U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 400 points on Thursday.
The Dow traded up 1.21% to 33,675.91 while the NASDAQ rose 1.46% to 13,251.90. The S&P 500 also rose, gaining, 1.53% to 4,302.89.
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Leading and Lagging Sectors
Real estate shares jumped by 3% on Thursday.
In trading on Thursday, communication services shares rose by just 0.7%.
Starbucks Corp SBUX reported better-than-expected fourth-quarter financial results.
Starbucks reported fourth-quarter FY23 sales growth of 11.4% year-on-year to $9.37 billion, beating the analyst consensus estimate of $9.29 billion. Adjusted EPS of $1.06 beat the consensus estimate of $0.97.
Starbucks said sees FY24 revenue growth at the lower end of 10% – 12% forecast. SBUX continues to see FY24 adjusted EPS growth to be 15% – 20%.
Equities Trading UP
8×8, Inc. EGHT shares shot up 33% to $3.0401 following upbeat quarterly results.
Shares of Rocky Brands, Inc. RCKY got a boost, shooting 42% to $17.88 after the company reported better-than-expected third-quarter financial results.
Lemonade, Inc. LMND shares were also up, gaining 37% to $15.09 following strong third-quarter results.
Equities Trading DOWN
Outlook Therapeutics, Inc. OTLK shares dropped 53% to $0.2951. Outlook Therapeutic said ‘the FDA informed Outlook Therapeutics that an additional adequate and well-controlled clinical trial would be required for the approval of ONS-5010 for the treatment of wet AMD.’
Shares of Confluent, Inc. CFLT were down 43% to $15.95 after the company reported third-quarter financial results.
Remitly Global, Inc. RELY was down, falling 32% to $18.82 after the company reported mixed third-quarter financial results.
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In commodity news, oil traded up 0.9% to $81.17 while gold traded up 0.2% at $1,992.20.
Silver traded up 0.7% to $22.940 on Thursday while copper rose 0.5% to $3.6675.
European shares were higher today. The eurozone’s STOXX 600 gained 1.79%, London’s FTSE 100 rose 1.58% while Spain’s IBEX 35 Index rose 2.17% The German DAX gained 1.76% French CAC 40 climbed 2.23%, while Italy’s FTSE MIB Index jumped 1.92%.
The HCOB Eurozone manufacturing PMI fell to 43.1 in October from 43.4 in September. The S&P Global France manufacturing PMI was revised higher to 42.8 in October from a preliminary reading of 42.6.
German jobless rate increased to 5.8% in October from 5.7% in September, while German manufacturing PMI was revised higher to 40.8 in October versus a preliminary level of 40.7. The Bank of England held its benchmark interest rate at 5.25% for the second straight time at its November meeting.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 rising 1.10%, Hong Kong’s Hang Seng Index gaining 0.75% and China’s Shanghai Composite Index falling 0.45%. India’s S&P BSE Sensex, meanwhile, rose around 0.77%.
The Hong Kong Monetary Authority held its base rate at 5.75% during its recent meeting. Australian trade surplus on goods narrowed to a 30-month low level of AUD 6.79 billion in September.
U.S. initial jobless claims increased by 5,000 to 217,000 in the week ending Oct. 28, compared to market estimates of 210,000.
Unit labor costs in the U.S. nonfarm business sector fell by 0.8% in the third quarter versus a revised 3.2% rise in the prior three-month period.
Nonfarm business sector labor productivity surged by 4.7% in the third quarter following a revised 3.6% increase in the third quarter.
U.S. natural gas supplies climbed 79 billion cubic feet last week, the EIA said.
U.S. factory orders rose 2.8% from the prior month to $601.5 in September.
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