Dow Surges Over 100 Points; ModivCare Shares Plummet

Author: Avi Kapoor | September 12, 2024 02:01pm

U.S. stocks traded higher toward the end of trading, with the Dow Jones index surging more than 200 points on Thursday.

The Dow traded up 0.53% to 41,076.41 while the NASDAQ rose 1.15% to 17,596.13. The S&P 500 also rose, gaining, 0.82% to 5,599.94.

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Leading and Lagging Sectors

Communication services shares rose by 1.2% on Thursday.

In trading on Thursday, real estate shares dipped by 0.8%.

Top Headline

Signet Jewelers Limited (NYSE:SIG) posted better-than-expected second-quarter earnings and stronger than anticipated third-quarter revenue outlook.

Signet reported a second-quarter sales decline of 7.6% year-on-year to $1.49 billion, missing the analyst consensus estimate of $1.50 billion. Adjusted EPS of $1.25 beat the analyst consensus estimate of $1.14.

Equities Trading UP

NETGEAR, Inc. (NASDAQ:NTGR) shares shot up 31% to $20.83 after the company disclosed a settlement agreement with TP-Link Systems and raised its third-quarter revenue guidance.
Shares of Visionary Holdings Inc. (NASDAQ:GV) got a boost, surging 144% to $4.95 after the company announced it signed an MoU with the Public Investment Fund of Saudi Arabia, investing $120 million to fully support the development of its various industry projects.
Smart for Life, Inc. (NASDAQ:SMFL) shares were also up, gaining 32% to $1.12. HRT Financial LP acquired a new stake in Smart for Life.

Equities Trading DOWN

ModivCare Inc. (NASDAQ:MODV) shares dropped 53% to $14.56 after the company announced a $200 million mixed securities shelf.
Shares of Fulcrum Therapeutics, Inc. (NASDAQ:FULC) were down 61% to $3.4850 after the company announced that its Phase 3 REACH trial evaluating losmapimod in patients with FSHD, did not achieve its primary endpoint of change from baseline in RSA with losmapimod compared to placebo.
Oncternal Therapeutics, Inc. (NASDAQ:ONCT) was down, falling 57% to $1.7250 after the company announced termination of its clinical studies and exploration of strategic alternatives.

Commodities

In commodity news, oil traded up 3.3% to $69.53 while gold traded up 1.3% at $2,576.20.

Silver traded up 3.9% to $30.05 on Thursday, while copper rose 1.1% to $4.1880.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 rose 0.80%, Germany's DAX gained 1.03% and France's CAC 40 rose 0.52%. Spain's IBEX 35 Index rose 1.08%, while London's FTSE 100 rose 0.57%.

The annual inflation rate in Spain eased to 2.3% in August from 2.8% in July, while German wholesale prices fell by 1.1% year-over-year in August.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 jumping 3.41%, Hong Kong's Hang Seng Index gaining 0.77%, China's Shanghai Composite Index falling 0.17% and India's BSE Sensex surging 1.77%.

Manufacturing production in Hong Kong increased 0.7% year-over-year during the second quarter. Producer prices in Japan rose by 2.5% year-over-year in August versus a 3.0% growth in the previous month.

Economics

U.S. producer prices rose 0.2% month-over-month in August compared to a revised flat reading in the previous month and higher than market estimates of 0.1%.
U.S. initial jobless claims increased by 2,000 from the earlier week to 230,000 in the week ending Sept. 7.
U.S. natural-gas stocks rose 40 billion cubic feet during the week ended Sept. 6, compared to market estimates of a 49 bcf gain.

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