Crude Oil Surges 3%; Delta Air Lines Posts Downbeat Earnings

Author: Avi Kapoor | October 10, 2024 11:04am

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining around 0.1% on Thursday.

The Dow traded down 0.17% to 42,437.66 while the NASDAQ rose 0.12% to 18,313.25. The S&P 500 also fell, dropping, 0.05% to 5,789.32.

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Leading and Lagging Sectors

Energy shares jumped by 0.6% on Thursday.

In trading on Thursday, industrials shares fell by 0.5%.

Top Headline

Delta Air Lines, Inc. (NYSE:DAL) reported downbeat third-quarter earnings on Thursday.

Delta reported third-quarter operating revenue growth of 1% year-over-year to $15.677 billion, beating the consensus of $14.674 billion. Adjusted operating revenue was $14.594 billion (almost flat YoY). Adjusted EPS was $1.50 (-26% YoY), missing the consensus of $1.52.

Equities Trading UP

BloomZ Inc. (NASDAQ:BLMZ) shares shot up 73% to $1.2350 after the company announced it was selected as the primary animation contractor for an upcoming project.
Shares of LSB Industries, Inc. (NYSE:LXU) got a boost, surging 12% to $9.31. UBS analyst Joshua Spector upgraded LSB Industries from Neutral to Buy and raised the price target from $9.5 to $11.
Symbotic Inc. (NASDAQ:SYM) shares were also up, gaining 12% to $26.10. Symbotic announced an agreement to implement multiple industry-leading warehouse automation systems for Walmex and strategic international expansion in Mexico.

Equities Trading DOWN

Gritstone bio, Inc. (NASDAQ:GRTS) shares dropped 64% to $0.0707 after the company announced it voluntarily filed for Chapter 11 restructuring.
Shares of Indivior PLC (NASDAQ:INDV) were down 19% to $7.66 after the company reported preliminary third-quarter revenue guidance and cut its FY24 net revenue guidance below estimates.
10x Genomics, Inc. (NASDAQ:TXG) was down, falling 29% to $14.87 after the company guided third-quarter preliminary revenue of $151.7 million, down 1% year over year.

Commodities

In commodity news, oil traded up 3.1% to $75.48 while gold traded up 0.7% at $2,644.80.

Silver traded up 1.7% to $31.175 on Thursday, while copper rose 0.5% to $4.4230.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.36%, Germany's DAX slipped 0.47% and France's CAC 40 fell 0.48%. Spain's IBEX 35 Index fell 0.76%, while London's FTSE 100 fell 0.08%.

Retail sales in Germany rose 1.6% month-over-month in August compared to a 1.5% gain in July.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 0.26%, Hong Kong's Hang Seng Index jumping 2.98%, China's Shanghai Composite Index gaining 1.32% and India's BSE Sensex rising 0.18%.

Producer prices in Japan rose by 2.8% year-over-year in September compared to a 2.6% increase in the prior month.

Economics

U.S. initial jobless claims rose by 33,000 from the prior week to 258,000 in the week ending October 5th, compared to market estimates of 230,000.
The annual inflation rate in the U.S. eased for a sixth straight month to 2.4% in September from 2.5% in the previous month, but came in above market estimates of 2.3%.

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