Dow Jumps 150 Points; NVIDIA Tops Q2 Views

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 150 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.48% to 34,638.62 while the NASDAQ rose 0.37% to 13,772.05. The S&P 500, also rose, gaining, 0.41% to 4,454.18.

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Leading and Lagging Sectors

Real estate shares rose by 1.3% on Thursday.

In trading on Thursday, consumer discretionary shares fell by 0.3%.

 

Top Headline

NVIDIA Corporation NVDA reported better-than-expected second-quarter financial results and issued strong revenue guidance for the third quarter.

The company’s board also approved an additional $25 billion in share repurchases.

 

Equities Trading UP

Bruush Oral Care Inc. BRSH shares shot up 116% to $3.7393 after falling 50% on Wednesday.

Shares of VinFast Auto Ltd. VFS got a boost, shooting 41% to $52.28.

Electriq Power Holdings, Inc. ELIQ shares were also up, gaining 50% to $2.20.

 

Equities Trading DOWN

Orbital Infrastructure Group, Inc. OIG shares dropped 45% to $0.6620 after the company announced it filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas.

Shares of Societal CDMO, Inc. SCTL were down 33% to $0.41 after the company announced poriving of its $8.3 million public offering of common stock.

Mullen Automotive, Inc. MULN was down, falling 27% to $0.5826 after soaring nearly 70% on Wednesday following a letter to shareholders from CEO David Michery.

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Commodities

In commodity news, oil traded up 0.1% to $78.94 while gold traded down 0.3% at $1,943.10.

Silver traded down 0.8% to $24.21 on Thursday while copper fell 0.8% to $3.7795.

 

Euro zone

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

The manufacturing climate indicator in France fell to 96 in August versus a revised 101 in the prior month.

 

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 rising 0.87%, China’s Shanghai Composite Index gaining 0.12% and Hong Kong’s Hang Seng Index gaining 2.05%. India’s S&P BSE Sensex, meanwhile, fell 0.28%.

Imports to Hong Kong fell 7.9% year-over-year to $375.1 billion in July, while exports declined 9.1% year-over-year to $345.2 billion.

 

Economics

U.S. initial jobless claims fell by 10,000 from the previous week’s revised reading to 230,000 in the week ending Aug. 19, compared to market estimates of 240,000.

U.S. durable goods orders fell 5.2% from the prior month in July versus a revised growth of 4.4% in June.

The Chicago Fed National Activity Index rose to 0.12 in July versus a revised reading of -0.33 in June.

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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 107,924,240 cases with around 1,173,080 deaths. India confirmed a total of at least 44,996,730 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 694,122,800 cases of COVID-19 worldwide with more than 6,910,110 deaths.