Crude Oil Rises Over 1%; Tapestry Posts Upbeat Earnings

U.S. stocks traded slightly higher midway through trading, with the Nasdaq Composite gaining around 50 points on Thursday.

The Dow traded up 0.01% to 34,114.64 while the NASDAQ rose 0.35% to 13,697.53. The S&P 500 also rose, gaining, 0.16% to 4,389.61.

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Leading and Lagging Sectors

Industrials shares rose by 0.5% on Thursday.

In trading on Thursday, health care shares fell by 1.6%.

Top Headline

Tapestry Inc TPR reported upbeat earnings for its first quarter on Thursday.

Tapestry reported first-quarter FY24 sales growth of 0.4% year-on-year to $1.51 billion, versus the analyst consensus estimate of $1.53 billion. Adjusted EPS of $0.93 beat the analyst consensus of $0.90.

Equities Trading UP

Astra Space, Inc. ASTR shares shot up 83% to $1.3572 after the company announced it received a non-binding proposal from founders Chris Kemp and Adam London offering to acquire all of the outstanding common stock of the company not currently owned by Kemp and London.

Shares of Intelligent Bio Solutions Inc. INBS got a boost, shooting 135% to $0.5341 as the company posted first-quarter results.

Tempest Therapeutics, Inc. TPST shares were also up, gaining 28% to $3.6003 following third-quarter results.

Equities Trading DOWN

Ikena Oncology, Inc. IKNA shares dropped 62% to $1.59 following weak sales.

Shares of Atara Biotherapeutics, Inc. ATRA were down 74% to $0.3207 after the company said that primary analysis data from its Phase 2 EMBOLD study of ATA188 in non-active progressive multiple sclerosis (PMS) did not meet the primary endpoint of confirmed disability improvement (CDI) by expanded disability status scale (EDSS) at 12 months compared to placebo.

Enviva Inc. EVA was down, falling 76% to $0.9102 following third-quarter results. Enviva named Glenn Nunziata as interim Chief Executive Officer in addition to his CFO role.

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Commodities

In commodity news, oil traded up 1.2% to $76.21 while gold traded up 0.3% at $1,963.70.

Silver traded up 1.1% to $22.98 on Thursday while copper rose 0.5% to $3.6560.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.73%, London’s FTSE 100 rose 0.62% while Spain’s IBEX 35 Index rose 1.10% The German DAX rose 0.51% French CAC 40 rose 0.94%, while Italy’s FTSE MIB Index rose 0.62%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 1.49%, Hong Kong’s Hang Seng Index falling 0.33% and China’s Shanghai Composite Index rising 0.03%. India’s S&P BSE Sensex, meanwhile, fell around 0.22%.

China's consumer prices fell by 0.2% year-over-year in October, while producer prices fell 2.6% year-over-year in October. The gauge for Japan's service sector sentiment fell to 49.5 in October versus 49.9 a month ago. Japan's current account surplus increased to JPY 2,726.3 billion in September, while value of loans in Japan climbed 2.8% year-over-year in October.

Economics

U.S. initial jobless claims fell by 3,000 to 217,000 in the week ending Nov. 9, compared to market estimates of 218,000.

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