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U.S. stocks traded higher midway through trading, following the release of economic reports on Thursday.
The Dow traded up 0.44% to 37,254.25 while the NASDAQ rose 0.42% to 14,795.52. The S&P 500 also rose, gaining, 0.54% to 4,732.70.
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Energy shares rose by 2.5% on Thursday.
In trading on Thursday, consumer staples shares fell by 0.7%.
Shares of Adobe Inc. (NASDAQ:ADBE) fell 5% on Thursday after the company posted upbeat earnings for its fourth quarter, but issued weak sales forecast for full-year 2024.
The company reported quarterly earnings of $4.27 per share which exceeded the Street's estimate of $4.14. Revenue clocked in at $5.05 billion, surpassing the analyst consensus estimate of $5.03 billion.
Adobe said it sees FY24 total revenue to be between $21.30 billion and $21.50 billion, versus the $21.73 billion estimate.
Freight Technologies, Inc. (NASDAQ:FRGT) shares shot up 274% to $1.01 after the company announced Amazon Mexico renewed its selection of Fr8App for its logistical solutions.
Shares of Moderna, Inc. (NASDAQ:MRNA) got a boost, surging 12% to $88.16 after the company, and Merck, announced follow-up data from the Phase 2b randomized KEYNOTE-942/mRNA-4157-P201 study in patients with resected high-risk melanoma following complete resection.
VCI Global Limited (NASDAQ:VCIG) shares were also up, gaining 20% to $2.7243 after its financial technology arm, Accuventures Sdn Bhd, agreed to acquire the Malaysian digital platform EVOLET.
Amtech Systems, Inc. (NASDAQ:ASYS) shares dropped 31% to $4.1399 after the company reported worse-than-expected fourth-quarter sales results and issued first-quarter sales guidance below estimates.
Shares of Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM) were down 85% to $1.17 after the company released data from its pivotal STRIDE Phase 2b study of mavodelpar in adult patients with primary mitochondrial myopathies (PMM), a group of mitochondrial diseases that cause prominent muscular problems. The study did not meet its primary efficacy or secondary efficacy endpoint.
Cepton, Inc. (NASDAQ:CPTN) was down, falling 26% to $2.95 after the company posted downbeat third-quarter sales and issued weak FY23 revenue forecast. Craig-Hallum downgraded Cepton from Buy to Hold.
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In commodity news, oil traded up 3.6% to $72.00 while gold traded up 2.9% at $2,055.10.
Silver traded up 6.9% to $24.495 on Thursday while copper rose 2.9% to $3.8955.
European shares were higher today. The eurozone’s STOXX 600 climbed 0.90%, London’s FTSE 100 rose 1.22% while Spain’s IBEX 35 Index rose 0.73% The German DAX rose 0.09% French CAC 40 jumped 0.72%, while Italy’s FTSE MIB Index rose 0.28%.
The ECB kept interest rates unchanged for the second straight meeting, while the Bank of England held its benchmark interest rate at 5.25% for the third straight time.
Spain's consumer price inflation fell to 3.2% year-over-year in November from 3.5% in the prior month.
Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 falling 0.73%, Hong Kong’s Hang Seng Index gaining 1.07% and China’s Shanghai Composite Index falling 0.33%. India’s S&P BSE Sensex, meanwhile, rose 1.3%.
Manufacturing production in Hong Kong rose 4.4% year-over-year in the third quarter compared to a revised 2.7% rise in the prior period. The Hong Kong Monetary Authority (HKMA) held its base rate at 5.75% at its recent meeting.
Indian wholesale prices rose by 0.26 percent year-over-year in November. Japan’s industrial production growth was revised higher to 1.3% month-over-month in October versus a flash reading of 1.0%.
U.S. initial jobless claims fell by 19,000 to 202,000 in the week ending Dec. 9, well below market estimates of 220,000.
Export prices in the U.S. declined 0.9% month-over-month in November, while import prices declined by 0.4% in November.
Retail sales in the U.S. rose by 0.3% month-over-month in November following a revised 0.2% decline in October.
Total business inventories in the U.S. declined by 0.1% month-over-month in October following a revised 0.2% increase in the previous month.
U.S. natural-gas supplies fell 55 billion cubic feet last week, the EIA said.
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