U.S. stocks traded higher this morning, with the Dow Jones index gaining around 200 points on Thursday.
Following the market opening Thursday, the Dow traded up 0.07% to 50,680.67 while the NASDAQ rose 0.73% to 26,870.40. The S&P 500 also rose, gaining, 0.56% to 7,562.17.
Leading and Lagging Sectors
Health care shares jumped by 1.4% on Thursday.
In trading on Thursday, financial stocks fell by 0.5%.
Top Headline
Best Buy (NYSE:BBY) reported better-than-expected first-quarter financial results.
Best Buy posted adjusted earnings of $1.28 per share, beating market estimates of $1.23 per share. The company's quarterly sales came in at $8.936 billion versus expectations of $8.828 billion.
Equities Trading UP
- 3 E Network Technology Group Ltd (NASDAQ:MASK) shares shot up 330% to $5.94.
- Shares of Scisparc Ltd (NASDAQ:SPRC) got a boost, surging 161% to $11.49 after the company announced its subsidiary NeuroThera Labs received conditional TSX approval for the acquisition of approximately 54% of interest in CliniQuantum.
- Agape ATP Corp (NASDAQ:ATPC) shares were also up, gaining 111% to $6.02.
Equities Trading DOWN
- Photronics Inc (NASDAQ:PLAB) shares dropped 33% to $36.04 after the company reported worse-than-expected Q2 financial results and issued Q3 guidance below estimates.
- Shares of Wellchange Holdings Co Ltd (NASDAQ:WCT) were down 28% to $1.37.
- Sunshine Biopharma Inc (NASDAQ:SBFM) was down, falling 27% to $0.31. Sunshine Biopharma announced a one-for-ten reverse stock split.
Commodities
In commodity news, oil traded up 2.8% to $91.18 while gold traded down 0.6% at $4,421.30.
Silver traded down 2.2% to $73.260 on Thursday, while copper fell 2.2% to $73.26.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.8%, while Spain's IBEX 35 Index fell 0.5%. London's FTSE 100 fell 1%, Germany's DAX slipped 0.6%, while France's CAC 40 fell 0.6%.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan's Nikkei 225 falling 0.47%, Hong Kong's Hang Seng Index declining 1.27% and China's Shanghai Composite gaining 0.12%.
Economics
- U.S. crude inventories dipped by 3.327 million barrels in the week ended May 22, versus market estimates of a 4 million barrel draw.
- Sales of new single-family homes dipped by 6.2% to an annualized rate of 622 thousand units in April.
- The U.S. PCE price rose 0.4% month-over-month in April versus market estimates of 0.5%.
- The U.S. economy rose an annualized 1.6% in the first quarter.
- U.S. initial jobless claims rose by 5,000 to 215,000 on the third week of May.
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