Toward the end of trading Thursday, the Dow traded up 1.14% to 23,935.40 while the NASDAQ rose 1.46% to 8,983.41. The S&P also rose, gaining 1.34% to 2,886.50.
The U.S. is the new epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 1,228,600 coronavirus cases with around 73,430 deaths. Spain confirmed a total of over 220,320 coronavirus cases with 25,850 deaths, while Italy reported a total of at least 214,450 confirmed cases and 29,680 deaths. In total, there were at least 3,769,150 cases of COVID-19 worldwide with over 264,110 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
In trading on Thursday, consumer staples shares rose by just 0.4%.
Bristol-Myers Squibb Co (NYSE: BMY) reported better-than-expected results for its first quarter.
Bristol Myers reported quarterly earnings of $1.72 per share, which exceeded the analyst consensus estimate of $1.49. The company reported quarterly sales of $10.80 billion, which surpassed the analyst consensus estimate of $10.02 billion.
Bristol Myers reaffirmed its earnings guidance for FY20 and FY21.
Equities Trading UP
Twilio Inc. (NYSE: TWLO) shares shot up 43% to $175.21 after the company reported better-than-expected Q1 results and issued Q2 guidance above estimates.
Shares of GenMark Diagnostics, Inc. (NASDAQ: GNMK) got a boost, shooting 34% to $13.02. GenMark Diagnostics priced its previously announced underwritten public offering of 7.25 million shares at $9.65 per share, to generate gross proceeds of about $70 million.
Fastly, Inc. (NASDAQ: FSLY) shares were also up, gaining 43% to $33.06 after the company reported better-than-expected Q1 sales and issued Q2 and FY20 guidance above estimates.
Equities Trading DOWN
Vista Outdoor Inc. (NYSE: VSTO) shares tumbled 27% to $7.12 after the company reported weaker-than-expected Q4 sales and issued downbeat Q1 guidance.
Shares of SG Blocks, Inc. (NASDAQ: SGBX) were down 27% to $2.41 after the company priced 6 million share public offering of common stock at $2.50 per share.
ServiceMaster Global Holdings, Inc. (NASDAQ: SERV) was down, falling 20% to $25.89 after the company reported downbeat Q1 sales.
In commodity news, oil traded down 0.3% to $23.91, while gold traded up 2.1% to $1,724.40.
Silver traded up 3.8% Thursday to $15.59, while copper rose 1.5% to $2.383.
European shares closed higher today. The eurozone’s STOXX 600 gained 1.09%, the Spanish Ibex Index rose 0.89%, while Italy’s FTSE MIB Index rose 0.5%. Meanwhile, the German DAX gained 1.44%, and the French CAC 40 rose 1.54% while UK shares rose 1.4%.
Around 3.17 million Americans filed for unemployment benefits in the latest week. However, analysts expected a reading of 3 million.
U.S. nonfarm productivity declined an annualized 2.5% in the first quarter, versus economists’ expectations for a 5.5% drop. Unit labor costs rose an annualized 4.8% in the quarter.
Domestic supplies of natural gas climbed 109 billion cubic feet for the week ended May 1, the U.S. Energy Information Administration reported. However, analysts projected a gain of 105 billion cubic feet.
Data on consumer credit for March will be released at 3:00 p.m. ET.
Federal Reserve Bank of Philadelphia President Patrick Harker is set to speak at 4:00 p.m. ET.
Data on money supply for the recent week will be released at 4:30 p.m. ET.