Nasdaq Gains Over 1%; Micron Posts Upbeat Q4 Results

Author: Avi Kapoor | September 26, 2024 08:48am

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining over 1% on Thursday.

Following the market opening Thursday, the Dow traded up 0.65% to 42,187.74 while the NASDAQ rose 1.13% to 18,285.75. The S&P 500 also rose, gaining, 0.65% to 5,759.58.

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Leading and Lagging Sectors

Materials shares jumped by 1.5% on Thursday.

In trading on Thursday, energy shares fell by 1.4%.

Top Headline

Micron Technology Inc (NASDAQ:MU) reported better-than-expected fourth-quarter financial results.

The company reported fourth-quarter revenue of $7.75 billion, beating the consensus estimate of $7.635 billion. The company reported fourth-quarter adjusted earnings of $1.18 per share, beating analyst estimates of $1.13 per share, according to Benzinga Pro

Equities Trading UP

Telesis Bio, Inc. (NASDAQ:TBIO) shares shot up 102% to $4.68 after the company announced a partnership with Beckman Coulter Life Sciences to revolutionize DNA and mRNA synthesis.
Shares of Pasithea Therapeutics Corp. (NASDAQ:KTTA) got a boost, surging 75% to $6.80 after the company announced safety, tolerability, pharmacokinetic and preliminary efficacy data from the first 2 cohorts of patients in its Phase 1 clinical trial of PAS-004.
Fangdd Network Group Ltd. (NASDAQ:DUO) shares were also up, gaining 61% to $0.8210.

Equities Trading DOWN

VS MEDIA Holdings Limited (NASDAQ:VSME) shares dropped 30% to $1.0599 after jumping 22% on Wednesday.
Shares of Ryde Group Ltd. (NYSE:RYDE) were down 30% to $0.8038 after the company announced a $4.5 million public offering at $0.85 per unit.
MDxHealth SA (NASDAQ:MDXH) was down, falling 21% to $1.9999 after the company announced the pricing of a $40 million offering of 20 million shares at $2.00 per share

Commodities

In commodity news, oil traded down 2.4% to $68.00 while gold traded up 0.6% at $2,699.50.

Silver traded up 1.8% to $32.605 on Thursday, while copper rose 2.1% to $4.5845.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 1.2%, Germany's DAX climbed 1.4% and France's CAC 40 jumped 1.9%. Spain's IBEX 35 Index rose 1.4%, while London's FTSE 100 rose 0.3%.

Bank lending to households in the Eurozone increased by 0.6% year-over-year to €6.891 trillion in August compared to a 0.5% rise in the prior month. The GfK Consumer Climate Indicator for Germany climbed to a reading of -21.2 heading into October versus a revised reading of -21.9 in the prior period.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 jumping 2.79%, Hong Kong's Hang Seng Index jumping 4.16%, China's Shanghai Composite Index gaining 3.61% and India's BSE Sensex gaining 0.78%.

Hong Kong’s trade deficit widened to $33.1 billion in August versus $25.6 billion in the year-ago month.

Economics

U.S. core PCE prices increased by 2.8% from the prior quarter during the second quarter compared to a 3.7% gain in the previous period.
U.S. durable goods orders came in mostly unchanged from the previous month in August versus the revised 9.8% jump in the earlier period.
U.S. initial jobless claims fell by 4,000 from the prior week to 218,000 during the period ending September 21, compared to estimates of 225,000.
The US economy expanded at an annualized rate of 3% during the second quarter versus a revised 1.6% increase in the first quarter.

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