U.S. stocks traded mostly higher midway through trading, with the Dow Jones gaining over 50 points on Thursday.
Following the market opening Thursday, the Dow traded up 0.17% to 38,898.96 while the NASDAQ rose 0.01% to 17,864.13. The S&P 500 also rose, gaining, 0.09% to 5,491.81.
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Leading and Lagging SectorsEnergy shares jumped by 1.5% on Thursday.
In trading on Thursday, real estate shares fell by 0.2%.
Top Headline
Shares of Accenture Plc (NYSE:ACN) gained around 7% during Thursday's session after the company reported third-quarter fiscal 2024 results.
The company posted sales of $16.47 billion compared with the analyst consensus of $16.55 billion, down 1% Y/Y in U.S. dollars and up by 1.4% in local currency. Revenues were slightly above the midpoint of the company's guided range of $16.10 billion – $16.70 billion. Adjusted EPS of $3.13 missed the analyst consensus of $3.15.
Accenture expects fourth-quarter revenues of $16.05 billion – $16.65 billion (versus consensus of $16.56 billion).
Equities Trading UP
- MGO Global, Inc. (NASDAQ:MGOL) shares shot up 154% to $1.1672 after the company said it expects the pending acquisition of Spetner Associates to close in the second half of 2024, projecting it to increase annualized revenue to approximately $28 million.
- Shares of Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) got a boost, surging 147% to $3.42 after the company said it expects first customer deliveries of the i300 in the fourth quarter and anticipates selling over 5,000 units in the fiscal year ending Sept. 30, 2025.
- Femasys Inc. (NASDAQ:FEMY) shares were also up, gaining 23% to $1.17 after receiving CE Mark approval from the EU MDR for its FemaSeed, FemVue, FemCerv, and FemCath products.
Equities Trading DOWN
- Tempest Therapeutics, Inc. (NASDAQ:TPST) shares dropped 27% to $2.0847 after the company announced new data from the ongoing Phase 1b/2 clinical study on amezalpat2 (TPST-1120).
- Shares of Trevena, Inc. (NASDAQ:TRVN) were down 37% to $0.226. Trevena announced preclinical TRV045 data for long-term analgestic effect in prelinical model of neuropathic pain. Also, the company announced TRV045 results provided director for additional NIH-initiated studies in epilepsy prevention and treatment.
- Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was down, falling 29% to $1.10. Sonnet BioTherapeutics announced exercise of warrants for gross proceeds of $3.4 million.
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CommoditiesIn commodity news, oil traded up 0.9% to $82.34 while gold traded up 1.1% at $2,371.90.
Silver traded up 3.8% to $30.69 on Thursday, while copper rose 1.9% to $4.5755.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.67%, Germany's DAX rose 0.73% and France's CAC 40 gained 1.14%. Spain's IBEX 35 Index rose 0.96%, while London's FTSE 100 climbed 0.72%.
The Bank of England held the Bank Rate at 5.25% during its recent meeting, as projected. Producer prices in Germany fell by 2.2% year-over-year in May compared to a 3.3% decline in the earlier month.
Passenger car registrations in the European Union fell 3.0% year-over-year to a three-month low level of 911.7 thousand units in May.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan's Nikkei gaining 0.16%, Hong Kong's Hang Seng Index declining 0.52%, China's Shanghai Composite Index falling 0.42% and India's S&P BSE Sensex gaining 0.18%.
The People’s Bank of China maintained key lending rates at the June fixing. Hong Kong's unemployment rate came in unchanged at 3% during the three months ending May. Singapore's unemployment rate increased to 2.1% in the first quarter of 2024 versus 2.0% in the prior period.
Economics
- The U.S. current account deficit rose by $15.8 billion to $237.6 billion during the first quarter, and versus market estimates of a $206.4 billion gap.
- The Philadelphia Fed Manufacturing Index fell 3.2 points to a reading of 1.3 in June, missing market expectations of 5.
- U.S. initial jobless claims fell by 5,000 to 238,000 in the second week of June, compared to market estimates of 235,000.
- Housing starts in declined 5.5% to an annualized rate of 1.277 million in May, while building permits fell by 3.8% to an annual rate of 1.386 million.
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