U.S. stock markets experienced a positive day on Thursday, with the Nasdaq Composite leading the charge with a gain of over 200 points. The Dow Jones Industrial Average also saw a rise, increasing by 1.03% to close at 41,513.10, while the S&P 500 gained 0.88%, ending the day at 5,641.47.
Several technology companies contributed to the Nasdaq’s surge. Best Buy Co., Inc. (BBY) reported better-than-expected second-quarter financial results and raised its FY25 earnings guidance, boosting its stock price. The company reported adjusted earnings per share (EPS) of $1.34, exceeding analysts’ expectations of $1.16. Its quarterly sales of $9.29 billion also surpassed the consensus estimate of $9.24 billion.
Other tech stocks that experienced significant gains include BioCardia, Inc. (BCDA), Innovative Eyewear, Inc. (LUCY), and XORTX Therapeutics Inc. (XRTX). BioCardia’s stock soared by 43% after the Food and Drug Administration (FDA) cleared the company to market its Morph DNA Steerable Introducer product family. Innovative Eyewear’s stock jumped by 80% following the announcement that its Lucyd Lyte frames are now available for purchase on Target.com. XORTX Therapeutics’ stock surged by 85% as the company highlighted its pioneering research indicating a role for genetic regulation of Xanthine Oxidase and therapeutic targeting of aberrant purine metabolism.
However, not all companies experienced positive movements. iLearningEngines, Inc. (AILE) saw its shares plummet by 57% after Hindenburg Research published a short report on the company. Ensysce Biosciences, Inc. (ENSC) shares dropped by 29% following the announcement of a $5 million registered direct offering and concurrent private placement. Big Lots, Inc. (BIG) faced a significant decline of 41% after reports suggested the company is considering a bankruptcy filing.
In commodity markets, oil prices increased by 1.8% to reach $75.88 per barrel. Gold prices also rose, gaining 0.7% to $2,556.10 per ounce. Silver prices experienced a larger increase of 2.4%, closing at $29.905 per ounce, while copper prices dipped slightly by 0.1% to $4.2130 per pound.
Across the Atlantic, European shares were trading higher. The Eurozone’s STOXX 600 gained 0.76%, Germany’s DAX rose 0.69%, and France’s CAC 40 climbed 0.84%. Spain’s IBEX 35 Index also rose by 0.23%, while London’s FTSE 100 gained 0.43%.
In Germany, the annual inflation rate eased to 1.9% in August, down from 2.3% in July. The Eurozone’s consumer confidence indicator declined to -13.5 in August, slightly lower than the earlier expectation of -13.4. The economic sentiment indicator for the Eurozone climbed to 96.6 in August, an improvement from the revised 96 in the previous month.
Asian markets closed mixed on Thursday. Japan’s Nikkei 225 fell by 0.02%, while Hong Kong’s Hang Seng Index gained 0.53%. China’s Shanghai Composite Index declined by 0.50%, and India’s BSE Sensex rose by 0.43%. Japan’s consumer confidence index remained unchanged at 36.7 in August.
In the U.S., core personal consumption expenditures (PCE) prices, a key inflation measure, rose by 2.8% from the previous quarter in the second quarter, slightly below market estimates of 2.9%. Initial jobless claims fell by 2,000 from the prior week to 231,000 in the week ending August 24. Real gross domestic product (GDP) expanded at an annual rate of 3.0% in the second quarter, up from 1.4% in the first quarter.
The U.S. trade deficit in goods widened to $102.7 billion in July, compared to a revised $96.6 billion gap in the previous month. Wholesale inventories rose by 0.3% month-over-month to $905 billion in July, slightly exceeding the revised 0.2% gain in the previous month. Natural gas stocks increased by 35 billion cubic feet during the week ending August 23.
