Crude Oil Moves Higher; Deere Cuts Profit Outlook
U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling around 0.1% on Thursday.
The Dow traded up 0.01% to 39,912.06 while the NASDAQ fell 0.10% to 16,726.17. The S&P 500 also fell, dropping, 0.04% to 5,306.04.
Check This Out: Oklo Is ‘Too Risky,’ Jim Cramer Says: Buy This General Electric Spinoff Instead
Leading and Lagging Sectors
Consumer staples shares rose by 1.7% on Thursday.
In trading on Thursday, materials shares fell by 0.5%.
Top Headline
Deere & Co (NYSE:DE) reported upbeat second-quarter earnings, but lowered its net income 2024 outlook.
The company's net sales and revenue declined 12% year-over-year to $15.235 billion, beating the consensus of $13.281 billion. EPS of $8.53, down from $9.65 YoY, beating the consensus of $7.87.
Deere lowered its 2024 net income outlook to $7.00 billion (prior $7.50 billion-$7.75 billion).
Equities Trading UP
- BM Technologies, Inc. (NASDAQ:BMTX) shares shot up 41% to $2.4026 after the company reported better-than-expected first-quarter financial results.
- Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) got a boost, surging 57% to $3.7486 after the company and AT&T announced a definitive commercial agreement. The company also reported mixed first-quarter financial results.
- TSR, Inc. (NASDAQ:TSRI) shares were also up, gaining 65% to $13.12 after the company announced that it entered into a definitive agreement to be acquired by Vienna Parent.
Equities Trading DOWN
- Eyenovia, Inc. (NASDAQ:EYEN) shares dropped 24% to $0.8101 after the company reported worse-than-expected first-quarter financial results.
- Shares of Spire Global, Inc. (NYSE:SPIR) were down 20% to $9.07 after the company reported mixed first-quarter financial results on Wednesday.
- Omeros Corporation (NASDAQ:OMER) was down, falling 20% to $3.35 after the company announced a wider-than-expected quarterly loss.
Also Check This Out: Over $1M Bet On This Healthcare Stock? Check Out These 3 Stocks Insiders Are Buying
Commodities
In commodity news, oil traded up 0.7% to $79.18 while gold traded down 0.4% at $2,386.30.
Silver traded up 0.6% to $29.91 on Thursday, while copper fell 1% to $4.8750.
Euro zone
European shares were lower today. The eurozone's STOXX 600 slipped 0.21%, Germany's DAX fell 0.69% and France's CAC 40 fell 0.63%. Spain's IBEX 35 Index fell 0.56%, while London's FTSE 100 fell 0.08%.
Italy reported a trade surplus of EUR 4.341 billion in March, versus a year-ago surplus of EUR 3.327 billion. The annual inflation rate in Italy slowed to 0.8% in April versus 1.2% a month ago.
Asia Pacific Markets
Asian markets closed higher on Thursday, with Japan's Nikkei gaining 1.39%, China's Composite Index climbing 1.59%, Hong Kong's Hang Seng Index gaining 0.08% and India's S&P BSE Sensex gaining 0.7%.
Industrial production in Japan rose by 4.4% month-over-month in March following a 0.6% decline in the earlier month. Japan's economy shrank by 2.0% in the first quarter, versus market expectations for a 1.5% decline.
Economics
- U.S. initial jobless claims declined by 10,000 to 222,000 in the week ending May 11, compared to market estimates of 220,000.
- U.S. housing starts increased 5.7% month-over-month to an annualized rate of 1.36 million in April, while building permits declined by 3% to 1.440 million.
- U.S. industrial production came in little changed in April, compared to a 0.1% gain in March.
- Import prices increased 0.9% month-over-month in April, while export prices rose 0.5% in April.
- The Philadelphia Fed Manufacturing Index fell 11 points to a reading of 4.5 in May versus a reading of 15.5 in April.
- U.S. natural-gas supplies rose 70 billion cubic feet during the week ended May 10.
Now Read This: Top 5 Utilities Stocks You May Want To Dump In May
