Dow Jumps Over 100 Points; Nvidia Posts Upbeat Earnings

U.S. stocks traded higher this morning, with the Dow Jones index gaining by more than 100 points on Thursday.

The Dow traded up 0.30% to 43,539.98 while the NASDAQ rose 0.01% to 18,968.98. The S&P 500 also rose, gaining, 0.17% to 5,926.95.

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Leading and Lagging Sectors

Industrials shares rose by 0.7% on Thursday.

In trading on Thursday, communication services shares fell by 2.1%.

Top Headline

NVIDIA Corporation NVDA reported better-than-expected earnings for its third quarter on Wednesday.

The company reported third-quarter revenue of $35.1 billion, up 94% year-over-year, which beat a Street consensus estimate of $33.12 billion, according to data from Benzinga Pro. Nvidia said it expects fourth-quarter revenue to be $37.5 billion plus or minus 2%.

Equities Trading UP

Quantum Computing Inc. QUBT shares shot up 29% to $4.76. Quantum Computing announced it received another purchase order for its photonic chip foundry.
Shares of Snowflake Inc. SNOW got a boost, surging 31% to $169.66 after the company reported stronger-than-expected results for its third quarter. Snowflake expects fourth-quarter product revenue in the range of $906 million to $911 million, up approximately 23% year-over-year. The company also raised its full-year product revenue guidance from $3.356 billion to $3.43 billion, representing 29% year-over-year growth.
Universal Technical Institute, Inc. UTI shares were also up, gaining 18% to $23.50 after the company posted upbeat quarterly earnings.

Equities Trading DOWN

Perspective Therapeutics, Inc. CATX shares dropped 48% to $3.2350. Perspective Therapeutics will pursue dose escalation of [212Pb]VMT-α-NET in its ongoing Phase 1/2a clinical trial based on data presented at the 2024 North American Neuroendocrine Tumor Society (NANETS) Multidisciplinary NET Medical Symposium.
Shares of Pyxis Oncology, Inc. PYXS were down 47% to $2.0389 after the company announced PYX-201 clinical Phase 1 part 1 data.
Kura Oncology, Inc. KURA was down, falling 37% to $10.05. Kura Oncology and Kyowa Kirin disclosed a global strategic collaboration to develop and commercialize Ziftomenib in Acute Leukemias.

Commodities

In commodity news, oil traded up 1.5% to $69.91 while gold traded up 0.6% at $2,668.50.

Silver traded down 0.4% to $30.880 on Thursday, while copper fell 0.7% to $4.1285.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.1%, Germany's DAX gained 0.3% and France's CAC 40 fell 0.1%. Spain's IBEX 35 Index fell 0.2%, while London's FTSE 100 gained 0.5%.

Consumer confidence in the Eurozone fell by 1.2 points to a reading of -13.7 in November.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan's Nikkei 225 falling 0.85%, Hong Kong's Hang Seng Index falling 0.53%, China's Shanghai Composite Index gaining 0.07% and India's BSE Sensex falling 0.54%.

Economics

U.S. existing home sales gained by 3.5% from the previous month to an annualized rate of 3.96 million in October.
The Philadelphia Fed Manufacturing Index fell to -5.5 in November from 10.3 in the previous month, and compared to market estimates of 8.
U.S. initial jobless claims declined by 6,000 from the previous week to 213,000 in the week ending Nov. 16.

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