Wednesday, June 19, 2024
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The Dow climbed over 300 points; Hibbett Posts Downbeat Profits – Canaan (NASDAQ: CAN), GigaCloud Tech (NASDAQ: GCT)

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US stocks traded higher at the end of trading, with the Dow Jones gaining more than 300 points on Friday.

The Dow was trading up 0.99% at 33,089.44 while the NASDAQ was up 2.11% at 12,965.91. The S&P 500 also gained 1.29% to 4,204.71.

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  • Shares of Consumer Discretionary rose 3% on Friday. During this the top gainers of the sector were involved. gigacloud technology inc. gctup 17%, and PDD Holdings Inc. PDDup 19%.
  • Shares of the utilities declined 0.7% in Friday trading.

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Hibbett, Inc. Hi b. b The first quarter results were worse than expected.

Hibbett reported a 7.4% year-over-year increase in sales for the first quarter of fiscal 2023 to $455.50 million, missing the consensus estimate of $460.40 million. EPS of $2.74 missed the analyst consensus of $3.04.

The company expects sales in dollar terms to be flat or up ~2.0%. Earlier, the company was expected to post sales growth in the mid-single digits.

  • Onfolio Holdings, Inc. onfo Shares soared 36% to $1.59 after the company announced the completion of development of a generative AI search tool.
  • shares of MediaAlpha, Inc. Max rose 25% to $9.49, after White Mountains Insurance Group, Ltd. and WM Hinson initiated a tender offer for up to 5 million shares of MediaAlpha stock.
  • Marvel Technology, Inc. MRVL Shares also soared 29% to $63.86 after the company reported strong first-quarter results and said it expected AI revenue to at least double in 2024.
  • PagSeguro Digital Limited PAGS Shares fell 13% to $10.51 after the company reported first-quarter financial results.
  • shares of tilray brands, inc. TLRE fell 21% to $1.8550 after the company announced the pricing of its $150 million registered offering of unsecured convertible senior notes.
  • Canaan Inc. can do It fell 20% to $2.0601 after the company reported worse-than-expected first-quarter results.

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Goods

In commodity news, oil rose 0.8% to $72.37, while gold gained 0.1% to $1,944.40.

Silver rose 2% to $23.36 on Friday, while copper rose 2.3% to $3.6705.

euro zone

European shares closed with gains today. The eurozone’s STOXX 600 rose 1.15%, London’s FTSE 100 rose 0.74% while Spain’s IBEX 35 index rose 0.82%, German DAX rose 1.20%, French CAC 40 rose 1.24% and Italy’s FTSE MIB index rose 1.16%.

Consumer confidence in Italy fell to 105.1 in May from 105.5 in April, while the manufacturing confidence index in Italy fell to 101.4 from a revised reading of 102.8 in May. The consumer confidence index in France remained unchanged at 83 in May. Retail sales volumes in the UK rose 0.5% in April from a month earlier.

asia pacific market

Asian markets closed on Friday with Japan’s Nikkei 225 up 0.37% and China’s Shanghai Composite index up 0.35%. India’s S&P BSE Sensex rose 1%.

Japan’s index of leading economic indicators fell to 97.7 in March from the last reading of 98.2 a month earlier, while the index of coinciding economic indicators rose to 98.8 in March from the previous month’s 98.7. Retail sales in Australia remained unchanged from the previous month at A$35.3 billion in April.

  • The US trade deficit in goods widened to $96.8 billion in April, compared to a revised $84.6 billion in the previous month.
  • Personal spending in the US rose 0.8% month-on-month in April, while personal income rose 0.4%.
  • The US personal consumption expenditure price index rose 0.4% month-on-month in April, compared to a 0.1% increase in March.
  • US wholesale inventories fell 0.2% month-on-month in April, compared with a 0.3% decline in March.
  • Baker Hughes Inc reported that the total number of active US oil rigs this week fell by 5 to 570 rigs.

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COVID-19 Update

The US has the highest number of coronavirus cases and deaths in the world, recording a total of 107,081,650 cases with 1,164,930 deaths. India has confirmed a total of at least 44,988,420 cases and 531,850 deaths, while France has reported over 40,070,560 COVID-19 cases with 167,200 deaths. Overall, there were at least 689,274,730 cases of COVID-19 worldwide with more than 6,882,700 deaths.