Crude Oil Moves Higher; Deere Cuts Profit Outlook

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling around 0.1% on Thursday.

The Dow traded up 0.01% to 39,912.06 while the NASDAQ fell 0.10% to 16,726.17. The S&P 500 also fell, dropping, 0.04% to 5,306.04.

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Leading and Lagging Sectors

Consumer staples shares rose by 1.7% on Thursday.

In trading on Thursday, materials shares fell by 0.5%.

Top Headline

Deere & Co DE reported upbeat second-quarter earnings, but lowered its net income 2024 outlook.

The company's net sales and revenue declined 12% year-over-year to $15.235 billion, beating the consensus of $13.281 billion. EPS of $8.53, down from $9.65 YoY, beating the consensus of $7.87.

Deere lowered its 2024 net income outlook to $7.00 billion (prior $7.50 billion-$7.75 billion).

Equities Trading UP
                       

• BM Technologies, Inc. BMTX shares shot up 41% to $2.4026 after the company reported better-than-expected first-quarter financial results.
• Shares of AST SpaceMobile, Inc. ASTS got a boost, surging 57% to $3.7486 after the company and AT&T announced a definitive commercial agreement. The company also reported mixed first-quarter financial results.
• TSR, Inc. TSRI shares were also up, gaining 65% to $13.12 after the company announced that it entered into a definitive agreement to be acquired by Vienna Parent.

Equities Trading DOWN

• Eyenovia, Inc. EYEN shares dropped 24% to $0.8101 after the company reported worse-than-expected first-quarter financial results.
• Shares of Spire Global, Inc. SPIR were down 20% to $9.07 after the company reported mixed first-quarter financial results on Wednesday.
• Omeros Corporation OMER was down, falling 20% to $3.35 after the company announced a wider-than-expected quarterly loss.

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Commodities

In commodity news, oil traded up 0.7% to $79.18 while gold traded down 0.4% at $2,386.30.

Silver traded up 0.6% to $29.91 on Thursday, while copper fell 1% to $4.8750.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.21%, Germany's DAX fell 0.69% and France's CAC 40 fell 0.63%. Spain's IBEX 35 Index fell 0.56%, while London's FTSE 100 fell 0.08%.

Italy reported a trade surplus of EUR 4.341 billion in March, versus a year-ago surplus of EUR 3.327 billion. The annual inflation rate in Italy slowed to 0.8% in April versus 1.2% a month ago.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei gaining 1.39%, China's Composite Index climbing 1.59%, Hong Kong's Hang Seng Index gaining 0.08% and India's S&P BSE Sensex gaining 0.7%.

Industrial production in Japan rose by 4.4% month-over-month in March following a 0.6% decline in the earlier month. Japan's economy shrank by 2.0% in the first quarter, versus market expectations for a 1.5% decline.

Economics

• U.S. initial jobless claims declined by 10,000 to 222,000 in the week ending May 11, compared to market estimates of 220,000.
• U.S. housing starts increased 5.7% month-over-month to an annualized rate of 1.36 million in April, while building permits declined by 3% to 1.440 million.
• U.S. industrial production came in little changed in April, compared to a 0.1% gain in March.
• Import prices increased 0.9% month-over-month in April, while export prices rose 0.5% in April.
• The Philadelphia Fed Manufacturing Index fell 11 points to a reading of 4.5 in May versus a reading of 15.5 in April.
• U.S. natural-gas supplies rose 70 billion cubic feet during the week ended May 10.

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