Nasdaq Surges Over 100 Points; Nvidia Posts Upbeat Q1 Results

U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining more than 100 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.43% to 39,500.41 while the NASDAQ rose 0.80% to 16,936.60. The S&P 500 also rose, gaining, 0.29% to 5,322.53.

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Leading and Lagging Sectors

Information technology shares rose by 1.7% on Thursday.

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

Top Headline

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

The company announced a 10-for-1 stock split and raised its quarterly dividend by 150%.

Equities Trading UP
                       

• OneMedNet Corporation ONMD shares shot up 150% to $1.20 after the company reported a greater than five-fold expansion of its proprietary iRWD™ network and platform.
• Shares of Ascent Solar Technologies, Inc. ASTI got a boost, surging 107% to $0.2720 after jumping 19% on Wednesday.
• Zoomcar Holdings, Inc. ZCAR shares were also up, gaining 59% to $0.3331.

Equities Trading DOWN

• MGO Global, Inc MGOL shares dropped 42% to $0.6752 after dipping over 7% on Wednesday.
• Shares of Akoustis Technologies, Inc. AKTS were down 36% to $0.2013 after jumping over 128% on Wednesday. Akoustis announced a $10 million registered direct offering priced at-the-market under Nasdaq rules.
• Akanda Corp. AKAN was down, falling 25% to $2.73.

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Commodities

In commodity news, oil traded up 0.7% to $78.13 while gold traded down 1.1% at $2,366.50.

Silver traded down 1.9% to $30.895 on Thursday, while copper fell 0.2% to $4.8385.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.4%, Germany's DAX rose 0.4% and France's CAC 40 climbed 0.5%. Spain's IBEX 35 Index rose 0.2%, while London's FTSE 100 rose 0.1%.

The HCOB Eurozone services PMI came in unchanged at 53.3 in May, while manufacturing PMI rose to 47.4 in May 2024, recording the highest level in 15 months.

The S&P Global UK composite PMI fell to 52.8 in May, from 54.1 in April. The Germany composite PMI climbed to 52.2 in May, notching the strongest reading in a year. France composite PMI declined to 49.1 in May compared to 50.5 in the previous month.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei surging 1.26%, China's Composite Index dipping 1.33%, Hong Kong's Hang Seng Index falling 1.70% and India's S&P BSE Sensex gaining 1.36%.

The annual inflation rate in Hong Kong eased to 1.1% in April versus 2% a month ago and compared to market estimates of 2.1%. The HSBC India composite PMI rose to 61.7 in May 2 from 61.5 a month ago. The au Jibun Bank Japan composite PMI increased to 52.4 in May from 52.3 a month ago.

Economics

• The Chicago Fed National Activity Index declined to -0.23 in April versus a revised reading of -0.04 in the prior month.
• U.S. initial jobless claims declined by 8,000 to 215,000 in the week ending May 18, compared to market estimates of 220,000.

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