Dow Jumps Over 150 Points; US Foods Posts Upbeat Earnings

U.S. stocks traded higher midway through trading, with the Dow Jones index jumping over 150 points on Thursday.

The Dow traded up 0.48% to 39,244.53 while the NASDAQ rose 0.32% to 16,354.20. The S&P 500 also rose, gaining, 0.37% to 5,206.94       .

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Leading and Lagging SectorsReal estate shares rose by 1.7% on Thursday.

In trading on Thursday, information technology shares fell by 0.2%.

Top Headline

US Foods Holding Corp (NYSE:USFD) posted better-than-expected first-quarter financial results on Thursday.

US Foods reported first-quarter FY24 sales growth of 4.8% year-on-year to $8.95 billion, beating the analyst consensus estimate of $8.91 billion. Adjusted EPS was 54 cents, beating the consensus estimate of 53 cents.

Equities Trading UP                       

• Pop Culture Group Co., Ltd (NASDAQ:CPOP) shares shot up 79% to $3.0199 after the company reported a year-over-year increase in H2 2023 revenue results.
• Shares of Sezzle Inc.  (NASDAQ:SEZL) got a boost, surging 76% to $78.80 after the company reported a year-over-year increase in first-quarter financial results.
• Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) shares were also up, gaining 37% to $18.15 following better-than-expected first-quarter results.

Equities Trading DOWN

• Tivic Health Systems, Inc. (NASDAQ:TIVC) shares dropped 60% to $0.5344 after the company reported pricing of $4 million public offering.
• Shares of EMCORE Corporation (NASDAQ:EMKR) were down 62% to $1.1099 after the company reported mixed second-quarter financial results and issued third-quarter revenue guidance below estimates.
• CytomX Therapeutics, Inc. (NASDAQ:CTMX) was down, falling 43% to $2.3850 after the company reported first-quarter financial results and announced initial data from the ongoing CX-904 Phase 1a dose escalation clinical study, demonstrating a favorable safety profile and confirmed anti-cancer activity.

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CommoditiesIn commodity news, oil traded up 0.3% to $79.26 while gold traded up 0.8% at $2,340.50.

Silver traded up 2.7% to $28.35 on Thursday, while copper rose 0.4% to $4.5625.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.25%, Germany's DAX rose 1.04% and France's CAC 40 gained 0.66%. Spain's IBEX 35 Index fell 0.89%, while London's FTSE 100 rose 0.50%.

The Bank of England held the key bank rate at 5.25% during its latest meeting.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei falling 0.34%, China's Composite Index gaining 1.22%, Hong Kong's Hang Seng Index gaining 0.83% and India's S&P BSE Sensex falling 1.4%.

The index of leading economic indicators in Japan fell to 111.4 in March 2024 versus a revised reading of 112.1 in the prior month, while index of coincident economic indicators climbed to 113.9 in March versus a final level of 111.5 a month ago.

Chinese trade surplus shrank to $72.35 billion in April from $86.46 billion in the year-ago period a year earlier. Imports to China rose by 8.4%, while exports from China gained 1.5% year-over-year in April.                  

Economics

• U.S. initial jobless claims increased by 22,000 to 231,000 on the week ending May 4, higher than market estimates of 210,000.
• U.S. natural-gas supplies increased 79 billion cubic feet during the week ended May 3, compared to market estimates of a 87 billion cubic feet gain.

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