Gold Gains Over 1%; TD SYNNEX Shares Plunge After Downbeat Results

U.S. stocks traded lower midway through trading, with the Dow Jones index falling around 90 points on Thursday.

The Dow traded down 0.23% to 42,358.68 while the NASDAQ fell 0.05% to 17,890.40. The S&P 500 also fell, dropping, 0.04% to 5,709.99.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.2% on Thursday.

In trading on Thursday, information technology shares fell by 0.3%.

Top Headline

Shares of TD SYNNEX Corp SNX dipped around 18% on Thursday after the company reported its first-quarter results.

Quarterly revenue of $14.53 billion, up 4.0% year over year, missed the analyst view of $14.79 billion. The Fremont, California-based company reported an adjusted EPS of $2.80, missing the street view of $2.91.

Equities Trading UP

Soleno Therapeutics, Inc. SLNO shares shot up 41% to $69.22 after the company announced it secured FDA approval for its first commercial drug for a rare genetic disorder.
Shares of Greenland Technologies Holding Corporation GTECgot a boost, surging 62% to $2.09 after the company reported a year-over-year increase in FY24 EPS results.
Dermata Therapeutics, Inc. DRMA shares were also up, gaining 26% to $1.6996 after the company announced topline results from its Phase 3 trial of XYNGARI, which achieved its primary endpoints.

Equities Trading DOWN

Nxu, Inc. NXU shares dropped 38% to $0.1641 after the company announced a 1-for-20 reverse stock split.
Shares of Equillium, Inc. EQ were down 34% to $0.4878 after the company announced the results of the Phase 3 EQUATOR study of Itolizumab, which showed that it did not improve complete or overall response rates.
Auddia Inc. AUUD was down, falling 30% to $0.2345 after the company announced a 1-for-17 reverse stock split.

Commodities

In commodity news, oil traded up 0.1% to $69.68 while gold traded up 1.3% at $3,062.40.

Silver traded up 1% to $34.555 on Thursday, while copper fell 2.6% to $5.1035.

Euro zone

European shares were lower today. The eurozone's STOXX 600 dipping 0.57%, Germany's DAX 40 fell 0.87% and France's CAC 40 dipped 0.42%. Spain's IBEX 35 Index fell 0.08%, while London's FTSE 100 fell 0.46%.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 falling 0.60%, China's Shanghai Composite Index gaining 0.15%, Hong Kong's Hang Seng Index rising 0.41% and India's BSE Sensex rising 0.41%.

Economics

U.S. initial jobless claims fell by 1,000 to 224,000 in the week ending March 22, compared to market estimates of 225,000.
The U.S. economy grew by an annualized rate of 2.4% in the fourth quarter, up from 2.3% in the prior estimates.
U.S. wholesale inventories increased by 0.3% month-over-month to $903 billion in February compared to a 0.8% gain in the prior month.
The U.S. trade deficit in goods shrank to $147.91 billion in February from a revised record level of $155.6 billion in the prior month.
Pending home sales rose 2% month-over-month in February, topping market estimates of 1.5%.

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