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Stock Market Roller Coaster: Nasdaq Dips Over 100 Points, Cracker Barrel Shares Slide

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The U.S. stock market was a wild ride today, with the Dow Jones racing ahead by 300 points on Thursday.

The Dow sped ahead 0.88% to 35,742.35, but the NASDAQ took a nosedive, falling 0.79% to 14,145.17. The S&P 500 also stumbled, dropping 0.15% to 4,543.88.

Check This Out: Salesforce To Rally Over 30%? Here Are 10 Top Analyst Forecasts For Thursday

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Ups and Downs in Different Sectors

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Health care shares thrived, rising by 0.8% on Thursday.

On the flip side, communication services shares took a tumble, falling by 1.7%.

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The Main Headline News

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Shares of Cracker Barrel Old Country Store, Inc. CBRL spun out of control, plummeting around 6% on Thursday after the company released disappointing results for its first quarter.

The company reported quarterly revenues of $823.8 million, down 1.9% Y/Y, missing the consensus of $826.21 million. Adjusted EPS of $0.51, a 48% decrease from $0.99 a year ago, missing the consensus of $0.75.

Cracker Barrel predicted FY24 revenue of $3.4 billion to $3.5 billion, versus the consensus of $3.5 billion.

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Winning Stocks

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Soligenix, Inc. SNGX shares soared to the skies, shooting up by a whopping 244% to $1.43 after the company announced it received FDA IND clearance for the Phase 2 clinical trial of dusquetide in the treatment of aphthous ulcers of BehΓ§et’s disease.

Shares of REX American Resources Corporation REX got a boost, blasting 35% to $49.84 after the company reported better-than-expected third-quarter financial results.

ImmunoGen, Inc. IMGN shares also caught fire, gaining 82% to $29.30 after AbbVie announced it will acquire the company in a transaction valued at $31.26 per share in cash.

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Losing Stocks

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Lizhi Inc. LIZI shares stumbled, falling 26% to $2.8115 following third-quarter results.

Shares of POET Technologies Inc. POET dropped 23% to $0.8602 after the company reported pricing of $1.4 million underwritten public offering of common shares and warrants.

Pure Storage, Inc. PSTG went south, falling 14% to $32.67 after the company reported worse-than-expected third-quarter revenue results and issued FY24 revenue guidance below estimates.

Also Check This Out: How To Make $500 A Month With Pfizer Stock

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Commodity Market Movement

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In commodity news, oil shifted down 1.7% to $76.53 while gold dipped 0.5% to $ 2,057.70.

Silver surged 0.7% to $25.615 on Thursday while copper rose 0.7% to $3.8515.

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The European Scene

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European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.55%, London’s FTSE 100 rose 0.41% while Spain’s IBEX 35 Index fell 0.04% The German DAX rose 0.30% French CAC 40 rose 0.59%, while Italy’s FTSE MIB Index rose 0.16%.

The eurozone unemployment rate came in unchanged at 6.5% in October, while inflation rate fell to 2.4% year-over-year in November, recording its lowest level since July 2021.

The annual inflation rate in Italy slowed to 0.8% in November from 1.7% in the prior month. Spain posted a current account surplus of EUR 3,455 million in September versus a year-ago surplus of EUR 451 million. German jobless rate increased to 5.9% in November from 5.8% in October. The French economy shrank 0.1% on quarter in the third quarter, while consumer price inflation fell to 3.4% year-over-year in November.

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Asia Pacific Markets

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Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 0.50%, Hong Kong’s Hang Seng Index rising 0.29% and China’s Shanghai Composite Index gaining 0.26%. India’s S&P BSE Sensex, meanwhile, climbed 0.13%.

Indian fiscal deficit rose to INR 8.04 trillion in April-October from INR 7.58 trillion in the year-ago period. Retail sales in Hong Kong climbed 2.7% year-over-year in October versus a revised 10.0% surge in the prior month.

Retail sales in Japan increased 4.2% year-over-year in October. Japanese housing starts fell by 6.3% year-over-year in October, while consumer confidence index rose to 36.1 in November from 35.7. The NBS Composite PMI Output Index for China fell to 50.4 in November from 50.7 in the earlier month.

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Economics

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Personal spending in the U.S. increased by 0.2% from a month ago in October compared to a 0.7% rise in September.

Personal income rose 0.2% month-over-month in October.

U.S. initial jobless claims increased by 7,000 to 218,000 in the week ending Nov. 25, versus the revised reading of 211,000 in the prior week, and compared to market estimates of 220,000.

The personal consumption expenditure price index in the U.S. came in flat month-over-month in October following a 0.4% increase in September. Annual core PCE inflation eased to 3.5% from 3.7%.

The Chicago PMI rose to 55.8 in November from 44 a month ago.

Pending home sales in the U.S. fell 1.5% month-over-month in October.

U.S. natural-gas supplies climbed 10 billion cubic feet last week, the EIA said.

Now Read This: Top 4 Defensive Stocks That You May Want To Dump In November

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