Crude Oil Gains Over 2%; S&P Global Raises Profit Outlook

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Thursday.

The Dow traded up 1.51% to 33,775.43 while the NASDAQ rose 1.71% to 13,284.72. The S&P 500 also rose, gaining, 1.77% to 4,312.70.

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Leading and Lagging Sectors

Real estate shares jumped by 3.2% on Thursday.

In trading on Thursday, communication services shares rose by just 0.8%.

Top Headline

S&P Global Inc. SPGI reported better-than-expected third-quarter financial results and raised its annual profit outlook.

S&P Global posted adjusted earnings of $3.21 per share, beating market estimates of $3.05 per share. The company’s sales came in at $3.08 billion versus estimates of $3.02 billion.

S&P Global raised its 2023 adjusted earnings forecast from $12.35-$12.55 to $12.50-$12.60.

Equities Trading UP

Aware, Inc. AWRE shares shot up 38% to $1.4450 after the company reported strong quarterly sales results.

Shares of Rocky Brands, Inc. RCKY got a boost, shooting 38% to $17.45 after the company reported better-than-expected third-quarter financial results.

Lemonade, Inc. LMND shares were also up, gaining 40% to $15.40 following strong third-quarter results.

Equities Trading DOWN

Outlook Therapeutics, Inc. OTLK shares dropped 49% to $0.3250 after the FDA informed the company that an additional adequate and well-controlled clinical trial would be required for the approval of ONS-5010 for the treatment of wet AMD.

Shares of Confluent, Inc. CFLT were down 44% to $15.61 after the company reported third-quarter financial results.

POET Technologies Inc. POET was down, falling 39% to $1.67 after the company initiated a public offering in the United States and a non-brokered offering in Canada.

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Commodities

In commodity news, oil traded up 2.4% to $82.35 while gold traded up 0.3% at $1,993.00.

Silver traded up 0.4% to $22.88 on Thursday while copper rose 0.9% to $3.6825.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.58%, London’s FTSE 100 rose 1.42% while Spain’s IBEX 35 Index rose 2.04% The German DAX gained 1.48% French CAC 40 climbed 1.85%, while Italy’s FTSE MIB Index jumped 1.77%.

The HCOB Eurozone manufacturing PMI fell to 43.1 in October from 43.4 in September. The S&P Global France manufacturing PMI was revised higher to 42.8 in October from a preliminary reading of 42.6.

German jobless rate increased to 5.8% in October from 5.7% in September, while German manufacturing PMI was revised higher to 40.8 in October versus a preliminary level of 40.7. The Bank of England held its benchmark interest rate at 5.25% for the second straight time at its November meeting.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 rising 1.10%, Hong Kong’s Hang Seng Index gaining 0.75% and China’s Shanghai Composite Index falling 0.45%. India’s S&P BSE Sensex, meanwhile, rose around 0.77%.

The Hong Kong Monetary Authority held its base rate at 5.75% during its recent meeting. Australian trade surplus on goods narrowed to a 30-month low level of AUD 6.79 billion in September.

Economics

U.S. initial jobless claims increased by 5,000 to 217,000 in the week ending Oct. 28, compared to market estimates of 210,000.

Unit labor costs in the U.S. nonfarm business sector fell by 0.8% in the third quarter versus a revised 3.2% rise in the prior three-month period.

Nonfarm business sector labor productivity surged by 4.7% in the third quarter following a revised 3.6% increase in the third quarter.

U.S. natural gas supplies climbed 79 billion cubic feet last week, the EIA said.

U.S. factory orders rose 2.8% from the prior month to $601.5 in September.

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