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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