U.S. stocks surged in the morning trade, with the Nasdaq Composite leading the charge, propelling around 300 points on Thursday. Following the market opening, the Dow rose 0.63% to 38,857.02, the NASDAQ surged 1.95% to 15,884.67, and the S&P 500 also climbed, gaining 1.20% to 5,041.45.
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Highs and Lows In Various Sectors
Information technology shares saw a substantial rise of 3.1% on Thursday’s trading session, while utility shares fell by 0.8%.
Continuing the rally, NVIDIA Corporation NVDA reported better-than-expected fourth-quarter financial results, and issued strong revenue guidance for the first quarter. The company saw a revenue of $22.10 billion, surpassing the Street estimate of $20.62 billion, with an impressive 265% year-over-year revenue growth. Nvidia reported fourth-quarter non-GAAP earnings per share of $5.16, cruising past the Street consensus estimate of $4.64, according to data from Benzinga Pro.
Surging Ahead
La Rosa Holdings Corp. LRHC shares shot up 186% to $4.00 after the company announced the acquisition of a 100% interest in the Company’s franchisee – La Rosa Realty Winter Garden LLC located in Winter Garden, Florida.
Moving forward, shares of BuzzFeed, Inc. BZFD surged by 78% to $0.3901 following the company’s sale of Complex Networks to NTWRK, a live-streaming video commerce platform. The deal, valued at $108.6 million, predictably resulted in a 16% reduction in BuzzFeed’s workforce.
Venus Concept Inc. VERO shares also climbed 45% to $1.8606 after the company received CE Mark from DEKRA Certification B.V. to market Venus Versa Pro in Europe.
Taking a Hit
Draganfly Inc. DPRO shares dropped 46% to $0.1951 after the company announced pricing of $3.6 million underwritten public offering.
In similar fashion, shares of Greenbrook TMS Inc. GBNH were down 42% to $0.2201 following the announcement of a $1.2 million registered direct offering of 6 million shares at $0.20 per share purchase price. Notably, Bel Fuse Inc. BELFA took a 23% dip to $57.00 after reporting weak fourth-quarter financial results.
Additionally, in commodities news, oil traded up 0.1% to $77.94 while gold climbed 0.2% to $2,038.10. Silver saw a 0.9% gain to $23.09, while copper fell 0.1% to $3.8740 on Thursday.
European shares were notably higher today, with the eurozone’s STOXX 600 climbing 0.8%, the UK’s FTSE 100 rising 0.3%, Spain’s IBEX 35 Index jumping 0.5%, and Germany’s DAX, France’s CAC 40, and Italy’s FTSE MIB Index boosting 1.4%, 1%, and 1.2% respectively.
In the Asia Pacific markets, Japan’s Nikkei 225 surged 2.19%, Hong Kong’s Hang Seng Index rose 1.45%, China’s Shanghai Composite Index gained 1.27%, and India’s S&P BSE Sensex climbed 0.74%. The annual inflation rate in Hong Kong eased to 1.7% in January from 2.4% in the prior month, while the HSBC India composite PMI rose to 61.5 in February from a final reading of 61.2 in the earlier month, and the au Jibun Bank Japan composite PMI declined to 50.3 in February versus a final reading of 51.5 in January.
Concluding the economic updates, the Chicago Fed National Activity Index fell to -0.30 in January versus a revised reading of 0.02 in the previous month, while U.S. initial jobless claims dropped by 12,000 to 201,000 in the week ending Feb. 17, compared to market estimates of 218,000.
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