Gold Edges Lower; Alibaba Posts Upbeat Results

Author: Lisa Levin | August 10, 2023 02:53pm

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 150 points on Thursday.

The Dow traded up 0.44% to 35,277.94 while the NASDAQ rose 0.29% to 13,761.56. The S&P 500, also rose, gaining, 0.28% to 4,480.22.

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Leading and Lagging Sectors

• Communication services shares jumped by 0.4% on Thursday.
• In trading on Thursday, industrials shares fell by 0.4%.

 

Top Headline

Alibaba Group Holding Limited (NYSE:BABA) reported better-than-expected first-quarter financial results.

Alibaba reported first-quarter FY23 revenue growth of 14% year-on-year to $32.29 billion, beating the consensus of $31.20 billion. Non-GAAP earnings per ADS of $2.40 beat the consensus of $2.02.

 

Equities Trading UP

• Edible Garden AG Incorporated (NASDAQ:EDBL) shares shot up 29% to $1.53 after the company reported better-than-expected second-quarter financial results.
• Shares of Capri Holdings Limited (NYSE:CPRI) got a boost, shooting 56% to $54.03 after Tapestry announced a definitive agreement to acquire the company.
• Holley Inc. (NYSE:HLLY) shares were also up, gaining 20% to $7.43 after the company posted upbeat second-quarter results and raised FY23 revenue outlook.

 

Equities Trading DOWN

• Galera Therapeutics, Inc. (NASDAQ:GRTX) shares dropped 84% to $0.3581 after the company announced it received a Complete Response Letter from the FDA for avasopasem manganese.
• Shares of Amyris, Inc. (NASDAQ:AMRS) were down 69% to $0.1078 after the company announced it filed for Chapter 11 bankruptcy.
• Origin Materials, Inc. (NASDAQ:ORGN) was down, falling 68% to $1.3664 after the company reported mixed second-quarter financial results.

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Commodities

In commodity news, oil traded down 1.5% to $83.16 while gold traded down 0.2% at $1,946.40.

Silver traded up 0.1% to $22.745 on Thursday while copper fell 0.8% to $3.7520.

 

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.79%, London’s FTSE 100 rose 0.41% while Spain’s IBEX 35 Index rose 1.58% The German DAX gained 0.91% French CAC 40 rose 1.52% and Italy’s FTSE MIB Index gained 0.94%.

The annual inflation rate in Italy eased to 5.9% in July from 6.4% in the prior month.

 

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 0.84%, China’s Shanghai Composite Index gaining 0.31% and Hong Kong’s Hang Seng Index gaining 0.01%. India’s S&P BSE Sensex, meanwhile, fell 0.5%.

The Reserve Bank of India maintained its benchmark policy repo at 6.5% for the third straight meeting in August. Producer prices in Japan increased by 3.6% year-over-year in July following a revised 4.3% increase in June.

 

Economics

• U.S. initial jobless claims increased by 21,000 from the previous week to 248,000 in the week ended August 5, sharply above market estimates of 230,000.
• Annual inflation rate in the U.S. rose to 3.2% in July from 3% in June, but down from market estimates of 3.3%. The monthly inflation rate, however, held steady at 0.2% in July, matching market estimates.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,583,080 cases with around 1,170,860 deaths. India confirmed a total of at least 44,996,110 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,025,830 cases of COVID-19 worldwide with more than 6,905,740 deaths.

Posted In: AMRS BABA CPRI EDBL GRTX HLLY ORGN