Dow Jumps Over 500 Points; FactSet Research Posts Upbeat Earnings

Benzinga09-20

U.S. stocks traded higher midway through trading, with the Dow Jones index jumping more than 500 points on Thursday.

The Dow traded up 1.25% to 42,023.61 while the NASDAQ rose 2.30% to 17,976.99. The S&P 500 also rose, gaining, 1.60% to 5,707.97.

Check This Out: Alphabet, McDonald’s And 2 Other Stocks Executives Are Selling

Leading and Lagging SectorsInformation technology shares jumped by 2.9% on Thursday.

In trading on Thursday, utilities shares fell by 0.6%.

Top Headline

FactSet Research Systems Inc (NYSE:FDS) reported better-than-expected results for its fiscal fourth quarter.

The company posted quarterly sales growth of 4.9% year-on-year to $562.2 million, beating the analyst consensus estimate of $546.81 million. Adjusted EPS of $3.74 beat the analyst consensus estimate of $3.62.

FactSet said it sees fiscal 2025 revenue of $2.285 billion–$2.305 billion versus $2.301 billion estimate and adjusted EPS of $16.80–$17.40 versus consensus of $17.36.

Equities Trading UP                       

  • Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares shot up 37% to $26.23 after the company announced top-line data of EDG-7500 from the Phase 1 trial in healthy subjects and the single-dose arm of the Phase 2 CIRRUS-HCMtrial in patients with obstructive HCM.
  • Shares of Signing Day Sports, Inc. (NYSE:SGN) got a boost, surging 257% to $0.4545 after the company announced it will acquire sports gaming technology company Swifty Global.
  • Mobileye Global Inc. (NASDAQ:MBLY) shares were also up, gaining 16% to $13.51 after Intel reportedly said it does not have plans to divest a majority interest in the company.

Equities Trading DOWN

  • Haoxi Health Technology Limited (NASDAQ:HAO) shares dropped 79% to $0.64. Haoxi Health Technology announced the pricing of a $12 million underwritten follow-on public offering of 4 million units at a price of $3 per unit.
  • Shares of Progyny, Inc. (NASDAQ:PGNY) were down 30% to $17.21 after a client elected to exercise an option to terminate its services agreement with the company.
  • Vivos Therapeutics, Inc. (NASDAQ:VVOS) was down, falling 25% to $3.10 after the company announced a $4.3 million registered offering of 1.36 million shares of common stock at $3.15 per share.

CommoditiesIn commodity news, oil traded up 1% to $71.64 while gold traded up 0.1% at $2,600.00.

Silver traded up 1.4% to $31.115 on Thursday, while copper rose 1.1% to $4.3445.

Euro zone

European shares were higher today. The eurozone's STOXX 600 climbed 1.35%, Germany's DAX climbed 1.66% and France's CAC 40 jumped 2.11%. Spain's IBEX 35 Index rose 0.50%, while London's FTSE 100 rose 0.85%.

The Bank of England maintained the Bank Rate at 5% during its September meeting, after cutting rates by 25 bps in August. The current account surplus in the Eurozone increased to €48 billion in July from €25.5 billion in the year-ago period.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 2.13%, Hong Kong's Hang Seng Index surging 2%, China's Shanghai Composite Index gaining 0.69% and India's BSE Sensex gaining 0.29%.

Hong Kong's unemployment rate came in unchanged at 3% in the three months ending August. The Hong Kong Monetary Authority cut its base rate by 50bps to 5.25% at its recent meeting.

Economics

  • The U.S. reported a current account deficit of $266.8 billion in the second quarter versus a gap of $241 billion in the prior period and higher than market estimates of a $260 billion gap.
  • U.S. initial jobless claims fell by 12,000 from the prior week to 219,000 in the week ending September 14, compared to market expectations of 230,000.
  • The Philadelphia Fed Manufacturing Index climbed to 1.7 in September from -7 in the previous month and topping market estimates of -1.

Now Read This:

  • Top 3 Defensive Stocks You May Want To Dump In September
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment