Crude Oil Jumps 2%; Lululemon Posts Upbeat Earnings

U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining around 50 points on Thursday.

The Dow traded up 0.14% to 38,860.40 while the NASDAQ fell 0.07% to 17,175.73. The S&P 500 also rose, gaining, 0.01% to 5,354.33.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.5% on Thursday.

In trading on Thursday, utilities shares fell by 0.5%.

Top Headline

Lululemon Athletica Inc. (NASDAQ:LULU) reported upbeat financial results for its first quarter and authorized a $1 billion increase in its stock repurchase program on Wednesday.

The company said it sees second-quarter revenue in the range of $2.4 billion to $2.42 billion versus estimates of $2.45 billion. The company anticipates second-quarter earnings of $2.92 to $2.97 per share versus estimates of $3.01 per share.

Equities Trading UP
                       

• Replimune Group, Inc. (NASDAQ:REPL) shares shot up 27% to $7.07 as the company announced positive topline primary analysis data by Independent Central Review from IGNYTE clinical trial of RP1 plus nivolumab in anti-PD1 failed melanoma.
• Shares of Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) got a boost, surging 26% to $6.35 after Cycle Pharmaceuticals confirmed that it made a proposal to buy the company.
• Freight Technologies, Inc. (NASDAQ:FRGT) shares were also up, gaining 94% to $1.2196 after the company said it added 26 new customers and 149 new carriers in 2024.

Equities Trading DOWN

• Actelis Networks, Inc. (NASDAQ:ASNS) shares dropped 38% to $2.3001 after the company announced an agreement for the immediate exercise of certain outstanding warrants for gross proceeds of $3 million.
• Shares of SeaStar Medical Holding Corporation (NASDAQ:ICU) were down 33% to $0.2371. SeaStar Medical announced a 25-for-1 reverse stock split.
• Ventyx Biosciences, Inc. (NASDAQ:VTYX) was down, falling 28% to $3.8050 after the company announced preclinical data for its CNS-penetrant NLRP3 inhibitor VTX3232 in murine diet-induced obesity models.

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Commodities

In commodity news, oil traded up 2.1% to $75.63 while gold traded up 0.3% at $2,383.00.

Silver traded up 2.1% to $30.71 on Thursday, while copper rose 1% to $4.6525.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.58%, Germany's DAX gained 0.30% and France's CAC 40 rose 0.41%. Spain's IBEX 35 Index rose 0.60%, while London's FTSE 100 rose 0.31%.

The ECB cut the three key interest rates by 25 basis points, in line with market estimates. Retail sales in the Eurozone fell 0.5% month-over-month in April compared to revised 0.7% gain in March, while Eurozone construction PMI increased to 42.9 in May from 41.9 in the prior month.

The S&P Global UK construction PMI climbed to 54.7 in May, recording the highest level since May 2022, while The France construction PMI increased to 43.4 in May from 41.5 a month ago. Factory orders in Germany fell by 0.2% month-over-month for April.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei gaining 0.55%, China's Composite Index falling 0.54%, Hong Kong's Hang Seng Index gaining 0.28% and India's S&P BSE Sensex gaining 0.7%.

Australia’s trade surplus on goods increased to AUD 6.55 billion in April 2024 compared to a revised AUD 4.84 billion surplus in the prior month. Exports of goods from Australia fell 2.5% to a 28-month low level of AUD 43.32 billion in April, while imports of goods dipped by 7.2% to a three-month low level of AUD 36.77 billion.

Economics

• U.S. initial jobless claims rose by 8,000 to 229,000 in the week ending June 1, compared to market estimates of 220,000.
• The trade deficit in the U.S. increased to $74.6 billion in April versus a revised $68.6 billion gap in March.
• Unit labor costs in the nonfarm business sector rose by an annualized 4% in the first quarter compared to a revised 2.8% fall in the previous period.
• Nonfarm business sector labor productivity increased by 0.2% in the first quarter compared to preliminary reading of a 0.3% gain.
• U.S. natural-gas supplies increased 98 billion cubic feet during the week ended May 31, compared to market estimates of an 89 billion cubic feet gain.

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