On Thursday, the Nasdaq Composite rose by over 1%, while U.S. stocks traded mixed in the morning.
As of Thursday’s market opening, the Dow fell by 0.34% to 32,687.15, while the NASDAQ increased by 1.36% to 12,653.95. The S&P 500 also rose by 0.49% to 4,135.24.
In Thursday trading, information technology shares increased by 2.8%. Top gainers in the sector included Super Micro Computer, Inc. (SMCI), up 24%, and Lightwave Logic, Inc. (LWLG), which increased by 20%. On the other hand, energy shares fell by 2.3%.
Top Headline
In Q1, the U.S. GDP rose by an annualized 1.3%, exceeding market estimates of 1.1%.
- After NVIDIA announced the integration with Beamr CABR, Beamr Imaging Ltd. (BMR) shares increased by 214% to $6.91.
- NVIDIA Corporation (NVDA) shares rose by 23% to $375.66 as the company reported strong Q1 results and issued robust guidance.
- Super Micro Computer, Inc. (SMCI) shares gained 24% to $207.79 in sympathy with NVIDIA after the company reported strong Q1 results and guidance.
- Annexon, Inc. (ANNX) shares fell by 56% to $2.29 after announcing the topline results from its ARCHER Phase 2 trial of ANX007 in patients with geographic atrophy (GA).
- Digital Turbine, Inc. (APPS) shares decreased by 40% to $8.69 after issuing Q4 financial results that were mixed and guidance on Q1 adjusted EPS and revenue that came in below estimates.
- UiPath Inc. (PATH) shares fell by 16% to $13.76 after the company reported its Q1 financial results and issued guidance.
Commodities
On Thursday, oil traded down by 2.6% at $72.40, while gold traded decreased by 0.6% to $1,952.90.
Silver traded down by 0.3% to $23.17, while copper rose by 0.6% to $3.5835.
Euro Zone
On Thursday, European shares closed mostly lower. While the eurozone’s STOXX 600 rose by 0.1%, the German DAX and French CAC 40 both decreased by 0.1%, London’s FTSE 100 fell by 0.5%, Spain’s IBEX 35 Index was down 0.2%, and Italy’s FTSE MIB Index fell by 0.2%. In France, the manufacturing climate indicator dropped for three months to a reading of 99 in May.
The German economy contracted by 0.3% in Q1, while GfK Consumer Climate Indicator headed into June with an eighth straight month of growth, reaching -24.2. Spain’s producer prices dropped 4.5% YoY in April versus 1.4% in the previous month.
Asia Pacific Markets
On Thursday, Japan’s Nikkei 225 gained 0.39%, Hong Kong’s Hang Seng Index fell by 1.93%, and China’s Shanghai Composite Index decreased by 0.11%. India’s S&P BSE Sensex rose by 0.2%, while Singapore’s economy expanded by 0.4% YoY in Q1 compared to the flash reading of 0.1%. Singapore’s current account surplus fell to SGD 29.45 billion in Q1 compared to SGD 34.43 billion in the year-earlier period.
- U.S. initial jobless claims rose to 229 thousand in the week ending May 20th, compared to 225 thousand in the previous week, and market expectations of 245 thousand.
- U.S. corporate profits fell by 6.8%, to $2.307 trillion in Q1.
COVID-19 Update
The United States reported the highest number of coronavirus cases and deaths in the world, with 107,066,660 cases and around 1,164,710 deaths. India confirmed at least 44,988,420 cases, and 531,850 deaths, while France reported more than 40,066,340 COVID-19 cases with 167,270 deaths. Globally, there were at least 689,218,760 cases of COVID-19, and more than 6,882,150 deaths.
