Crude Oil Jumps 2%; Lululemon Posts Upbeat Earnings

Author: Avi Kapoor | June 06, 2024 12:22pm

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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Posted In: ASNS FRGT ICU LULU REPL VNDA VTYX