Nasdaq Soars, Surging 1% Amidst Market Activity
U.S. stocks showed a grand performance today as the Nasdaq Composite experienced a significant surge of over 150 points during Thursday’s trading period. The Dow also participated in the positive trend, marking a 0.49% increase to 39,319.03, while the NASDAQ rose an impressive 1% to reach 16,4340. The S&P 500 didn’t want to miss out on the fun either, ending the day with a gain of 0.75% at 5,250.72.
Flourishing and Faltering Sectors
Real estate shares were the stars of the day, experiencing a dynamic leap of 1.1% on Thursday. On the other hand, health care shares stuttered, rising by just 0.01% during the trading session.
Exciting News from ConAgra Brands
ConAgra Brands Inc, a prominent player in the market, delighted investors by reporting better-than-expected financial results for the third quarter. The company showcased its resilience by revealing a third-quarter FY24 sales decline of 1.7% year-on-year, tallying up to $3.03 billion, surpassing the analyst consensus estimate of $3.01 billion. Additionally, the company’s adjusted EPS of 69 cents outshined the consensus estimate of 65 cents. ConAgra also stood firm in its financial outlook for FY24, forecasting an Organic net sales decrease between 1.0% and 2.0% compared to fiscal 2023.
Ups and Downs in Equities Trading
Trading was tumultuous with some equities blooming and others wilting under the Thursday sun. TC Biopharm (Holdings) Plc shares lit up the market, shooting up 76% to $2.2850. Allurion Technologies Inc. saw a significant surge of 116% to $3.73 after announcing the commercial availability of its Virtual Care Suite in the United States. Chardan Capital chimed in with a Buy rating and a $5 price target for the stock, adding fuel to the fire. Candel Therapeutics, Inc. also experienced a positive day, with shares gaining 39% to $2.3383 following the announcement of interim data from a randomized phase 2 clinical trial.
However, some companies felt the sting of the market as eFFECTOR Therapeutics, Inc. shares dropped 76% to $3.9778 after releasing topline results from a primary analysis. Achilles Therapeutics plc wasn’t left unscathed either, with shares down 27% to $0.8706 post report on fourth-quarter financials. The company shared interim Phase I/IIa data from studies focusing on various cancers.
KWESST Micro Systems Inc. also felt the pinch, falling 17% to $0.9385 after announcing a proposed US public offering.
Watching Commodity Trends
In commodity news, oil took a slight dip trading down 0.2% to $85.27, while gold was on the rise at 0.4% to $2,317.30. Silver sparkled with a 0.5% increase to $27.185, and copper wasn’t to be left behind, rising by 1% to $4.2365.
Updates from Around the Globe
European markets showcased vigor today with varied performances. The STOXX 600 in the Eurozone rose by 0.22%, while London’s FTSE 100 surged by 0.49%. Spain’s IBEX 35 Index joined the uptrend with a rise of 0.52%. The German DAX displayed its strength with a 0.23% increase, and the French CAC 40 followed suit with a rise of 0.07%. On the other hand, Italy’s FTSE MIB Index experienced a more modest growth of 0.01%. Industrial producer prices and PMI data gave insights into economic trends across Europe.
Asia Pacific Markets in Focus
Asian markets showcased positive momentum as Japan’s Nikkei 225 gained 0.81%, and India’s S&P BSE Sensex rose by 0.5%. Key PMI data from India provided further insights into the economic activity in the region.
Economic Indicators
U.S. jobless claims saw a slight rise by 11,000 from the previous week, reaching 221,000 in March, marking the highest in two months. Furthermore, the U.S. trade deficit increased to $68.9 billion in February, reflecting a rise from the revised $67.6 billion gap in the previous month.
