Crude Oil Moves Lower; Carvana Shares Surge

U.S. stocks traded higher toward the end of trading, with Dow Jones gaining more than 150 points on Thursday.

The Dow traded up 0.53% to 33,844.18 while the NASDAQ rose 0.90% to 13,223.26. The S&P 500, also rose, gaining, 0.57% to 4,291.82.

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Leading and Lagging Sectors

• Consumer discretionary shares jumped by 1.4% on Thursday. Meanwhile, top gainers in the sector included Carvana Co. CVNA, up 43%, and Designer Brands Inc. DBI, up 20%.
• In trading on Thursday, real estate shares fell by 0.8%.

Top Headline

U.S. natural-gas supplies climbed 104 billion cubic feet last week, the EIA said.

Equities Trading UP

• eXp World Holdings, Inc. EXPI shares shot up 17% to $19.50 after S&P Dow Jones Indices the company will replace Heska in the S&P Smallcap 600.
• Shares of Carvana Co. CVNA got a boost, shooting 43% to $22.14 after the company announced an improved second quarter 2023 outlook with profits expected over $50 million.
• Designer Brands Inc. DBI shares were also up, gaining 20% to $8.68 after the company announced a share buyback of up to $100 million, offsetting weak earnings and a guidance cut.

Equities Trading DOWN

• HashiCorp, Inc. HCP shares dropped 25% to $26.06 after the company issued weak guidance and announced a workforce reduction of approximately 8%.
• Shares of GameStop Corp. GME were down 18% to $21.46 as the company reported worse-than-expected results for its first quarter and named Ryan Cohen as executive chairman, terminating its former CEO.
• Precipio, Inc. PRPO was down, falling 31% to $0.4701. Precipio announced pricing of $2 million registered direct offering and concurrent private placement.

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Commodities

In commodity news, oil traded down 1.8% to $71.23 while gold traded up 1.2% at $1,982.40.

Silver traded up 3.6% to $24.38 on Thursday while copper rose 0.9% to $3.7880.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.02%, London’s FTSE 100 fell 0.32% while Spain’s IBEX 35 Index fell 0.23% The German DAX gained 0.18% French CAC 40 rose 0.27% and Italy’s FTSE MIB Index rose 0.81%.

The Eurozone economy unexpectedly contracted 0.1% on quarter during the first three months of the year, while the number of employed persons in the Eurozone increased by 0.6% from the prior quarter to 166.4 million in the first quarter.

Payroll employment in the French private sector rose by 0.4% to 21.14 million during the first quarter.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 dropping 0.85%, Hong Kong’s Hang Seng Index gaining 0.25% and China’s Shanghai Composite Index gaining 0.49%. India’s S&P BSE Sensex fell 0.47%.

The gauge for Japan's service sector sentiment rose 0.4 points from the previous month to 55.0 in May, while the country’s economy rose by 2.7% on an annualized basis in the first quarter. Japan's current account surplus widened to JPY 1,895.1 billion in April versus JPY 1,075.1 billion in the year-ago month.

The Reserve Bank of India held its benchmark policy repo unchanged at 6.5% for the second straight meeting. Australian trade surplus shrank to AUD 11.16 billion in April from AUD 14.82 billion in March.

Economics

• U.S. initial jobless claims rose to 261,000 in the week ended June 3, the highest level since Oct. 2021, and above market estimates of 235,000.
• U.S. natural-gas supplies climbed 104 billion cubic feet last week, the EIA said.

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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 107,162,530 cases with around 1,166,330 deaths. India confirmed a total of at least 44,992,290 cases and 531,880 deaths, while France reported over 40,105,200 COVID-19 cases with 167,420 deaths. In total, there were at least 690,061,520 cases of COVID-19 worldwide with more than 6,889,330 deaths.