Gold Falls Sharply; US Composite PMI Surges In May

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling more than 250 points on Thursday.

The Dow traded down 0.65% to 39,414.01 while the NASDAQ rose 0.84% to 16,942.51. The S&P 500 also rose, gaining, 0.24% to 5,319.63.

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Leading and Lagging Sectors

Information technology shares rose by 1.3% on Thursday.

In trading on Thursday, real estate shares fell by 1.1%.

Top Headline

The S&P Global manufacturing PMI rose to 50.9 in May from 50 in April, while services PMI climbed to 54.8 in May from 51.3.

The S&P Global composite PMI jumped to 54.4 in May compared to 51.3 in April, and topping market estimates of 51.1.

Equities Trading UP
                       

• OneMedNet Corporation ONMD shares shot up 145% to $1.1699 after the company highlighted a ‘five-fold expansion’ of its iRWD network and platform.
• Shares of Bicycle Therapeutics plc BCYC got a boost, surging 18% to $25.34 after the company announced a $555 million private placement equity financing.
• e.l.f. Beauty, Inc. ELF shares were also up, gaining 19% to $185.34 after the company reported better-than-expected fourth-quarter earnings.

Equities Trading DOWN

• Banzai International, Inc. BNZI shares dropped 20% to $0.1820. Banzai announced pricing of $2.5 million public offering.
• Shares of Cytokinetics, Incorporated CYTK were down 17% to $49.10. Cytokinetics priced its public offering of 9,803,922 common stock at $51 per share.
• Triumph Group, Inc. TGI was down, falling 12% to $13.28 after the company reported fourth-quarter FY24 results.

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Commodities

In commodity news, oil traded down 0.1% to $77.52 while gold traded down 1.8% at $2,348.80.

Silver traded down 3.1% to $30.515 on Thursday, while copper fell 0.8% to $4.8115.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.08%, Germany's DAX fell 0.17% and France's CAC 40 slipped 0.10%. Spain's IBEX 35 Index fell 0.36%, while London's FTSE 100 fell 0.45%.

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.
• The S&P Global manufacturing PMI rose to 50.9 in May from 50 in April, while services PMI climbed to 54.8 in May from 51.3.
• The S&P Global composite PMI jumped to 54.4 in May compared to 51.3 in April, and topping market estimates of 51.1.
• Sales of new single-family houses fell 4.7% month-over-month to an annualized rate of 634K in April.
• U.S. natural-gas supplies increased 78 billion cubic feet during the week ended May 17.

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