Crude Oil Gains 3%; Kellanova Posts Upbeat Results

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 30 points on Thursday.

The Dow traded down 0.01% to 38,675.29 while the NASDAQ rose 0.19% to 15,787.09. The S&P 500 also fell, dropping, 0.02% to 4,993.95.

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Leading and Lagging Sectors

Energy shares rose by 0.7% on Thursday.

In trading on Thursday, utilities shares fell by 1.4%.

Top Headline

Kellanova K reported better-than-expected fourth-quarter financial results.

Kellanova posted adjusted earnings of 78 cents per share, beating market estimates of 74 cents per share. The company’s quarterly sales came in at $3.17 billion versus expectations of $3.08 billion.

Equities Trading UP

Syra Health Corp. SYRA shares shot up 425% to $6.04 after the company announced a partnership for a federal contract valued at $75 billion.

Shares of U Power Limited UCAR got a boost, surging 49% to $0.0985. The company appointed Jean Christophe von Pfetten as an independent director and a member of the Board’s Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, effective Feb. 1, 2024.

Arm Holdings plc ARM shares were also up, gaining 59% to $122.64 after the company reported better-than-expected third-quarter financial results and issued FY24 guidance above estimates.

Equities Trading DOWN

Tenax Therapeutics, Inc. TENX shares dropped 65% to $5.04 after the company announced the pricing of its $9 million public offering.

Shares of 23andMe Holding Co. ME were down 20% to $0.5762 after the company reported worse-than-expected third-quarter financial results and issued FY24 revenue guidance below estimates.

Digital Turbine, Inc. APPS was down, falling 21% to $3.98 after the company reported worse-than-expected third-quarter financial results.

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Commodities

In commodity news, oil traded up 3.1% to $76.11 while gold traded down 0.2% at $2,046.80.

Silver traded up 0.9% to $22.56 on Thursday while copper fell 1.1% to $3.6955.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.07%, London’s FTSE 100 fell 0.44% while Spain’s IBEX 35 Index rose 0.17% The German DAX rose 0.25% French CAC 40 rose 0.71% while Italy’s FTSE MIB Index gained 0.28%.

The RICS UK Residential Market Survey house price balance climbed to -18 in January versus from -29 a month ago.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 2.06%, Hong Kong’s Hang Seng Index falling 1.27% and China’s Shanghai Composite Index gaining 1.28%. India’s S&P BSE Sensex, meanwhile, fell 1.22%.

The Reserve Bank of India kept its benchmark policy repo unchanged at 6.5% for the sixth straight meeting in February. Japan’s current account surplus increased to JPY 744.5 billion in December from JPY 0.095 billion in the year-ago period, while the gauge for Japan's service sector declined to 50.2 in January compared to a revised reading of 51.8 in the prior month.

China's consumer prices declined by 0.8% year-over-year in January, while producer prices fell by 2.5% year-over-year last month.

Economics

U.S. initial jobless claims declined by 9,000 from the previous week's revised reading to 218,000 during the recent week, compared to market estimates of 220,000.

US wholesale inventories increased by 0.4% month-over-month in December compared to a 0.4% decline in the previous month.

U.S. natural-gas supplies fell 75 billion cubic feet during the week ended Feb. 2, 2024, versus market expectations for a decline of 76 billion cubic feet.

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