Sector Update: Health Care Stocks Advance Late Afternoon

Health care stocks rose late Thursday afternoon, with the NYSE Health Care Index up 0.6% and the Health Care Select Sector SPDR Fund (XLV) adding 0.8%.

The iShares Biotechnology ETF (IBB) gained 1%.

In corporate news, Pyxis Oncology shares tumbled 45% after William Blair downgraded the stock to market perform.

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining by more than 500 points on Thursday.

The Dow traded up 1.24% to 43,945.57 while the NASDAQ rose 0.09% to 18,982.36. The S&P 500 also rose, gaining, 0.62% to 5,953.83.

Check This Out: Jim Cramer Likes Devon Energy, But Calls Another Stock ‘Far Superior‘

Leading and Lagging Sectors

Energy shares rose by 1.6% on Thursday.

In trading on Thursday, communication services shares fell by 2.3%.

Top Headline

Shares of Baidu, Inc fell more than 5% on Thursday after the company reported results for its fiscal third quarter.

The company posted quarterly revenue of $4.78 billion, down 3% year-on-year, topping the analyst consensus estimate of $4.69 billion. Baidu's adjusted earnings per ADS of $2.37 beat the analyst consensus estimate of $2.35.

Equities Trading UP

• Quantum Computing Inc. shares shot up 29% to $4.75. Quantum Computing announced it received another purchase order for its photonic chip foundry.
• Shares of Snowflake Inc. got a boost, surging 32% to $170.79 after the company reported stronger-than-expected results for its third quarter. Snowflake expects fourth-quarter product revenue in the range of $906 million to $911 million, up approximately 23% year-over-year. The company also raised its full-year product revenue guidance from $3.356 billion to $3.43 billion, representing 29% year-over-year growth.
• Universal Technical Institute, Inc. shares were also up, gaining 19% to $23.71 after the company posted upbeat quarterly earnings.

Equities Trading DOWN

• Cool Company Ltd. shares dropped 13% to $9.27 following third-quarter results.
• Shares of Pyxis Oncology, Inc. were down 44% to $2.14 after the company announced PYX-201 clinical Phase 1 part 1 data.
• Kura Oncology, Inc. was down, falling 34% to $10.46. Kura Oncology and Kyowa Kirin disclosed a global strategic collaboration to develop and commercialize Ziftomenib in Acute Leukemias.

Commodities

In commodity news, oil traded up 1.7% to $70.06 while gold traded up 0.8% at $2,673.60.

Silver traded down 0.3% to $30.920 on Thursday, while copper fell 0.9% to $4.1170.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 rose 0.41%, Germany's DAX gained 0.74% and France's CAC 40 rose 0.21%. Spain's IBEX 35 Index rose 0.19%, while London's FTSE 100 gained 0.79%.

Consumer confidence in the Eurozone fell by 1.2 points to a reading of -13.7 in November.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan's Nikkei 225 falling 0.85%, Hong Kong's Hang Seng Index falling 0.53%, China's Shanghai Composite Index gaining 0.07% and India's BSE Sensex falling 0.54%.

Economics

• U.S. existing home sales gained by 3.5% from the previous month to an annualized rate of 3.96 million in October.
• The Philadelphia Fed Manufacturing Index fell to -5.5 in November from 10.3 in the previous month, and compared to market estimates of 8.
• U.S. initial jobless claims declined by 6,000 from the previous week to 213,000 in the week ending Nov. 16.

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• Top 3 Tech Stocks Which Could Rescue Your Portfolio In Q4

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Health care stocks were higher Thursday afternoon, with the NYSE Health Care Index rising 0.6% and the Health Care Select Sector SPDR Fund (XLV) adding 0.9%.

The iShares Biotechnology ETF (IBB) rose 1.3%.

In corporate news, Telomir Pharmaceuticals said Thursday that a preclinical study showed "significant" age reversal effects in subjects treated with Telomir-1, a compound designed to reverse aging and support longevity. Its shares popped 4.3%.

HOOKIPA Pharma shares tumbled 8% after the company said late Wednesday that it would reduce its workforce by about 80% as part of a restructuring plan.

Biomerica said Thursday it received three international patents covering the technology and methods for treating gastroesophageal reflux disease, Crohn's disease, and ulcerative colitis using its inFoods technology. Its shares added 1.6%.

U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining by more than 400 points on Thursday.

The Dow traded up 1.03% to 43,855.97 while the NASDAQ fell 0.10% to 18,948.11. The S&P 500 also rose, gaining, 0.41% to 5,941.38.

Check This Out: Jim Cramer Likes Devon Energy, But Calls Another Stock ‘Far Superior‘

Leading and Lagging Sectors

Energy shares rose by 1.5% on Thursday.

In trading on Thursday, communication services shares fell by 2.7%.

Top Headline

Deere & Co reported better-than-expected earnings for its fourth quarter.

The company posted a fourth-quarter net sales and revenue decline of 28% year-over-year to $11.143 billion, beating the consensus of $9.335 billion. Deere clocked an EPS of $4.55, down from $8.26 YoY, beating the consensus of $3.90

Equities Trading UP

• Quantum Computing Inc. shares shot up 29% to $4.75. Quantum Computing announced it received another purchase order for its photonic chip foundry.
• Shares of Snowflake Inc. got a boost, surging 32% to $169.90 after the company reported stronger-than-expected results for its third quarter. Snowflake expects fourth-quarter product revenue in the range of $906 million to $911 million, up approximately 23% year-over-year. The company also raised its full-year product revenue guidance from $3.356 billion to $3.43 billion, representing 29% year-over-year growth.
• Universal Technical Institute, Inc. shares were also up, gaining 19% to $23.60 after the company posted upbeat quarterly earnings.

Equities Trading DOWN

• Cool Company Ltd. shares dropped 16% to $8.91 following third-quarter results.
• Shares of Pyxis Oncology, Inc. were down 46% to $2.0650 after the company announced PYX-201 clinical Phase 1 part 1 data.
• Kura Oncology, Inc. was down, falling 38% to $9.87. Kura Oncology and Kyowa Kirin disclosed a global strategic collaboration to develop and commercialize Ziftomenib in Acute Leukemias.

Commodities

In commodity news, oil traded up 1.1% to $69.61 while gold traded up 0.7% at $2,670.90.

Silver traded down 0.3% to $30.910 on Thursday, while copper fell 0.5% to $4.1340.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.15%, Germany's DAX gained 0.46% and France's CAC 40 rose 0.05%. Spain's IBEX 35 Index rose 0.02%, while London's FTSE 100 gained 0.57%.

Consumer confidence in the Eurozone fell by 1.2 points to a reading of -13.7 in November.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan's Nikkei 225 falling 0.85%, Hong Kong's Hang Seng Index falling 0.53%, China's Shanghai Composite Index gaining 0.07% and India's BSE Sensex falling 0.54%.

Economics

• U.S. existing home sales gained by 3.5% from the previous month to an annualized rate of 3.96 million in October.
• The Philadelphia Fed Manufacturing Index fell to -5.5 in November from 10.3 in the previous month, and compared to market estimates of 8.
• U.S. initial jobless claims declined by 6,000 from the previous week to 213,000 in the week ending Nov. 16.

Now Read This:

• Top 3 Tech Stocks Which Could Rescue Your Portfolio In Q4

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.