Gold Rises Over 1%; Hyatt Earnings Miss Views

U.S. stocks traded lower midway through trading, with the Dow Jones dropping around 400 points on Thursday.

The Dow traded down 1.19% to 33,015.85 while the NASDAQ fell 0.49% to 11,966.96. The S&P 500, also fell, dropping, 0.80% to 4,058.14.

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Leading and Lagging Sectors

• Real estate shares rose by 0.6% on Thursday. Meanwhile, top gainers in the sector included Zillow Group, Inc. ZG, up 10%, and Green Giant Inc. GGE, up 9%.
• In trading on Thursday, financial shares tumbled by 1.7%.

 

 

Top Headline

 

Hyatt Hotels Corp H reported mixed Q1 results.

The company reported first-quarter FY23 sales of $1.68 billion, up 31.4% year over year, beating the consensus of $1.58 billion. Adjusted EPS of $0.41 missed the analyst consensus of $0.48.

 

Equities Trading UP

• Actelis Networks, Inc. ASNS shares shot up 143% to $8.69. Actelis Networks reported a $3.5 million private placement priced at-the-market under Nasdaq rules.
• Shares of Arconic Corporation ARNC got a boost, shooting 28% to $28.77 after the company announced it entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management. The company also reported better-than-expected Q1 sales results.
• Shopify Inc. SHOP shares were also up, gaining 26% to $58.17 after the company reported better-than-expected Q1 adjusted EPS and sales results and agreed to sell Shopify Logistics to Flexport.

 

 

Equities Trading DOWN

• Enviva Inc. EVA shares dropped 63% to $7.99 after the company reported weak Q1 results.
• Shares of PacWest Bancorp PACW were down 48% to $3.3293 following a report suggesting the bank may weigh strategic options. The company later confirmed reports about the bank exploring strategic options and assuaged concerns regarding its health.
• Sensus Healthcare, Inc. SRTS was down, falling 44% to $2.7250 after the company announced downbeat Q1 results.

 

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Commodities

 

In commodity news, oil traded down 0.6% to $68.21 while gold traded up 1.2% at $2,062.20.

Silver traded up 2.3% to $26.265 on Thursday while copper rose 0.1% to $3.8485.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 0.47%, London’s FTSE 100 fell 1.1% while Spain’s IBEX 35 Index fell 0.36% The German DAX fell 0.51%, French CAC 40 fell 0.85% and Italy’s FTSE MIB Index fell 0.61%.

The Eurozone economy expanded by 0.1% in the first quarter following a flat fourth quarter, but still missing market expectations for a 0.2% growth. The unemployment rate in Germany came in unchanged at 5.6% in April, while German gross domestic product was also unchanged during the first quarter.

The European Central Bank increased its key interest rates by 25 basis points at its May meeting. Producer prices in the Eurozone fell by 1.6% from a month ago in March versus market estimates of a 1.7% decline.

 

Asia Pacific Markets

 

Asian markets closed higher on Thursday, with Japan’s Nikkei 225 rising 0.12%, Hong Kong’s Hang Seng Index gaining 1.27% and China’s Shanghai Composite Index climbing 0.82%. India’s S&P BSE Sensex rose 0.9%.

Retail sales in Hong Kong surged to a record-high of 39.4% year-over-year in March versus a 29.7% increase in the prior month.

 

Economics

• U.S.-based employers reported job cuts of 66.995K in April.
• U.S. initial jobless claims increased by 13 thousand to 242 thousand in the week ending April 29, versus market estimates of 240 thousand.
• Nonfarm business sector labor productivity fell 2.7% in the first quarter, while unit labor costs increased an annualized 6.3% in the quarter.
• Imports to the U.S. fell by $1.1 billion to reach $320.4 billion in March, while exports rose by $5.3 billion to $256.2 billion.

 

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COVID-19 Update

 

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,613,320 cases with around 1,159,690 deaths. India confirmed a total of at least 44,924,810 cases and 531,420 deaths, while France reported over 39,974,420 COVID-19 cases with 166,420 deaths. In total, there were at least 686,882,230 cases of COVID-19 worldwide with more than 6,862,560 deaths.