Nasdaq Jumps 250 Points; Crude Oil Down 1%
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite surging more than 250 points on Thursday.
The Dow traded up 0.18% to 38,532.50 while the NASDAQ rose 1.63% to 16,433.83. The S&P 500 also rose, gaining, 0.83% to 5,203.26.
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Leading and Lagging Sectors
Information technology shares rose by 2.2% on Thursday.
In trading on Thursday, energy shares fell by 0.3%.
Top Headline
Constellation Brands Inc (NYSE:STZ) reported better-than-expected fourth-quarter earnings.
Constellation Brands reported fourth-quarter FY24 sales growth of 7.1% year-on-year to $2.14 billion, beating the analyst consensus estimate of $2.10 billion. Comparable EPS, excluding Canopy EIE, was $2.30. Comparable EPS of $2.26 beat the consensus estimate of $2.09.
Equities Trading UP
Rallybio Corporation (NASDAQ:RLYB) shares shot up 87% to $3.0419 after the company announced a collaboration with Johnson & Johnson to advance therapeutics for pregnant individuals at risk of FNAIT.
Shares of Eliem Therapeutics, Inc. (NASDAQ:ELYM) got a boost, surging 58% to $4.2153. The company announced that it entered into a definitive acquisition agreement to acquire Tenet and it also entered into a securities purchase agreement for a $120 million private placement.
Rent the Runway, Inc. (NASDAQ:RENT) shares were also up, gaining 128% to $16.88 after the company reported mixed fourth-quarter financial results and issued guidance.
Equities Trading DOWN
Aptevo Therapeutics Inc. (NASDAQ:APVO) shares dropped 59% to $0.9870 after the company priced its $4.6 million public offering.
Shares of Enlivex Therapeutics Ltd. (NASDAQ:ENLV) were down 54% to $1.83. The company announced topline results of its Phase II trial evaluating Allocetra in sepsis.
AVITA Medical, Inc. (NASDAQ:RCEL) was down, falling 29% to $10.20 after the company announced an update to its expected commercial revenue for the first quarter of 2024. BTIG downgraded the stock from Buy to Neutral.
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Commodities
In commodity news, oil traded down 1.1% to $85.29 while gold traded up 1.3% at $2,379.80.
Silver traded up 1.4% to $28.430 on Thursday, while copper fell 0.5% to $4.2605.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.40%, London’s FTSE 100 fell 0.47% while Spain’s IBEX 35 Index fell 1.16% The German DAX fell 0.79% French CAC 40 fell 0.27% while Italy’s FTSE MIB Index fell 0.96%.
The European Central Bank kept interest rates unchanged for a fifth straight time during its April meeting.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 falling 0.35%, Hong Kong’s Hang Seng Index dropping 0.26%, China’s Shanghai Composite gaining 0.23% and India’s S&P BSE Sensex gaining 0.47%.
China's consumer prices rose 0.1% year-over-year in March, while producer prices fell by 2.8% year-over-year in March.
Economics
Producer prices in the U.S. rose 0.2% month-over-month in March compared to a 0.6% gain in February. However, analysts were expecting a gain of 0.3%.
U.S. initial jobless claims declined by 11,000 to 211,000 in the week ending April 6, compared to market estimates of 215,000.
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