Nasdaq Edges Higher; Baidu Shares Fall After Q3 Results

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining by more than 500 points on Thursday.

The Dow traded up 1.24% to 43,945.57 while the NASDAQ rose 0.09% to 18,982.36. The S&P 500 also rose, gaining, 0.62% to 5,953.83.

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Leading and Lagging Sectors

Energy shares rose by 1.6% on Thursday.

In trading on Thursday, communication services shares fell by 2.3%.

Top Headline

Shares of Baidu, Inc BIDU fell more than 5% on Thursday after the company reported results for its fiscal third quarter.

The company posted quarterly revenue of $4.78 billion, down 3% year-on-year, topping the analyst consensus estimate of $4.69 billion. Baidu's adjusted earnings per ADS of $2.37 beat the analyst consensus estimate of $2.35.

Equities Trading UP
                       

• Quantum Computing Inc. QUBT shares shot up 29% to $4.75. Quantum Computing announced it received another purchase order for its photonic chip foundry.
• Shares of Snowflake Inc. SNOW got a boost, surging 32% to $170.79 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 19% to $23.71 after the company posted upbeat quarterly earnings.

Equities Trading DOWN

• Cool Company Ltd. CLCO shares dropped 13% to $9.27 following third-quarter results.
• Shares of Pyxis Oncology, Inc. PYXS were down 44% to $2.14 after the company announced PYX-201 clinical Phase 1 part 1 data.
• Kura Oncology, Inc. KURA was down, falling 34% to $10.46. 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 1.7% to $70.06 while gold traded up 0.8% at $2,673.60.

Silver traded down 0.3% to $30.920 on Thursday, while copper fell 0.9% to $4.1170.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 rose 0.41%, Germany's DAX gained 0.74% and France's CAC 40 rose 0.21%. Spain's IBEX 35 Index rose 0.19%, while London's FTSE 100 gained 0.79%.

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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