s (NVDA) blockbuster earnings after the bell Wednesday faded. The Dow Jones Industrial Average slid 0.7%, the S&P 500 dropped 0.9%, and tech-heavy Nasdaq fell 1.1%.

Nvidia shares, which jumped as much as 5% earlier in the session on the chipmaker’s better-than-expected results, were down about 2% in recent trading.

Jacobs Solutions (J) led declines on the S&P 500 as shares dropped nearly 10% after the company posted weaker-than-expected results, citing a drop in value of one of its investments, along with a substantially higher full-year tax rate.

Bath and Body Works (BBWI) shares plunged 25% after the retailer’s latest earnings report. Sales and profits fell, and it cut its forecast for the full year as CEO Daniel Heaf said a strategy undertaken by previous leadership to pursue new avenues of growth failed to pan out, and also hurt sales of its core categories of soaps, candles, and other scented products.

Cybersecurity firm Palo Alto Networks (PANW) saw its shares drop close to 7%, a day after reporting quarterly results and full-year projections that were largely just in line with the analyst consensus. The company also said it would buy AI cybersecurity company Chronosphere for $3.35 billion.

Walmart (WMT) shares jumped 5%, making it the best-performing stock in the S&P 500 Wednesday, after the retail giant’s third-quarter results came in better than analysts were expecting, and it lifted its full-year outlook. Walmart also said it would move its listing to the Nasdaq exchange from the New York Stock Exchange, just a week after announcing a CEO succession plan.

Shares of Exact Sciences (EXAS) surged 17% after the cancer screening test maker agreed to be acquired by Abbott Laboratories (ABT) in a deal valuing Exact Sciences at $21 billion.

Regeneron Pharmaceuticals (REGN) rose over 4% after the company received Food and Drug Administration approval for a higher dose version of a drug it makes to treat an eye disease, along with approval for a new dosing schedule for the drug.

Oil and gold futures lost ground. The yield on the 10-year Treasury note edged lower. The U.S. dollar was little changed against the euro, and gained against the pound and yen. Most major cryptocurrencies were down, with the price of Bitcoin falling below $87,000.