U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite turning lower on Thursday.
The Dow traded up 0.25% to 37,900.45 while the NASDAQ fell 0.13% to 15,462.53. The S&P 500 also rose, gaining, 0.19% to 4,877.88.
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Market Trends
Energy shares rose by 1.7% on Thursday.
In trading on Thursday, consumer discretionary shares fell by 1.5%.
Upbeat Earnings by American Airlines
American Airlines Group Inc AAL reported better-than-expected fourth-quarter results.
American Airlines reported a 75% drop in adjusted earnings to 29 cents per share in the fourth quarter of 2023 but still came in well above the consensus estimate of 10 cents per share. Total revenue decreased 1% to $13.06 billion, just beating estimates of $13.02 billion.
American Airlines expects its full-year 2024 adjusted earnings per diluted share of $2.25-$3.25 versus the consensus of $2.25.
Stock Movement
Vera Therapeutics, Inc. VERA shares shot up 53% to $25.97 after the company announced 72-week data from the OLE period of its Phase 2b ORIGIN clinical trial. Also, Oppenheimer initiated coverage on the stock with an Outperform rating and announced a $26 price target.
Shares of Processa Pharmaceuticals, Inc. PCSA got a boost, surging 88% to $3.8520 after the company announced the completion of the safety tolerability evaluation in its Phase 1b trial of Next Generation Capecitabine.
American Superconductor Corporation AMSC shares were also up, gaining 31% to $12.75 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter revenue guidance above estimates.
Stock Declines
RedHill Biopharma Ltd. RDHL shares dropped 46% to $0.5864 after the company announced an $8 million registered direct offering.
Shares of MarineMax, Inc. HZO were down 19% to $26.81 after the company reported worse-than-expected first-quarter adjusted EPS results and issued FY24 adjusted EPS guidance below estimates.
Columbia Banking System, Inc. COLB was down, falling 22% to $20.06 after the company reported worse-than-expected fourth-quarter financial results.
Commodities and International Markets
In commodity news, oil traded up 2.7% to $77.09 while gold traded up 0.1% at $2,018.20.
Silver traded up 0.1% to $22.915 on Thursday while copper fell 0.6% to $3.8635.
European and Asian markets also displayed mixed trends.
Economic Indicators
The US economy grew an annualized 3.3% in the fourth quarter, versus market estimates of a 2% rise, and compared to a 4.9% rate in the prior quarter.
The US trade deficit in goods narrowed to $88.5 billion in December versus a revised $89.3 billion in the prior month.
U.S. natural-gas supplies fell 326 billion cubic during the week ended Jan. 19, 2024, the EIA said.
