S&P 500 Rises 0.5%; Ciena Posts Upbeat Q4 Results

S&P 500 Rises 0.5%; Ciena Posts Upbeat Q4 Results

U.S. stocks traded higher toward the end of trading, with the NASDAQ gaining around 100 points on Thursday.

The Dow traded up 0.27% to 33,689.58 while the NASDAQ rose 0.92% to 11,059.06. The S&P 500 also rose, gaining, 0.54% to 3,955.30.

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Leading and Lagging Sectors


Information technology shares rose by 1.2% on Thursday. Meanwhile, top gainers in the sector included Agora, Inc. API, up 20%, and TeraWulf Inc. WULF, up 23%.


In trading on Thursday, communication services shares fell by 0.3%.


Top Headline

 

Ciena Corporation CIEN reported better-than-expected Q4 sales results.

Ciena reported a fourth-quarter FY22 revenue decline of 6.8% year-on-year to $971 million, beating the consensus of $849.9 million. Non-GAAP EPS of $0.61 also surpassed estimates.

 

Equities Trading UP

 

  • Pharvaris N.V. PHVS shares shot up 168% to $7.00 after the company reported top-line Phase 2 data from the RAPIDe-1 study of PHVS416 for the on-demand treatment of HAE attacks. The primary endpoint and all secondary endpoints were met.
  • Shares of Hello Group Inc. MOMO got a boost, shooting 31% to $6.86 after the company reported better-than-expected Q3 results.
  • Rent the Runway, Inc. RENT shares were also up, gaining 70% to $2.3086 after the company reported better-than-expected Q3 sales results. The company also issued Q4 sales guidance above analyst estimates and raised its FY22 sales guidance above estimates.

 

Equities Trading DOWN

  • Eiger BioPharmaceuticals, Inc. EIGR shares tumbled 70% to $1.1350 after the company announced topline primary Week 48 data from its Phase 3 D-LIVR study of lonafarnib in two regimens in patients with chronic Hepatitis Delta Virus (HDV).
  • Shares of Relmada Therapeutics, Inc. RLMD were down 48% to $2.15 after the company said the RELIANCE trial for REL-1017 did not meet the primary endpoint.
  • Design Therapeutics, Inc. DSGN was down, falling 44% to $7.07 after the company reported data from its single-ascending dose trial of DT-216 for the treatment of Friedreich ataxia and portfolio progress.


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Commodities

In commodity news, oil traded up 0.5% to $72.39 while gold traded up 0.1% at $1,800.40.


Silver traded up 1.4% to $23.235 on Thursday while copper rose 0.4% to $3.8770.

 


Euro zone


European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.17%, London’s FTSE 100 fell 0.23% while Spain’s IBEX 35 Index fell 0.79%. The German DAX gained 0.02%, French CAC 40 fell 0.20% and Italy’s FTSE MIB Index fell 0.14%.

 

Asia Pacific Markets


Asian markets closed mixed on Thursday, with the Japan’s Nikkei dropping 0.40% and Hong Kong’s Hang Seng Index jumping 3.38%. China’s Shanghai Composite Index fell 0.07%.

The gauge for Japan's service sector sentiment fell by 1.8 points from the previous month to 48.1 in November, while value of loans in Japan climbed 2.7% year-over-year in November. Japan recorded a deficit of JPY 64.1 billion in October, while the country’s economy contracted an annualized 0.8% during the third quarter.

 

Economics


US initial jobless claims rose by 4,000 to 230,000 in the week ending December 3, matching market estimates.


US natural-gas supplies dropped 21 billion cubic feet last week, the EIA said.

 

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 101,104,270 cases with around 1,108,810 deaths. India confirmed a total of at least 44,675,280 cases and 530,640 deaths, while France reported over 38,259,830 COVID-19 cases with 159,450 deaths. In total, there were at least 651,761,810 cases of COVID-19 worldwide with more than 6,652,430 deaths.

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