Nasdaq Jumps 300 Points; Oracle Shares Spike Higher

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

U.S. stocks traded higher midway through trading, with the Nasdaq Composite surging more than 300 points on Wednesday.

The Dow traded up 0.65% to 38,997.91 while the NASDAQ rose 1.82% to 17,659.08. The S&P 500 also rose, gaining, 1.27% to 5,443.32.

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Leading and Lagging Sectors

Information technology shares jumped by 2.6% on Wednesday.

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

Top Headline

Shares of Oracle Corporation (NYSE:ORCL) jumped over 11% on Wednesday after the company reported fourth-quarter financial results.

Oracle reported fourth-quarter revenue of $14.3 billion, missing the consensus estimate of $14.554 billion, according to Benzinga Pro. Oracle reported fourth-quarter adjusted earnings of $1.63 per share, missing average analyst estimates of $1.65 per share. The company also announced a partnership with Alphabet Inc's (NASDAQ:GOOGL) (NASDAQ:GOOG) Google Cloud.

Equities Trading UP

DDC Enterprise Limited (NYSE:DDC) shares shot up 185% to $1.47. DDC Enterprise said it has acquired beloved Asian food brand, Omsom.
Shares of Beamr Imaging Ltd. (NASDAQ:BMR) got a boost, surging 40% to $6.18 after the company announced that its Beamr Cloud solution has achieved Powered by Expertise and is now available in the Oracle Cloud Marketplace.
Avidity Biosciences, Inc. (NASDAQ:RNA) shares were also up, gaining 31% to $37.77 after the company announced initial AOC 1020 data from the Phase 1/2 FORTITUDE trial demonstrating reductions of greater than 50% in DUX4 regulated genes, trends of functional improvement, and favorable safety and tolerability in people living with facioscapulohumeral muscular dystrophy.

Equities Trading DOWN

Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) shares dropped 46% to $1.15. Tonix Pharmaceuticals priced its $4 million public offering of 3,753,558 shares of common stock at $1.065 per share.
Shares of ThermoGenesis Holdings, Inc. (NASDAQ:THMO) were down 33% to $0.3581 after the Nasdaq denied the company's request for continued listing and the stock will be suspended at the opening of business on June 17.
Vera Bradley, Inc. (NASDAQ:VRA) was down, falling 17% to $6.40 following a first-quarter revenue miss and weak FY25 guidance.

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Commodities

In commodity news, oil traded up 1.6% to $79.12 while gold traded up 0.8% at $2,345.50.

Silver traded up 2.7% to $30.005 on Wednesday, while copper rose 1.2% to $4.5635.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 1.19%, Germany's DAX gained 1.47% and France's CAC 40 rose 1.03%. Spain's IBEX 35 Index rose 0.63%, while London's FTSE 100 rose 0.85%.

German consumer price inflation increased to 2.4% in May from a three-year low of 2.2% in the prior month.

The UK’s trade deficit increased to around two-year high of £6.75 billion in April, while British economy stalled during April following a 0.4% expansion in March. Industrial production in the UK fell 0.9% month-over-month for April.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei falling 0.66%, Hong Kong's Hang Seng Index falling 1.31%, China's Shanghai Composite Index gaining 0.31% and India's S&P BSE Sensex gaining 0.20%.

Total passenger vehicle sales in India rose 4.3% year-over-year to 300,795 in May following a 1.2% gain in the prior month. Producer prices in Japan rose 2.4% year-over-year in May compared to a revised 1.1% increase in April.

Chinese annual inflation rate came in at 0.3% in May versus market estimates of 0.4%, while producer prices fell by 1.4% year-over-year in May.

Economics

The annual CPI inflation rate fell from 3.4% to 3.3% in May, below than the median economist projection of 3.4%. According to Econoday, the economist consensus ranged from 3.3% to 3.5%.
On a monthly basis, the overall CPI inflation stalled, decelerating from the prior 0.3% growth and coming in below expectations of 0.1%.
The EIA said stocks of crude oil in the U.S. climbed by 3.730 million barrels in the week ending June 7, versus market expectations for a 1.55 million barrels decline.

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Posted In: BMR DDC GOOG GOOGL ORCL RNA THMO TNXP VRA