Nasdaq Surges 1%; Meta Posts Upbeat Earnings - Meta Platforms (NASDAQ:META)

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining around 1% on Thursday.

The Dow traded up 0.03% to 40,853.73 while the NASDAQ rose 0.96% to 17,768.43. The S&P 500 also rose, gaining, 0.62% to 5,556.62.

Leading and Lagging Sectors

Communication services shares jumped by 3.4% on Thursday.

In trading on Thursday, energy shares fell by 0.8%.

Top Headline

Meta Platforms, Inc. (NASDAQ:META) reported better-than-expected second-quarter financial results and issued strong third-quarter guidance.

Meta reported second-quarter revenue of $39.07 billion, beating analyst estimates of $38.31 billion. The company reported second-quarter adjusted earnings of $5.16 per share, beating analyst estimates of $4.73 per share.

Equities Trading UP

RedHill Biopharma Ltd. (NASDAQ:RDHL) shares shot up 69% to $0.6499 after the company announced a new publication showed data demonstrating that triple antimicrobial therapy with RHB-104 plus standard of care, targeting Mycobacterium avium subspecies paratuberculosis, is 64% more effective than SoC alone in Crohn’s disease.
Shares of Bone Biologics Corporation (NASDAQ:BBLG) got a boost, surging 52% to $3.2897 after gaining 23% on Wednesday.
Immuneering Corporation (NASDAQ:IMRX) shares were also up, gaining 38% to $1.555 after the company announced that IMM-1-104 was granted Fast Track designation from the FDA.

Equities Trading DOWN

Vintage Wine Estates, Inc. (NASDAQ:VWE) shares dropped 38% to $0.0323 after the company announced a bankruptcy filing and a voluntary delisting and SEC deregistration.
Shares of ALX Oncology Holdings Inc. (NASDAQ:ALXO) were down 32% to $3.25. The company released topline data from its Phase 2 ASPEN-06 clinical trial.
Alphatec Holdings, Inc. (NASDAQ:ATEC) was down, falling 31% to $7.01 after the company reported mixed second-quarter financial results.

Commodities

In commodity news, oil traded up 0.6% to $78.37 while gold traded up 1% at $2,497.80.

Silver traded up 0.7% to $29.125 on Thursday, while copper fell 0.5% to $4.1545.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.2%, Germany's DAX fell 1.1% and France's CAC 40 fell 1.3%. Spain's IBEX 35 Index fell 0.7%, while London's FTSE 100 rose 0.2%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei 225 dipping 2.49%, Hong Kong's Hang Seng Index falling 0.23% and S&P BSE Sensex gaining 0.15%.

Economics

The ISM manufacturing PMI declined to 46.6 in July versus 48.5 in the prior month, below market estimates of 48.8.
Construction spending declined by 0.3% month-over-month to an annual rate of $2,148 billion in June.
U.S. initial jobless claims by 14,000 to 249,000 in the week ending July 27th, beating market estimates of 236,000.
Nonfarm business sector labor productivity increased by 2.3% in the second quarter, compared to a revised 0.4% rise in the prior period.

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