JB Hi-FI chief executive Terry Smart and chief financial officer Nick Wells told the Macquarie conference that consumers were cautious and trading down when purchasing televisions, while sales for mobile phone and audio products are holding up fairly well.

“Customers are looking for value, there’s no doubt on that … and they’re shopping on promotion,” Smart said.

Other major losers midway through the trading session include Smartgroup (down 5.4 per cent) and Neuren Pharmaceuticals (down 4.7 per cent).

On Wall Street overnight, the S&P 500 Index finished almost unchanged after flipping between modest gains and losses throughout the session.

The benchmark was coming off a slight gain from Tuesday, which followed a big three-day winning streak.

The Dow Jones Industrial Average rose 0.4 per cent and the Nasdaq Composite Index slipped 0.2 per cent.

Ride-share company Uber Technologies slumped 5.7 per cent after reporting worse results for the latest quarter than analysts expected. It also gave a forecast range for bookings in the current quarter with a midpoint that also fell below expectations.

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Shopify shares crashed 18.6 per cent despite the company reporting better profit and revenue for the latest quarter than analysts expected. However, the firm, which helps businesses sell products online, forecast that its revenue growth would likely slow this quarter, and that it would be likely to make less profit off each $US1 in revenue.

Match Group sank 5.4 per cent despite topping profit expectations. The company behind Tinder, Hinge and other apps for connecting people gave a forecast for revenue in the current quarter that fell short of what analysts were expecting. It said its efforts to make Tinder better for women and Gen Z customers, in particular, have hurt some performance measurements in the short term.

Shares of giant chipmaker Intel fell 2.2 per cent after the company reported that the US Commerce Department had revoked licenses for exports to a Chinese customer. That could cause its revenue for the current quarter to fall below the midpoint of the forecasted range it had earlier given.

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Reddit was a big winner, with its shares gaining 4 per cent after the firm delivered its first earnings report as a publicly traded company. It reported a milder loss and better revenue than expected, while also giving a stronger-than-expected forecast for revenue in the current quarter.

Most companies have been reporting stronger profits than analysts expected this US reporting season. That and newly revived hopes for coming cuts to interest rates by the Federal Reserve have helped the US stock market to recover from its rough April.

Treasury yields have largely been easing since Federal Reserve chair Jerome Powell said last week the central bank remains closer to cutting its main interest rate than hiking it, despite a string of stubbornly high readings on inflation this year.

However, the yield on the 10-year Treasury rose to 4.49 per cent, from 4.46 per cent late Tuesday. The yield on the two-year Treasury, which moves closer with expectations for action by the Fed, ticked up to 4.84 per cent, from 4.83 per cent.

AP

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