U.S. stocks traded higher late in trading, with the Nasdaq Composite rising more than 250 points on Thursday.
The Dow rose 0.18% to 38,532.50 while the NASDAQ rose 1.63% to 16,433.83. The S&P 500 Index also rose 0.83% to 5,203.26.
Check it: How to Make $500 a Month from Citigroup Stock Ahead of the First Quarter Earnings Report
Leading and lagging sectors
Computer stocks rose 2.2% on Thursday.
Energy stocks fell 0.3% in Thursday trading.
Main title
Constellation Brands Inc STZ reported better-than-expected fourth-quarter earnings.
Constellation Brands reported fourth-quarter FY24 sales growth of 7.1% year-over-year to $2.14 billion, beating analysts’ consensus estimate of $2.10 billion. Comparable EPS, excluding Canopy EIE, was $2.30. Comparable EPS of $2.26 beat the consensus estimate of $2.09.
Stock trading UP
Rallybio Corporation RLYB shares jumped 87% to $3.0419 after the company announced a collaboration with Johnson & Johnson to advance therapies for pregnant women at risk of FNAIT.
Shares of Eliem Therapeutics, Inc. ELIMO got a boost, rising 58% to $4.2153. The company announced that it has entered into a definitive acquisition agreement to acquire Tenet and has also entered into a stock purchase agreement for a $120 million private placement.
Rent the Track, Inc. RENT Shares also rose, gaining 128% to $16.88 after the company reported mixed fourth-quarter financial results and issued guidance.
Stock Trading DOWN
Aptevo Therapeutics Inc. APVO shares fell 59% to $0.9870 after the company priced its public offering at $4.6 million.
Shares of Enlivex Therapeutics Ltd. ENLV they fell 54% to $1.83. The company announced topline results from its Phase II study evaluating Allocetra in sepsis.
AVITA Medical, Inc. RCEL fell 29% to $10.20 after the company announced an update to its expected commercial revenue for the first quarter of 2024. BTIG downgraded the stock from Buy to Neutral.
Also check this: The 3 main financial stocks that are launching portfolio bombs
Merci
In commodity news, oil fell 1.1% to $85.29, while gold rose 1.3% to $2,379.80.
Silver traded 1.4% higher at $28.430 on Thursday, while copper fell 0.5% to $4.2605.
Eurozone
European stocks were lower today. The Eurozone’s STOXX 600 lost 0.40%, London’s FTSE 100 lost 0.47% while the Spanish IBEX 35 index lost 1.16%. The German DAX lost 0.79% The French CAC 40 lost 0.27% while the Italian FTSE MIB index lost 0.96%.
The European Central Bank kept interest rates unchanged for the fifth time in a row at its April meeting.
Asia Pacific Markets
Asian markets ended mixed on Thursday, with Japan’s Nikkei 225 down 0.35%, Hong Kong’s Hang Seng index down 0.26%, China’s Shanghai Composite up 0.23% and l The S&P BSE Indian Sensex index rose by 0.47%.
Consumer prices in China increased 0.1% year-on-year in March, while producer prices fell 2.8% year-on-year in March.
Economy
U.S. producer prices rose 0.2% month over month in March compared to a 0.6% increase in February. However, analysts had expected a gain of 0.3%.
U.S. initial jobless claims fell 11,000 to 211,000 in the week ending April 6, compared to market estimates of 215,000.
Now read this: Citigroup likely to report lower first-quarter earnings; Here are the recent changes in forecasts provided by the most accurate analysts on Wall Street