Dow Surges 350 Points; Crude Oil Rises

U.S. stocks traded mixed toward the end of trading, with the Dow Jones surging around 350 points on Thursday.

The Dow traded up 1.13% to 32,197.82 while the NASDAQ fell 1.05% to 10,855.90. The S&P 500 also fell, dropping, 0.10% to 3,826.65.

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Leading and Lagging Sectors

Industrials shares climbed 1.9% on Thursday. Leading the sector was strength from View, Inc. VIEW and Altra Industrial Motion Corp. AIMC.

In trading on Thursday, communication services shares fell by 3.2%.

Top Headline

Mastercard Incorporated MA reported better-than-expected Q3 results.

Mastercard posted adjusted earnings of $2.68 per share, versus analysts’ estimates of $2.56 per share. The company’s sales came in at $5.756 billion, versus expectations of $5.65 billion.

Equities Trading UP

• UserTesting, Inc. USER shares shot up 92% to $7.43 after the company announced it will be acquired by Thoma Bravo and Sunstone Partners for $1.3 billion. The company also reported better-than-expected Q3 sales results.
• Shares of AgroFresh Solutions, Inc.. AGFS got a boost, shooting 71% to $7.43 after the company announced its board of directors agreed with Paine Schwartz Partners to pursue acquisition of the company for $3 per share.
• HeartCore Enterprises, Inc. HTCR shares were also up, gaining 108% to $1.9992 after the company announced it entered into a license agreement with Transcosmos Digital Technology for its Apromore process mining tool.

Equities Trading DOWN

• Core Scientific, Inc. CORZ shares tumbled 75% to $0.2542 after the company said, given the uncertainty regarding its financial condition, substantial doubt exists about the company's ability to continue as a going concern for a reasonable period of time.
• Shares of Babcock & Wilcox Enterprises, Inc. BW were down 34% to $5.30. Babcock & Wilcox said it sees FY23 adjusted EBITDA of $100 million to $120 million.
• Kalera Public Limited Company KAL was down, falling 66% to $0.0718. Kalera priced its 68 million unit public offering at $0.13 per unit.

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Commodities

In commodity news, oil traded up 1.8% to $89.47 while gold traded down 0.2% at $1,666.20.

Silver traded up 0.2% to $19.515 on Thursday while copper fell 0.5% to $3.5275.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 slipped 0.03%, London’s FTSE 100 rose 0.25% while Spain’s IBEX 35 Index rose 0.64%. The German DAX gained 0.12%, French CAC 40 fell 0.51% and Italy’s FTSE MIB Index rose 0.90%.

Spain's unemployment rate climbed to 12.67% in the third quarter from 12.48% in the prior three-month period, while Italian consumer confidence declined by 4.7 points from the previous month to 90.1 in October. Manufacturing confidence in Italy dropped to 100.4 in October from a revised 101.2 in the previous month. The GfK Consumer Climate Indicator in Germany rose to -41.9 heading into November versus a revised -42.8 in the prior month. UK’s car production dropped 6% from a year ago to 63,125 units in September.

Economics

• US durable goods orders rose 0.4% from a month ago in September.
• The US economy expanded an annualized 2.6% on quarter in the third quarter, beating market estimates of a 2.4% growth.
• US initial jobless claims increased by 3,000 to 217,000 in the week ending October 20th, versus market views of 220,000.
• US natural-gas supplies rose 52 billion cubic feet last week, the Energy Information Administration said.
• The Kansas City Fed’s Manufacturing Production Index declined to -22 in October versus a reading of 2 in the prior month.

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