Nasdaq Surges 1.5%; NVIDIA Shares Jump Following Strong Q1 Results

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining over 1.5% on Thursday.

The Dow traded down 0.20% to 32,733.60 while the NASDAQ rose 1.53% to 12,674.85. The S&P 500, also rose, gaining, 0.63% to 4,141.09.

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Leading and Lagging Sectors

• Information technology shares rose by 3.7% on Thursday. Meanwhile, top gainers in the sector included NVIDIA Corporation NVDA, up 25%, and Zuora, Inc. ZUO, up 19%.
• In trading on Thursday, energy shares fell 1.6%.

Top Headline

NVIDIA Corporation NVDA shares jumped more than 25% on Thursday after the company reported better-than-expected results for its first quarter and issued strong sales forecast for the current quarter.

First-quarter revenue came in at $7.19 billion, exceeding a Street estimate of $6.52 billion. For the second quarter, Nvidia expects revenue of $11 billion, plus or minus 2%, compared to a consensus of $7.15 billion.

Equities Trading UP

• Beamr Imaging Ltd. BMR shares shot up 175% to $6.06 after NVIDIA announced the release of NVENC Video Codec SDK 12.1 showcasing the integration with Beamr CABR.
• Shares of Kubient, Inc. KBNT got a boost, shooting 44% to $0.70. Kubient and Adomni reported a definitive merger agreement
• Wearable Devices Ltd. WLDS shares were also up, gaining 218% to $1.39 after the company announced its Mudra Band for Apple Watch is available for preorder.

Equities Trading DOWN

• Annexon, Inc. ANNX shares dropped 58% to $2.1950 after the company announced topline results from its ARCHER Phase 2 trial of ANX007 in patients with geographic atrophy (GA).
• Shares of Digital Turbine, Inc. APPS were down 42% to $8.40 after the company reported mixed fourth-quarter financial results and issued first-quarter adjusted EPS and revenue guidance below estimates.
• Biocept, Inc. BIOC was down, falling 45% to $2.35 as the company reported pricing of $5.0 million underwritten public offering.

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Commodities

In commodity news, oil traded down 2.9% to $72.16 while gold traded down 0.8% at $1,949.10.

Silver traded down 0.6% to $23.11 on Thursday while copper rose 1.1% to $3.60.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.23%, London’s FTSE 100 fell 0.69% while Spain’s IBEX 35 Index fell 0.4% The German DAX declined 0.23% French CAC 40 fell 0.29% and Italy’s FTSE MIB Index fell 0.44%.

German economy contracted by 0.3% in the first quarter, while GfK Consumer Climate Indicator rose for an eighth month in a row to -24.2 heading into June. Producer prices in Spain dropped 4.5% year-over-year in April versus a revised 1.4% decline in the prior month. The manufacturing climate indicator in France dropped for a third month to a reading of 99 in May.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 0.39%, Hong Kong’s Hang Seng Index falling 1.93% and China’s Shanghai Composite Index dropping 0.11%. India’s S&P BSE Sensex rose 0.2%.

Singapore’s economy expanded by 0.4% year-over-year in the first quarter versus the flash reading of 0.1%.Singapore's current account surplus fell to SGD 29.45 billion during the first quarter from SGD 34.43 billion in the year-earlier period.

Economics

• U.S. initial jobless claims increased to 229 thousand in the week ending May 20th, versus 225 thousand in the prior week and compared to market expectations of 245 thousand.
• The U.S. GDP grew by an annualized 1.3% on quarter in the first quarter, higher than market estimates of 1.1%.
• Corporate profits in the U.S. fell 6.8% to $2.307 trillion in the first quarter.
• Pending home sales in the U.S. came in unchanged in April following a 5.2% drop in March.
• U.S. natural gas supplies surged 96 billion cubic feet last week, the EIA said.

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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 107,066,660 cases with around 1,164,710 deaths. India confirmed a total of at least 44,988,420 cases and 531,850 deaths, while France reported over 40,066,340 COVID-19 cases with 167,270 deaths. In total, there were at least 689,218,760 cases of COVID-19 worldwide with more than 6,882,150 deaths.