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Midway through trading Thursday, the Dow traded down 0.16 percent to 17,884.49 while the NASDAQ surged 0.04 percent to 4,776.44. The S&P also fell, dropping 0.15 percent to 2,071.15.
Leading and Lagging Sectors
On Thursday, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Hawaiian Electric Industries (NYSE: HE) and Enbridge (NYSE: ENB).
In trading on Thursday, energy shares were relative laggards, down on the day by about 0.56 percent. Meanwhile, top losers in the sector included Baytex Energy (NYSE: BTE), down 11.8 percent, and Penn West Petroleum (NYSE: PWE), off 9.8 percent.
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Top Headline
Dollar General (NYSE: DG) reported downbeat earnings for the third quarter.
The Goodlettsville, Tennessee-based company posted quarterly net income of $236.3 million, or $0.78 per share, versus $237.4 million, or $0.74 per share, in the year-ago quarter. Its adjusted earnings came in at $0.79 per share.
Its sales gained 7.8% to $4.72 billion. However, analysts were expecting earnings of $0.80 per share on revenue of $4.75 billion. Its same-store sales gained 2.8% in the quarter.
Equities Trading UP
Array BioPharma (NASDAQ: ARRY) shares shot up 14.58 percent to $4.48 after the company reported that it has regained full worldwide rights to Binimetinib.
Shares of Avago Technologies (NASDAQ: AVGO) got a boost, shooting up 7.75 percent to $102.50 after the company reported better-than-expected quarterly results. Credit Suisse raised the price target on the stock from $105.00 to $125.00.
Hawaiian Electric Industries (NYSE: HE) shares were also up, gaining 15.94 percent to $32.68 after NextEra Energy (NYSE: NEE) announced its plans to buy Hawaiian Electric in a transaction valued at approximately $4.3 billion.
Equities Trading DOWN
Gildan Activewear (NYSE: GIL) shares tumbled 7.67 percent to $53.80 after the company reported a weaker-than-expected profit for the fourth quarter and issued a weak guidance.
Shares of Barnes & Noble (NYSE: BKS) were down 9.55 percent to $20.11 after the company reported weaker-than-expected fiscal second-quarter profit. The company also announced that it is ending its commercial deal with Microsoft (NASDAQ: MSFT).
Express (NYSE: EXPR) was down, falling 9.25 percent to $13.15 after the company cut its forecast for the year.
Commodities
In commodity news, oil traded down 1.34 percent to $66.48, while gold traded up 0.05 percent to $1,209.30.
Silver traded up 1.15 percent Thursday to $16.60, while copper rose 1.36 percent to $2.91.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 declined 0.80 percent, the Spanish Ibex Index slipped 1.63 percent, while Italy’s FTSE MIB Index dipped 1.80 percent. Meanwhile, the German DAX slipped 0.56 percent and the French CAC 40 tumbled 1.11 percent while UK shares fell 0.35 percent.
Economics
US initial jobless claims slipped 17,000 to 297,000 in the week ended November 29. However, economists were expecting claims to total 295,000 in the week.
Announced layoffs slipped to around 36,000 in November, according to data by Challenger, Gray & Christmas.
US natural-gas supplies slipped 22 billion cubic feet for the week ended November 28, according to the Energy Information Administration. However, analysts were estimating a drop of 39 bcf to 43 bcf for the week.
Data on money supply will be released at 4:30 p.m. ET.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.