Nasdaq Surges Over 100 Points; Nvidia Posts Upbeat Q1 Results

Author: Avi Kapoor | May 23, 2024 09:55am

U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining more than 100 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.43% to 39,500.41 while the NASDAQ rose 0.80% to 16,936.60. The S&P 500 also rose, gaining, 0.29% to 5,322.53.

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Leading and Lagging Sectors

Information technology shares rose by 1.7% on Thursday.

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

Top Headline

NVIDIA Corporation (NASDAQ:NVDA) reported better-than-expected financial results for its first quarter and issued strong guidance for the second quarter.

The company announced a 10-for-1 stock split and raised its quarterly dividend by 150%.

Equities Trading UP

OneMedNet Corporation (NASDAQ:ONMD) shares shot up 150% to $1.20 after the company reported a greater than five-fold expansion of its proprietary iRWD™ network and platform.
Shares of Ascent Solar Technologies, Inc. (NASDAQ:ASTI) got a boost, surging 107% to $0.2720 after jumping 19% on Wednesday.
Zoomcar Holdings, Inc. (NASDAQ:ZCAR) shares were also up, gaining 59% to $0.3331.

Equities Trading DOWN

MGO Global, Inc (NASDAQ:MGOL) shares dropped 42% to $0.6752 after dipping over 7% on Wednesday.
Shares of Akoustis Technologies, Inc. (NASDAQ:AKTS) were down 36% to $0.2013 after jumping over 128% on Wednesday. Akoustis announced a $10 million registered direct offering priced at-the-market under Nasdaq rules.
Akanda Corp. (NASDAQ:AKAN) was down, falling 25% to $2.73.

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Commodities

In commodity news, oil traded up 0.7% to $78.13 while gold traded down 1.1% at $2,366.50.

Silver traded down 1.9% to $30.895 on Thursday, while copper fell 0.2% to $4.8385.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.4%, Germany's DAX rose 0.4% and France's CAC 40 climbed 0.5%. Spain's IBEX 35 Index rose 0.2%, while London's FTSE 100 rose 0.1%.

The HCOB Eurozone services PMI came in unchanged at 53.3 in May, while manufacturing PMI rose to 47.4 in May 2024, recording the highest level in 15 months.

The S&P Global UK composite PMI fell to 52.8 in May, from 54.1 in April. The Germany composite PMI climbed to 52.2 in May, notching the strongest reading in a year. France composite PMI declined to 49.1 in May compared to 50.5 in the previous month.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei surging 1.26%, China's Composite Index dipping 1.33%, Hong Kong's Hang Seng Index falling 1.70% and India's S&P BSE Sensex gaining 1.36%.

The annual inflation rate in Hong Kong eased to 1.1% in April versus 2% a month ago and compared to market estimates of 2.1%. The HSBC India composite PMI rose to 61.7 in May 2 from 61.5 a month ago. The au Jibun Bank Japan composite PMI increased to 52.4 in May from 52.3 a month ago.

Economics

The Chicago Fed National Activity Index declined to -0.23 in April versus a revised reading of -0.04 in the prior month.
U.S. initial jobless claims declined by 8,000 to 215,000 in the week ending May 18, compared to market estimates of 220,000.

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Posted In: AKAN AKTS ASTI MGOL NVDA ONMD ZCAR