Crude Oil Moves Higher; Ciena Posts Downbeat Earnings
U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones falling around 0.1% points on Thursday.
The Dow traded down 0.06% to 42,400.42 while the NASDAQ fell 0.40% to 19,381.93. The S&P 500 also fell, dropping, 0.27% to 5,954.96.
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Leading and Lagging Sectors
Communication services shares jumped by 0.4% on Thursday.
In trading on Thursday, consumer discretionary stocks fell by 1.5%.
Top Headline
Ciena Corp (NYSE:CIEN) reported downbeat earnings for its fiscal second quarter.
The Hanover, Maryland-based company reported a quarterly revenue growth of 23.6% year-on-year to $1.13 billion, beating the analyst consensus estimate of $1.09 billion. The American telecommunications networking equipment and software services supplier reported adjusted EPS of 42 cents, missed the analyst consensus estimate of 52 cents.
Equities Trading UP
- Planet Labs PBC (NYSE:PL) shares shot up 51% to $6.03 following a first-quarter sales beat and after the company raised its FY26 sales guidance
- Shares of Liminatus Pharma, Inc (NASDAQ:LIMN) got a boost, surging 64% to $20.86 after the company announced it regained Nasdaq compliance.
- Owens & Minor, Inc. (NYSE:OMI) shares were also up, gaining 17% to $7.78 after the company announced it terminated its Rotech Healthcare acquisition.
Equities Trading DOWN
- ChargePoint Holdings, Inc. (NYSE:CHPT) shares dropped 23% to $0.6829 following a first-quarter sales miss and after the company issued second-quarter sales guidance below estimates.
- Shares of REGENXBIO Inc. (NASDAQ:RGNX) were down 16% to $8.49 after the company announced new functional data from PHASE I/II Affinity Duchenne® trial of RGX-202.
- PVH Corp. (NYSE:PVH) was down, falling 17% to $66.92 after the company cut its FY25 guidance below estimates and issued second-quarter adjusted EPS guidance below estimates.
Commodities
In commodity news, oil traded up 0.8% to $63.34 while gold traded down 0.8% at $3,373.80.
Silver traded up 3.1% to $35.735 on Thursday, while copper rose 0.7% to $4.9215.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.16%, while Spain's IBEX 35 Index rose 0.73%. London's FTSE 100 rose 0.11%, Germany's DAX 40 gained 0.19% and France's CAC 40 fell 0.18% during the session.
Asia Pacific Markets
Asian markets closed higher on Thursday, with Japan's Nikkei falling 0.51%, Hong Kong's Hang Seng Index jumping 1.07%, China's Shanghai Composite gaining 0.23% and India's BSE Sensex gaining 0.55%.
Economics
- Imports of goods and services into the US fell 16.3% to $351 billion during April.
- Unit labour costs in the US nonfarm business sector rose 6.6% during the first quarter.
- Exports of goods and services climbed 3% to $289.4 billion in April.
- Nonfarm business sector labor productivity in the U.S. declined by 1.5% in the first quarter.
- The U.S. trade gap shrank to $61.6 billion in April, recording the lowest level since September 2023.
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