Gold Down 1%; Broadcom Shares Jump After Upbeat Results

Author: Avi Kapoor | June 13, 2024 12:07pm

U.S. stocks traded mixed midway through trading, with the Dow Jones index dipping by more than 200 points on Thursday.

The Dow traded down 0.60% to 38,481.44 while the NASDAQ rose 0.31% to 17,663.22. The S&P 500 also fell, dropping, 0.05% to 5,418.22 .

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Leading and Lagging Sectors

Information technology shares jumped by 1.2% on Thursday.

In trading on Thursday, industrials shares fell by 1.3%.

Top Headline

Shares of Broadcom Inc. (NASDAQ:AVGO) gained around 13% during Thursday's session after the company posted stronger-than-expected results for its second quarter.

The company declared a quarterly dividend of $5.25 per share and also announced a 10-for-1 forward stock split. Broadcom boosted its fiscal year 2024 revenue guidance to approximately $51 billion, up from approximately $50 billion.

Equities Trading UP
                       

• BioRestorative Therapies, Inc. (NASDAQ:BRTX) shares shot up 45% to $1.93 after the company announced that it engaged in advanced discussions for a ThermoStem license with a regenerative medicine firm.
• Shares of Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) got a boost, surging 200% to $2.15 after the company announced that it signed a memorandum of understanding and intends to appoint Bounce Electric 1 Private as its contract manufacturing partner for sales of the i300 in India.
• Sharps Technology, Inc. (NASDAQ:STSS) shares were also up, gaining 19% to $0.3557 after the company announced that it signed a $30 million purchase order from Nephron Pharmaceuticals for prefillable copolymer syringes.

Equities Trading DOWN

• J.Jill, Inc. (NYSE:JILL) shares dropped 17% to $32.79. J.Jill priced its public offering of 2 million common stock at $31 per share.
• Shares of Nuburu, Inc. (NASDAQ:BURU) were down 36% to $0.0933 after the company announced that it will be implementing a 1-for-40 reverse stock split.
• Cara Therapeutics, Inc. (NASDAQ:CARA) was down, falling 37% to $0.4277 after the company announced the outcome from the dose-finding Part A of the KOURAGE-1 study evaluating the efficacy and safety of oral difelikefalin for moderate-to-severe pruritus in adult patients with notalgia paresthetica. Also, Needham, Canaccord Genuity and HC Wainwright downgraded their respective ratings on the stock.

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Commodities

In commodity news, oil traded up 0.1% to $78.61 while gold traded down 1.2% at $2,325.60.

Silver traded down 3.7% to $29.145 on Thursday, while copper fell 1.2% to $4.5115.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 1.27%, Germany's DAX dipped 1.70% and France's CAC 40 tumbled 1.87%. Spain's IBEX 35 Index fell 1.40%, while London's FTSE 100 slipped 0.73%.

Industrial production in the Eurozone fell by 0.1% month-over-month in April following a revised 0.5% gain in the prior month. The annual inflation rate in Spain accelerated for the third month to 3.6% in May.

Germany’s wholesale prices declined by 0.7% year-over-year in May compared to a 1.8% fall in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei falling 0.40%, Hong Kong's Hang Seng Index gaining 0.97%, China's Shanghai Composite Index falling 0.28% and India's S&P BSE Sensex gaining 0.27%.

The Hong Kong Monetary Authority kept its base rate unchanged at 5.75% during its latest meeting.

Economics

• U.S. initial jobless claims rose by 13,000 to 242,000 in the week ending June 8, compared to market estimates of 225,000.
• U.S. producer prices fell by 0.2% month-over-month in May versus market estimates of a 0.1% gain and following a 0.5% increase in April.
• U.S. natural-gas supplies rose 74 billion cubic feet during the week ended June 7, versus market estimates of a 75 billion cubic feet gain.

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Posted In: AVGO BRTX BURU CARA JILL STSS ZAPP