U.S. stocks experienced mixed trading towards the end of the session, witnessing the Nasdaq Composite slipping approximately 15 points on Thursday.

The Dow displayed a marginal uptick of 0.06% to 39,785.29 while the NASDAQ declined by 0.13% to 16,383.85. Conversely, the S&P 500 exhibited a rise of 0.10% to 5,253.70.

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Market Movements

Energy stocks surged by 1.1% on Thursday, showcasing a dynamic market environment.

Contrarily, in Thursday’s trading, communication services shares faced a setback with a decline of 0.2%.

Company Spotlight

Shares of MSC Industrial Direct Co., Inc. (NYSE: MSM) experienced a downturn exceeding 2% during Thursday’s session following the announcement of mixed second-quarter results.

MSC Industrial Direct revealed a 2.7% year-over-year decline in second-quarter FY24 net sales to $935.3 million, missing the consensus of $946.5 million. The adjusted EPS stood at $1.18, reflecting an 18.6% decrease, surpassing the consensus of $1.16.

MSC Industrial Direct reiterated its outlook for FY24 ADS growth of 0%-5%, adjusted operating margin between 12% and 12.8%, and an operating cash flow conversion exceeding 125%.

Market Winners

Avalo Therapeutics, Inc. (NASDAQ: AVTX) witnessed a substantial surge of 384% to $22.98 following the acquisition of a Phase 2-ready anti-IL-1β mAb, referred to as AVTX-009, from privately held AlmataBio. The company also announced a private placement financing of up to $185 million.

Biodexa Pharmaceuticals Plc (NASDAQ: BDRX) also made significant strides, with shares rising by 76% to $1.51 as Biodexa’s MTX110 demonstrated promising outcomes in extending life expectancy for aggressive brain cancers.

Market Losers

Primech Holdings Ltd. (NASDAQ: PMEC) observed a sharp decline of 64% to $1.3999 after issuing financial updates and corporate highlights for the six months ending Sept. 30, 2023.

urban-gro, Inc. (NASDAQ: UGRO) faced a 23% drop to $1.3898 post reporting fourth-quarter financial results lower than expected.

Data Storage Corporation (NASDAQ: DTST) also experienced a decrease, falling by 24% to $5.80 following its fourth-quarter results.

Commodity Landscape

In commodity news, crude oil prices surged by 2.2% to $83.11 while gold prices climbed by 1.3% to $2,241.80.

Silver prices advanced by 0.9% to $24.975 on Thursday, with copper also rising by 0.3% to $4.0110.

Global Economic Insights

The European market witnessed a mostly positive close, with the eurozone’s STOXX 600 registering a 0.18% rise, FTSE 100 in London climbing by 0.26%, and the German DAX seeing an uptick of 0.08%. Conversely, the IBEX 35 Index in Spain experienced a decline of 0.33%.

In Asia Pacific markets, Japan’s Nikkei 225 declined by 1.46%, whereas Hong Kong’s Hang Seng Index, China’s Shanghai Composite Index, and India’s S&P BSE Sensex observed gains of 0.91%, 0.59%, and 1.4% respectively.

Economic indicators reflected varied performances, with the U.S. economy expanding by an annualized 3.4% in the fourth quarter, initial jobless claims dropping by 2,000 to 210,000, and the Chicago PMI declining to 41.4 in March. Pending home sales in the U.S. rose by 1.6% in February. Additionally, the University of Michigan consumer sentiment improved to 79.4 in March.

Notably, the total number of active U.S. oil rigs decreased by 3 rigs in the reported week, as per data from Baker Hughes Inc.