Crude Oil Falls Sharply; Kroger Posts Upbeat Earnings

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling around 100 points on Thursday.

The Dow traded up 0.85% to 35,729.88 while the NASDAQ fell 0.71% to 14,156.60. The S&P 500 also fell, dropping, 0.13% to 4,544.50.

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Leading and Lagging Sectors

 

Health care shares rose by 0.9% on Thursday.

In trading on Thursday, communication services shares fell by 1.4%.

 

Top Headline

 

Kroger Company KR reported better-than-expected earnings for its third quarter.

The company posted a third-quarter FY23 sales decline of 0.7% year-on-year to $33.96 billion, marginally beating the analyst consensus estimate of $33.92 billion. Adjusted EPS of $0.95 beat the consensus estimate of $0.91.

 

Equities Trading UP

 

Soligenix, Inc. SNGX shares shot up 189% to $1.2000 after the company announced it received FDA IND clearance for the Phase 2 clinical trial of dusquetide in the treatment of aphthous ulcers of Behçet's disease.

Shares of REX American Resources Corporation REX got a boost, shooting 35% to $49.72 after the company reported better-than-expected third-quarter financial results.

ImmunoGen, Inc. IMGN shares were also up, gaining 82% to $33.06 after AbbVie announced it will acquire the company in a transaction valued at $31.26 per share in cash.

 

Equities Trading DOWN

 

Lizhi Inc. LIZI shares dropped 25% to $2.8611 following third-quarter results.

Shares of POET Technologies Inc. POET were down 23% to $0.86 after the company reported pricing of $1.4 million underwritten public offering of common shares and warrants.

Pure Storage, Inc. PSTG was down, falling 13% to $33.06 after the company reported worse-than-expected third-quarter revenue results and issued FY24 revenue guidance below estimates.

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Commodities

 

In commodity news, oil traded down 3.5% to $75.17 while gold traded down 0.4% at $2,059.20.

Silver traded up 0.8% to $25.645 on Thursday while copper rose 0.6% to $3.8465.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 0.55%, London’s FTSE 100 rose 0.41% while Spain’s IBEX 35 Index fell 0.04% The German DAX rose 0.30% French CAC 40 rose 0.59%, while Italy’s FTSE MIB Index rose 0.16%.

The eurozone unemployment rate came in unchanged at 6.5% in October, while inflation rate fell to 2.4% year-over-year in November, recording its lowest level since July 2021.

The annual inflation rate in Italy slowed to 0.8% in November from 1.7% in the prior month. Spain posted a current account surplus of EUR 3,455 million in September versus a year-ago surplus of EUR 451 million. German jobless rate increased to 5.9% in November from 5.8% in October. The French economy shrank 0.1% on quarter in the third quarter, while consumer price inflation fell to 3.4% year-over-year in November.

 

Asia Pacific Markets

 

Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 0.50%, Hong Kong’s Hang Seng Index rising 0.29% and China’s Shanghai Composite Index gaining 0.26%. India’s S&P BSE Sensex, meanwhile, climbed 0.13%.

Indian fiscal deficit rose to INR 8.04 trillion in April-October from INR 7.58 trillion in the year-ago period. Retail sales in Hong Kong climbed 2.7% year-over-year in October versus a revised 10.0% surge in the prior month.

Retail sales in Japan increased 4.2% year-over-year in October. Japanese housing starts fell by 6.3% year-over-year in October, while consumer confidence index rose to 36.1 in November from 35.7. The NBS Composite PMI Output Index for China fell to 50.4 in November from 50.7 in the earlier month.

 

Economics

 

Personal spending in the U.S. increased by 0.2% from a month ago in October compared to a 0.7% rise in September.

Personal income rose 0.2% month-over-month in October.

U.S. initial jobless claims increased by 7,000 to 218,000 in the week ending Nov. 25, versus the revised reading of 211,000 in the prior week, and compared to market estimates of 220,000.

The personal consumption expenditure price index in the U.S. came in flat month-over-month in October following a 0.4% increase in September. Annual core PCE inflation eased to 3.5% from 3.7%.

The Chicago PMI rose to 55.8 in November from 44 a month ago.

Pending home sales in the U.S. fell 1.5% month-over-month in October.

U.S. natural-gas supplies climbed 10 billion cubic feet last week, the EIA said.

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