Crude Oil Rises Over 2%; Renalytix Shares Plummet

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining around 150 points on Thursday.

The Dow traded up 0.42% to 38,585.09 while the NASDAQ fell 0.19% to 15,828.29. The S&P 500 also rose, gaining, 0.15% to 5,008.09.

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Leading and Lagging Sectors

 

Real estate shares rose by 1.7% on Thursday.

In trading on Thursday, communication services shares fell by 0.7%.

 

Top Headline

 

On Wednesday, Cisco Systems, Inc. CSCO reported better-than-expected second-quarter financial results but issued weak full-year 2024 guidance.

Cisco sees full-year 2024 revenue of $51.5 billion-$52.5 billion, versus estimated revenue of $54.26 billion and adjusted EPS of $3.68-$3.74, versus the street view of $3.86.

The company also announced a restructuring plan to cut approximately 5% of its global workforce.

 

Equities Trading UP

 

JX Luxventure Limited JXJT shares shot up 200% to $3.90 following H1 results.

Shares of SoundHound AI, Inc. SOUN got a boost, surging 49% to $3.3650 after AI darling Nvidia reported a stake in the company.

Nano-X Imaging Ltd. NNOX shares were also up, gaining 63% to $10.34. Nvidia reported a 59,632 share stake in Nano X Imaging.

 

Equities Trading DOWN

 

Herbalife Ltd. HLF shares dropped 35% to $7.68 following weak quarterly earnings.

Shares of Treasure Global Inc. TGL were down 43% to $0.0906 following second-quarter results.

Renalytix Plc RNLX was down, falling 29% to $0.8650 after the company posted weak quarterly sales.

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Commodities

 

In commodity news, oil traded up 2.1% to $78.24 while gold traded up 0.6% at $2,016.30.

Silver traded up 3% to $23.06 on Thursday while copper rose 1.3% to $3.7490.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 0.67%, London’s FTSE 100 rose 0.54% while Spain’s IBEX 35 Index rose 0.07% The German DAX rose 0.56% French CAC 40 rose 0.86% while Italy’s FTSE MIB Index rose 1.15%.

The Eurozone recorded a trade surplus of €16.8 billion in December versus a year-ago deficit of €8.5 billion. Italy reported a trade surplus of EUR 5.61 billion in December. Spain's consumer price inflation rose to a three-month high of 3.4% year-over-year in January.

The UK’s economy expanded by 0.1% in 2023, recording the weakest performance since 2020. Labor productivity in the UK declined by 1.0% on quarter in the fourth quarter, while industrial production increased 0.6% month-over-month in December. The UK's trade deficit shrank to £2.603 billion in December versis a revised £3.723 billion a month ago.

 

Asia Pacific Markets

 

Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 1.21%, Hong Kong’s Hang Seng Index rising 0.41%, China’s Shanghai Composite Index gaining 1.28% and India’s S&P BSE Sensex gaining 0.32%.

India reported a trade deficit of $17.5 billion in January, versus a year-ago gap of $17.03 billion, while total passenger vehicle sales in the country rose by 13.9% year-over-year to 339,441 for January. Japan’s industrial production growth was revised lower to 1.4% month-over-month for compared to flash reading of a 1.8% increase, while the country’s economy contracted by 0.4% on an annualized basis in the fourth quarter.

 

Economics

 

The NY Empire State Manufacturing Index rose to -2.4 in February from -43.7 in the previous month and compared to market estimates of -15.

The Philadelphia Fed Manufacturing Index increased 16 points to a reading of 5.2 in February, versus market expectations of -8.

Export prices in the U.S. rose 0.8% month-over-month in January, while U.S. import prices increased by 0.8%.

U.S. initial jobless claims declined by 8,000 from the previous week’s revised reading to 212,000 during the period ending Feb. 9, versus market expectations of 220,000.

U.S. retail sales fell 0.8% month-over-month in January compared to a revised 0.4% increase in December, and versus market estimates of a 0.1% fall.

Industrial production in the U.S. fell by 0.1% from the prior month in January.

Total business inventories in the U.S. increased by 0.4% month-over-month in December.

The NAHB/Wells Fargo Housing Market Index rose to 48 in February, recording the highest level in six months.

U.S. natural-gas supplies fell 49 billion cubic feet during the week ended Feb. 9, 2024.

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