Dow Jumps Over 500 Points; Eli Lilly Posts Upbeat Earnings

Author: Avi Kapoor | August 08, 2024 12:06pm

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 500 points on Thursday.

The Dow traded up 1.40% to 39,307.07 while the NASDAQ rose 2.14% to 16,543.06. The S&P 500 also rose, gaining, 1.79% to 5,292.43.

Leading and Lagging Sectors

Information technology shares climbed by 1.6% on Thursday.

In trading on Thursday, utilities shares fell by 0.2%.

Top Headline

Eli Lilly And Co (NYSE:LLY) reported better-than-expected second-quarter financial results and raised its full-year guidance.

Eli Lilly reported second-quarter revenue of $11.3 billion, up 36% year over year, easily surpassing the consensus of $9.95 billion. The company reported adjusted EPS of $3.92, up from $2.11 a year ago and beating the consensus of $2.70.

Equities Trading UP

XPEL, Inc. (NASDAQ:XPEL) shares shot up 38% to $43.74 after the company reported better-than-expected second-quarter financial results.
Shares of Viasat, Inc. (NASDAQ:VSAT) got a boost, surging 34% to $23.88 after the company reported better-than-expected first-quarter financial results.
GSE Systems, Inc. (NASDAQ:GVP) shares were also up, gaining 45% to $3.9650 after the company announced it will be acquired by Pelican Energy Partners for $4.10 per share.

Equities Trading DOWN

Cardlytics, Inc. (NASDAQ:CDLX) shares dropped 57% to $2.97 after the company reported worse-than-expected second-quarter financial results.
Shares of Outset Medical, Inc. (NASDAQ:OM) were down 61% to $1.33 after the company reported worse-than-expected second-quarter financial results and cut its FY24 revenue guidance.
Bumble Inc. (NASDAQ:BMBL) was down, falling 33% to $5.43 after the company reported worse-than-expected second-quarter revenue results. Also, multiple firms downgraded their respective ratings and price targets on the stock.

Commodities

In commodity news, oil traded up 1.2% to $76.14 while gold traded up 0.9% at $2,454.30.

Silver traded up 1.8% to $27.45 on Thursday, while copper rose 0.3% to $3.9635.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.03%, Germany's DAX rose 0.21% and France's CAC 40 fell 0.30%. Spain's IBEX 35 Index fell 0.47%, while London's FTSE 100 fell 0.36%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei 225 falling 0.74%, Hong Kong's Hang Seng Index gaining 0.08%, China's Shanghai Composite Index rising 0.002% and S&P BSE Sensex falling 0.73%.

Economics

U.S. initial jobless claims declined by 17,000 to 230,000 in the week ending August 3, compared to market estimates of 240,000.
U.S. wholesale inventories increased by 0.2% month-over-month to $903 billion in June, compared to revised 0.5% rise in the earlier month.
U.S. natural gas supplies rose 21 billion cubic feet during the week ended Aug. 2, compared to market estimates of a 22 billion cubic feet gain.

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