Gold Down 1%; Broadcom Shares Jump After Upbeat Results

U.S. stocks traded mixed midway through trading, with the Dow Jones index dipping by more than 200 points on Thursday.

The Dow traded down 0.60% to 38,481.44 while the NASDAQ rose 0.31% to 17,663.22. The S&P 500 also fell, dropping, 0.05% to 5,418.22 .

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Leading and Lagging Sectors

Information technology shares jumped by 1.2% on Thursday.

In trading on Thursday, industrials shares fell by 1.3%.

Top Headline

Shares of Broadcom Inc. AVGO gained around 13% during Thursday's session after the company posted stronger-than-expected results for its second quarter.

The company declared a quarterly dividend of $5.25 per share and also announced a 10-for-1 forward stock split. Broadcom boosted its fiscal year 2024 revenue guidance to approximately $51 billion, up from approximately $50 billion.

Equities Trading UP
                       

• BioRestorative Therapies, Inc. BRTX shares shot up 45% to $1.93 after the company announced that it engaged in advanced discussions for a ThermoStem license with a regenerative medicine firm.
• Shares of Zapp Electric Vehicles Group Limited ZAPP got a boost, surging 200% to $2.15 after the company announced that it signed a memorandum of understanding and intends to appoint Bounce Electric 1 Private as its contract manufacturing partner for sales of the i300 in India.
• Sharps Technology, Inc. STSS shares were also up, gaining 19% to $0.3557 after the company announced that it signed a $30 million purchase order from Nephron Pharmaceuticals for prefillable copolymer syringes.

Equities Trading DOWN

• J.Jill, Inc. JILL shares dropped 17% to $32.79. J.Jill priced its public offering of 2 million common stock at $31 per share.
• Shares of Nuburu, Inc. BURU were down 36% to $0.0933 after the company announced that it will be implementing a 1-for-40 reverse stock split.
• Cara Therapeutics, Inc. CARA was down, falling 37% to $0.4277 after the company announced the outcome from the dose-finding Part A of the KOURAGE-1 study evaluating the efficacy and safety of oral difelikefalin for moderate-to-severe pruritus in adult patients with notalgia paresthetica. Also, Needham, Canaccord Genuity and HC Wainwright downgraded their respective ratings on the stock.

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Commodities

In commodity news, oil traded up 0.1% to $78.61 while gold traded down 1.2% at $2,325.60.

Silver traded down 3.7% to $29.145 on Thursday, while copper fell 1.2% to $4.5115.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 1.27%, Germany's DAX dipped 1.70% and France's CAC 40 tumbled 1.87%. Spain's IBEX 35 Index fell 1.40%, while London's FTSE 100 slipped 0.73%.

Industrial production in the Eurozone fell by 0.1% month-over-month in April following a revised 0.5% gain in the prior month. The annual inflation rate in Spain accelerated for the third month to 3.6% in May.

Germany’s wholesale prices declined by 0.7% year-over-year in May compared to a 1.8% fall in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei falling 0.40%, Hong Kong's Hang Seng Index gaining 0.97%, China's Shanghai Composite Index falling 0.28% and India's S&P BSE Sensex gaining 0.27%.

The Hong Kong Monetary Authority kept its base rate unchanged at 5.75% during its latest meeting.

Economics

• U.S. initial jobless claims rose by 13,000 to 242,000 in the week ending June 8, compared to market estimates of 225,000.
• U.S. producer prices fell by 0.2% month-over-month in May versus market estimates of a 0.1% gain and following a 0.5% increase in April.
• U.S. natural-gas supplies rose 74 billion cubic feet during the week ended June 7, versus market estimates of a 75 billion cubic feet gain.

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