Nasdaq Gains 0.5%; TJX Earnings Top Estimates

Author: Avi Kapoor | August 21, 2024 02:43pm

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 0.5% on Wednesday.

The Dow traded up 0.08% to 40,867.75 while the NASDAQ rose 0.49% to 17,903.01. The S&P 500 also rose, gaining, 0.37% to 5,618.02.

Check This Out: Executives Buying W. P. Carey And 2 Other Stocks

Leading and Lagging Sectors

Consumer discretionary shares climbed by 1.2% on Wednesday.

In trading on Wednesday, financials shares fell by 0.3%.

Top Headline

TJX Companies, Inc. (NYSE:TJX) reported strong second-quarter performance and raised its fiscal 2025 profit outlook.

TJX reported second-quarter earnings per share of 96 cents (+13%), beating the analyst consensus of 91 cents. Quarterly sales of $13.468 billion (+6%) outpaced the street view of $13.307 billion.

Equities Trading UP

BigBear.ai Holdings, Inc. (NYSE:BBAI) shares shot up 31% to $1.7384 after the company received an award as a subcontractor to Concept Solutions.
Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) got a boost, surging 29% to $83.76 after the company announced FDA 510(k) clearance of its HYDROS Robotic system.
Stronghold Digital Mining, Inc. (NASDAQ:SDIG) shares were also up, gaining 67% to $4.89 after the company announced it entered into a definitive merger agreement to be acquired by Bitfarms.

Equities Trading DOWN

Eyenovia, Inc. (NASDAQ:EYEN) shares dropped 35% to $0.4438 after the company announced the pricing of $5.14 million public offering.
Shares of Macy’s, Inc. (NYSE:M) were down 12% to $15.55 following weak quarterly sales.
PagSeguro Digital Ltd. (NYSE:PAGS) was down, falling 12% to $12.78 following second-quarter results.

Commodities

In commodity news, oil traded down 2.2% to $71.60 while gold traded down 0.1% at $2,547.20.

Silver traded down 0.1% to $29.51 on Wednesday, while copper rose 0.7% to $4.1890.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.33%, Germany's DAX rose 0.50% and France's CAC 40 gained 0.52%. Spain's IBEX 35 Index rose 0.24%, while London's FTSE 100 rose 0.12%.

The annual inflation rate in the Eurozone increased to 2.6% in July from 2.5% in the prior month, while current account surplus rose to €52.4 billion in June from €32.4 billion a year ago. Italy’s current account surplus widened to EUR 4,885 billion in June from EUR 1,248 billion in the year-ago period. Producer prices in Germany fell by 0.8% year-over-year in July.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 0.29%, Hong Kong's Hang Seng Index falling 0.69%, China's Shanghai Composite Index falling 0.35% and India's BSE Sensex rising 0.13%.

The annual inflation rate in Hong Kong increased to 2.5% in July from 1.5% in the prior month. The People’s Bank of China kept key lending rates unchanged at the recent fixing.

Economics

Mortgage applications in the U.S. declined by 10.1% from the prior week in the week ending Aug. 16.
Crude oil inventories in the U.S. fell by 4.649 million barrels in the week ending Aug. 16, compared to market expectations for a decline of 2.72 million barrels.

Now Read This: