Nasdaq Surges Over 1%; Best Buy Posts Upbeat Earnings

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 200 points on Thursday.

The Dow traded up 1.03% to 41,513.10 while the NASDAQ rose 1.15% to 17,758.29. The S&P 500 also rose, gaining, 0.88% to 5,641.47.

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Leading and Lagging Sectors

Industrials shares climbed by 1.4% on Thursday.

In trading on Thursday, real estate shares fell by 0.6%.

Top Headline

Best Buy Co., Inc BBY reported better-than-expected second-quarter financial results raised its FY25 earnings guidance on Thursday.

Best Buy reported fiscal second-quarter adjusted EPS of $1.34, beating the street view of $1.16. Quarterly sales of $9.29 billion beat the analyst consensus of $9.24 billion. The stock gained after the print.

Equities Trading UP
                       

• BioCardia, Inc. BCDA shares shot up 43% to $3.1401 after FDA cleared the company to market its Morph DNA Steerable Introducer product family.
• Shares of Innovative Eyewear, Inc. LUCY got a boost, surging 80% to $5.95 after the company announced that its Lucyd Lyte frames are now being sold on Target.com.
• XORTX Therapeutics Inc. XRTX shares were also up, gaining 85% to $2.1755. XORTX highlighted Pioneering Research indicating a role for genetic regulation of Xanthine Oxidase and Therapeutic targeting of aberrant purine metabolism.

Equities Trading DOWN

• iLearningEngines, Inc. AILE shares dropped 57% to $1.3695 after Hindenburg issued a short report on the stock.
• Shares of Ensysce Biosciences, Inc. ENSC were down 29% to $0.4463 after the company announced a $5 million registered direct offering and concurrent private placement.
• Big Lots, Inc. BIG was down, falling 41% to $0.5534 after a report suggesting the company is considering a bankruptcy filing.

Commodities

In commodity news, oil traded up 1.8% to $75.88 while gold traded up 0.7% at $2,556.10.

Silver traded up 2.4% to $29.905 on Thursday, while copper fell 0.1% to $4.2130.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.76%, Germany's DAX rose 0.69% and France's CAC 40 rose 0.84%. Spain's IBEX 35 Index rose 0.23%, while London's FTSE 100 rose 0.43%.

Annual inflation rate in Germany eased to 1.9% in August from 2.3% in July. The consumer confidence indicator in the Eurozone declined to -13.5 in August, versus earlier expectations of -13.4. The economic sentiment indicator in the Eurozone climbed to 96.6 in August from the revised 96 in the prior month

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei 225 falling 0.02%, Hong Kong's Hang Seng Index gaining 0.53%, China's Shanghai Composite Index falling 0.50% and India's BSE Sensex rising 0.43%.

The consumer confidence index in Japan came in unchanged at 36.7 in August.

Economics

• Core PCE prices in the U.S. increased by 2.8% from the prior quarter in the second, compared to market estimates of 2.9%.
• U.S. initial jobless claims fell by 2,000 from the prior week to 231,000 in the period ending Aug. 24.
• U.S. real gross domestic product expanded at an annual rate of 3.0% in the second quarter, up from 1.4% in the first quarter.
• The U.S. trade deficit in goods increased to $102.7 billion in July versus a revised $96.6 billion gap in the prior month.
• U.S. wholesale inventories rose by 0.3% month-over-month to $905 billion in July, versus a revised 0.2% gain in the earlier month.
• U.S. natural gas stocks rose 35 billion cubic feet during the week that ended Aug. 23.

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