Midday movers: Lululemon, Lyft rise; Five Below, Victoria's Secret fall

(Updated - June 6, 2024 11:50 AM EDT)

Investing.com -- U.S. stock futures traded in tight ranges Thursday following the release of weekly initial jobless claims data, ahead of Friday’s key nonfarm payrolls report. Today's data hinted at more softening in the labor market.

Here are some of the biggest U.S. stock movers today:

• Nvidia (NASDAQ:NVDA) stock fell 1.7%, paring gains after the artificial intelligence chip designer’s market cap topped $3 trillion during the previous session, overtaking iPhone-maker Apple (NASDAQ:AAPL) as the world's second most valuable company.

• Lululemon Athletica (NASDAQ:LULU) (LULU) stock surged 5% after the premium athletic apparel retailer posted first-quarter profit and sales that topped estimates, while also raising its annual guidance.

• Five Below (NASDAQ:FIVE) stock slumped 13% after the discount retailer cut its sales forecast for the year after a tough quarter, with demand for its once-popular Squishmallows on the wane.

• Nio (NYSE:NIO) ADRs fell 6.5% after the China-based electric vehicle maker reported first-quarter results that missed expectations amid “intensifying competition.”

• Victoria's Secret (VSCO) stock fell 5% after the lingerie chain posted a net loss of $4 million in the first quarter, citing caution around the broader retail environment in North America.

• Novo Nordisk (NYSE:NVO) stock rose 1.2%, continuing the Danish pharmaceutical giant’s share price surge so far this year thanks in part to strong demand for its lucrative Wegovy weight-loss drug.

• Carvana (CVNA) stock rose 1% after the company reaffirmed second quarter outlook provided on May 1 that it expects a sequential increase in its year-over-year growth rate in retail units and a sequential increase in Adjusted EBITDA.

• Big Lots (NYSE:BIG) stock fell 20% after the home-essentials retailer posted a wider-than-expected fiscal first-quarter loss as consumers avoided big-ticket items.

• Lyft (NASDAQ:LYFT) rose 3.8% after issuing mid-term financial targets during an investor day presentation. Management said the new targets reflect the company's expectations of healthy top-line growth and margin expansion. Shares of rival Uber (NYSE:UBER) also gained.

Additional reporting by Louis Juricic