Dow Surges Over 250 Points; Accenture Earnings Top Views

Author: Avi Kapoor | September 26, 2024 02:52pm

U.S. stocks traded higher toward the end of trading, with the Dow Jones index rising more than 250 points on Thursday.

The Dow traded up 0.63% to 42,177.28 while the NASDAQ rose 0.54% to 18,179.88. The S&P 500 also rose, gaining, 0.36% to 5,743.03.

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Leading and Lagging Sectors

Materials shares jumped by 1.9% on Thursday.

In trading on Thursday, energy shares fell by 2%.

Top Headline

Accenture Plc (NYSE:ACN) reported better-than-expected earnings for its fourth quarter.

The company posted quarterly sales of $16.41 billion compared with the analyst consensus estimate of $16.39 billion, up 3% Y/Y in U.S. dollars and 5% in local currency. The adjusted EPS of $2.79 topped the analyst consensus estimate of $2.77.

Accenture declared a quarterly cash dividend of $1.48 per share, implying a growth of 15%. The board approved $4.0 billion in additional share repurchase authority, bringing Accenture's total outstanding authority to approximately $6.7 billion.

Equities Trading UP

Telesis Bio, Inc. (NASDAQ:TBIO) shares shot up 43% to $3.31 after the company announced a partnership with Beckman Coulter Life Sciences to revolutionize DNA and mRNA synthesis.
Shares of Pasithea Therapeutics Corp. (NASDAQ:KTTA) got a boost, surging 62% to $6.24 after the company announced safety, tolerability, pharmacokinetic and preliminary efficacy data from the first 2 cohorts of patients in its Phase 1 clinical trial of PAS-004.
Jabil Inc. (NYSE:JBL) shares were also up, gaining 11% to $125.56 after the company reported better-than-expected fourth-quarter financial results and approved a $1 billion share buyback.

Equities Trading DOWN

Concentrix Corporation (NASDAQ:CNXC) shares dropped 16% to $53.29 following mixed third-quarter financial results.
Shares of Ryde Group Ltd. (NYSE:RYDE) were down 32% to $0.7792 after the company announced a $4.5 million public offering at $0.85 per unit.
MDxHealth SA (NASDAQ:MDXH) was down, falling 21% to $2.00 after the company announced the pricing of a $40 million offering of 20 million shares at $2.00 per share

Commodities

In commodity news, oil traded down 2.5% to $67.95 while gold traded up 0.2% at $2,690.70.

Silver traded up 0.9% to $32.315 on Thursday, while copper rose 3.1% to $4.6290.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 1.25%, Germany's DAX climbed 1.69% and France's CAC 40 jumped 2.33%. Spain's IBEX 35 Index rose 1.36%, while London's FTSE 100 rose 0.20%.

Bank lending to households in the Eurozone increased by 0.6% year-over-year to €6.891 trillion in August compared to a 0.5% rise in the prior month. The GfK Consumer Climate Indicator for Germany climbed to a reading of -21.2 heading into October versus a revised reading of -21.9 in the prior period.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 jumping 2.79%, Hong Kong's Hang Seng Index jumping 4.16%, China's Shanghai Composite Index gaining 3.61% and India's BSE Sensex gaining 0.78%.

Hong Kong’s trade deficit widened to $33.1 billion in August versus $25.6 billion in the year-ago month.

Economics

U.S. core PCE prices increased by 2.8% from the prior quarter during the second quarter compared to a 3.7% gain in the previous period.
U.S. durable goods orders came in mostly unchanged from the previous month in August versus the revised 9.8% jump in the earlier period.
U.S. initial jobless claims fell by 4,000 from the prior week to 218,000 during the period ending September 21, compared to estimates of 225,000.
The US economy expanded at an annualized rate of 3% during the second quarter versus a revised 1.6% increase in the first quarter.
Pending home sales in the U.S. rose by 0.6% from the prior month in August versus market estimates of a 0.3% increase.
U.S. natural-gas stocks rose 47 billion cubic feet in the week ended Sept. 20, compared to market estimates of a 52 bcf gain.

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