Dow Drops 100 Points; US GDP Tops Estimates

U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining over 1% on Thursday.

Following the market opening Thursday, the Dow traded down 0.34% to 32,687.15 while the NASDAQ rose 1.36% to 12,653.95. The S&P 500, also rose, gaining, 0.49% to 4,135.24.

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Leading and Lagging Sectors

• Information technology shares rose by 2.8% on Thursday. Meanwhile, top gainers in the sector included Super Micro Computer, Inc. SMCI, up 24%, and Lightwave Logic, Inc. LWLG, up 20%.
• In trading on Thursday, energy shares fell 2.3%.

Top Headline

The US GDP grew by an annualized 1.3% on quarter in the first quarter, higher than market estimates of 1.1%.

Equities Trading UP

• Beamr Imaging Ltd. BMR shares shot up 214% to $6.91 after NVIDIA announced the release of NVENC Video Codec SDK 12.1 showcasing the integration with Beamr CABR.
• Shares of NVIDIA Corporation NVDA got a boost, shooting 23% to $375.66 after the company reported better-than-expected first-quarter results and issued strong guidance.
• Super Micro Computer, Inc. SMCI shares were also up, gaining 24% to $207.79 in sympathy with NVIDIA after the company reported strong Q1 results and guidance.

Equities Trading DOWN

• Annexon, Inc. ANNX shares dropped 56% to $2.29 after the company announced topline results from its ARCHER Phase 2 trial of ANX007 in patients with geographic atrophy (GA).
• Shares of Digital Turbine, Inc. APPS were down 40% to $8.69 after the company reported mixed fourth-quarter financial results and issued first-quarter adjusted EPS and revenue guidance below estimates.
• UiPath Inc. PATH was down, falling 16% to $13.76 after the company reported first-quarter financial results and issued guidance.

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Commodities

In commodity news, oil traded down 2.6% to $72.40 while gold traded down 0.6% at $1,952.90.

Silver traded down 0.3% to $23.17 on Thursday while copper rose 0.6% to $3.5835.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.2% The German DAX declined 0.1%, French CAC 40 fell 0.1% and Italy’s FTSE MIB Index fell 0.2%.

German economy contracted by 0.3% in the first quarter, while GfK Consumer Climate Indicator rose for an eighth month in a row to -24.2 heading into June. Producer prices in Spain dropped 4.5% year-over-year in April versus a revised 1.4% decline in the prior month. The manufacturing climate indicator in France dropped for a third month to a reading of 99 in May.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 0.39%, Hong Kong’s Hang Seng Index falling 1.93% and China’s Shanghai Composite Index dropping 0.11%. India’s S&P BSE Sensex rose 0.2%.

Singapore’s economy expanded by 0.4% year-over-year in the first quarter versus the flash reading of 0.1%.Singapore's current account surplus fell to SGD 29.45 billion during the first quarter from SGD 34.43 billion in the year-earlier period.

Economics

• U.S. initial jobless claims increased to 229 thousand in the week ending May 20th, versus 225 thousand in the prior week and compared to market expectations of 245 thousand.
• The U.S. GDP grew by an annualized 1.3% on quarter in the first quarter, higher than market estimates of 1.1%.
• Corporate profits in the U.S. fell 6.8% to $2.307 trillion in the first quarter.

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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 107,066,660 cases with around 1,164,710 deaths. India confirmed a total of at least 44,988,420 cases and 531,850 deaths, while France reported over 40,066,340 COVID-19 cases with 167,270 deaths. In total, there were at least 689,218,760 cases of COVID-19 worldwide with more than 6,882,150 deaths.