Dow Jumps Around 200 Points; Best Buy Posts Upbeat Q1 Results

U.S. stocks traded higher this morning, with the Dow Jones index gaining around 200 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.07% to 50,680.67 while the NASDAQ rose 0.73% to 26,870.40. The S&P 500 also rose, gaining, 0.56% to 7,562.17.

Leading and Lagging Sectors

Health care shares jumped by 1.4% on Thursday.

In trading on Thursday, financial stocks fell by 0.5%.

Top Headline

Best Buy (NYSE:BBY) reported better-than-expected first-quarter financial results.

Best Buy posted adjusted earnings of $1.28 per share, beating market estimates of $1.23 per share. The company's quarterly sales came in at $8.936 billion versus expectations of $8.828 billion.

Equities Trading UP
           

• 3 E Network Technology Group Ltd (NASDAQ:MASK) shares shot up 330% to $5.94.
• Shares of Scisparc Ltd (NASDAQ:SPRC) got a boost, surging 161% to $11.49 after the company announced its subsidiary NeuroThera Labs received conditional TSX approval for the acquisition of approximately 54% of interest in CliniQuantum.
• Agape ATP Corp (NASDAQ:ATPC) shares were also up, gaining 111% to $6.02.

Equities Trading DOWN

• Photronics Inc (NASDAQ:PLAB) shares dropped 33% to $36.04 after the company reported worse-than-expected Q2 financial results and issued Q3 guidance below estimates.
• Shares of Wellchange Holdings Co Ltd (NASDAQ:WCT) were down 28% to $1.37.
• Sunshine Biopharma Inc (NASDAQ:SBFM) was down, falling 27% to $0.31. Sunshine Biopharma announced a one-for-ten reverse stock split.

Commodities

In commodity news, oil traded up 2.8% to $91.18 while gold traded down 0.6% at $4,421.30.

Silver traded down 2.2% to $73.260 on Thursday, while copper fell 2.2% to $73.26.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.8%, while Spain's IBEX 35 Index fell 0.5%. London's FTSE 100 fell 1%, Germany's DAX slipped 0.6%, while France's CAC 40 fell 0.6%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei 225 falling 0.47%, Hong Kong's Hang Seng Index declining 1.27% and China's Shanghai Composite gaining 0.12%.

Economics

• U.S. crude inventories dipped by 3.327 million barrels in the week ended May 22, versus market estimates of a 4 million barrel draw.
• Sales of new single-family homes dipped by 6.2% to an annualized rate of 622 thousand units in April.
• The U.S. PCE price rose 0.4% month-over-month in April versus market estimates of 0.5%.
• The U.S. economy rose an annualized 1.6% in the first quarter.
• U.S. initial jobless claims rose by 5,000 to 215,000 on the third week of May.

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