Nasdaq Surges Over 150 Points; ConocoPhillips Earnings Top Estimates

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining more than 150 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.04% to 44,174.56 while the NASDAQ gained 0.83% to 21,345.90. The S&P 500 also rose, gaining, 0.32% to 6,365.19.

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Leading and Lagging Sectors

Information technology shares jumped by 1% on Thursday.

In trading on Thursday, health care stocks fell by 1.7%.

Top Headline

ConocoPhillips (NYSE:COP) reported better-than-expected earnings for the second quarter on Thursday.

The company posted quarterly earnings of $1.42 per share which beat the analyst consensus estimate of $1.40 per share. The company reported quarterly sales of $14.740 billion which beat the analyst consensus estimate of $14.626 billion r.

Equities Trading UP
           

• CIMG Inc. (NASDAQ:IMG) shares shot up 180% to $0.56 after the company announced that its subsidiary Shanghai Huomao Cultural Development Co., Ltd. (“Huomao”) has officially launched its premium Maotai-style liquor, Huomao Jiangxiang Baijiu, on major Chinese e-commerce platforms. The company also revealed it has initiated global partnership recruitment and appointed brand ambassadors in several countries such as Singapore, Kazakhstan, Japan, Germany and Italy.
• Shares of Brilliant Earth Group, Inc. (NASDAQ:BRLT) got a boost, surging 49% to $2.1250 after the company announced better-than-expected quarterly results.
• Bit Origin Ltd (NASDAQ:BTOG) shares were also up, gaining 46% to $0.4867.

Equities Trading DOWN

• Sabre Corporation (NASDAQ:SABR) shares dropped 37% to $1.8950 after the company reported worse-than-expected quarterly financial results.
• Shares of Sana Biotechnology, Inc. (NASDAQ:SANA) were down 29% to $3.0350 after the company reported the pricing of public offering.
• Redwire Corporation (NYSE:RDW) was down, falling 28% to $9.93 after the company reported worse-than-expected second-quarter financial results and cut its FY25 sales guidance.

Commodities

In commodity news, oil traded down 0.1% to $64.34 while gold traded up 0.4% at $3,446.60.

Silver traded up 1.5% to $38.450 on Wednesday, while copper rose 0.2% to $4.4220.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.8%, while Spain's IBEX 35 Index gained 0.7%. London's FTSE 100 fell 0.8%, Germany's DAX 40 gained 1.2% and France's CAC 40 rose 1% during the session.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 0.65%, Hong Kong's Hang Seng gaining 0.69%, China's Shanghai Composite gaining 0.16% and India's BSE Sensex rising 0.1%.

Economics

• U.S. wholesale inventories increased by 0.1% month-over-month to $906.3 billion in June following a 0.3% decline in the previous month.
• U.S. unit labor costs in the nonfarm business sector climbed by 1.6% in the second quarter.
• U.S. labor productivity in the nonfarm business sector surged by 2.4% in second quarter.
• U.S. initial jobless claims surged by 7,000 to 226,000 in the final week of July, compared to market expectations of a reading of 221,000.

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