S&P 500 Edges Lower; J. M. Smucker Shares Surge Following Earnings Beat

U.S. stocks traded mixed toward the end of trading, with the S&P 500 falling around 0.1% on Thursday.

The Dow traded up 0.06% to 38,830.40 while the NASDAQ fell 0.16% to 17,160.31. The S&P 500 also fell, dropping, 0.12% to 5,347.42.       .

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.8% on Thursday.

In trading on Thursday, utilities shares fell by 0.8%.

Top Headline

The J. M. Smucker Company SJM shares gained around 5% on Thursday after the company posted upbeat quarterly earnings.

The company reported a fourth-quarter FY24 sales decline of 1.3% year-on-year to $2.21 billion, missing the analyst consensus estimate of $2.24 billion. Adjusted EPS of $2.66 beat the analyst consensus estimate of $2.33, according to data from Benzinga Pro.

Equities Trading UP
                       

• Replimune Group, Inc. REPL shares shot up 24% to $6.91 as the company announced positive topline primary analysis data by Independent Central Review from IGNYTE clinical trial of RP1 plus nivolumab in anti-PD1 failed melanoma.
• Shares of Vanda Pharmaceuticals Inc. VNDA got a boost, surging 23% to $6.20 after Cycle Pharmaceuticals confirmed that it made a proposal to buy the company.
• Freight Technologies, Inc. FRGT shares were also up, gaining 30% to $0.8221 after the company said it added 26 new customers and 149 new carriers in 2024.

Equities Trading DOWN

• Actelis Networks, Inc. ASNS shares dropped 46% to $2.00 after the company announced an agreement for the immediate exercise of certain outstanding warrants for gross proceeds of $3 million.
• Shares of SeaStar Medical Holding Corporation ICU were down 39% to $0.2171. SeaStar Medical announced a 25-for-1 reverse stock split.
• Ventyx Biosciences, Inc. VTYX was down, falling 41% to $3.13 after the company announced preclinical data for its CNS-penetrant NLRP3 inhibitor VTX3232 in murine diet-induced obesity models.

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Commodities

In commodity news, oil traded up 2% to $75.53 while gold traded up 0.6% at $2,390.50.

Silver traded up 4.3% to $31.375 on Thursday, while copper rose 1.5% to $4.6765.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.66%, Germany's DAX gained 0.41% and France's CAC 40 rose 0.42%. Spain's IBEX 35 Index rose 0.80%, while London's FTSE 100 rose 0.47%.

The ECB cut the three key interest rates by 25 basis points, in line with market estimates. Retail sales in the Eurozone fell 0.5% month-over-month in April compared to revised 0.7% gain in March, while Eurozone construction PMI increased to 42.9 in May from 41.9 in the prior month.

The S&P Global UK construction PMI climbed to 54.7 in May, recording the highest level since May 2022, while The France construction PMI increased to 43.4 in May from 41.5 a month ago. Factory orders in Germany fell by 0.2% month-over-month for April.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei gaining 0.55%, China's Composite Index falling 0.54%, Hong Kong's Hang Seng Index gaining 0.28% and India's S&P BSE Sensex gaining 0.7%.

Australia’s trade surplus on goods increased to AUD 6.55 billion in April 2024 compared to a revised AUD 4.84 billion surplus in the prior month. Exports of goods from Australia fell 2.5% to a 28-month low level of AUD 43.32 billion in April, while imports of goods dipped by 7.2% to a three-month low level of AUD 36.77 billion.

Economics

• U.S. initial jobless claims rose by 8,000 to 229,000 in the week ending June 1, compared to market estimates of 220,000.
• The trade deficit in the U.S. increased to $74.6 billion in April versus a revised $68.6 billion gap in March.
• Unit labor costs in the nonfarm business sector rose by an annualized 4% in the first quarter compared to a revised 2.8% fall in the previous period.
• Nonfarm business sector labor productivity increased by 0.2% in the first quarter compared to preliminary reading of a 0.3% gain.
• U.S. natural-gas supplies increased 98 billion cubic feet during the week ended May 31, compared to market estimates of an 89 billion cubic feet gain.

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