Following the market opening Thursday, the Dow traded up 0.25 percent to 25,689.42 while the NASDAQ climbed 0.45 percent to 7,677.80. The S&P also rose, gaining 0.37 percent to 2,815.81.
Leading and Lagging Sectors
Thursday morning, the consumer discretionary shares rose 0.9 percent. Meanwhile, top gainers in the sector included Movado Group, Inc. (NYSE: MOV ) up 20 percent, and PVH Corp. (NYSE: PVH ) up 18 percent.
In trading on Thursday, utilities shares fell 0.7 percent.
Accenture Plc (NYSE: ACN ) reported upbeat results for its second quarter and raised its FY19 EPS guidance.
Accenture report ed quarterly earnings of $1.73 per share on sales of $10.5 billion. However, analysts were expecting earnings of $1.57 per share on sales of $10.3 billion.
Accenture said it expects Q3 sales of $10.80 billion to $11.10 billion, versus analysts' estimates of $11.05 billion. Accenture raised its FY19 EPS guidance from $7.01-$7.25 to $7.18-$7.32.
Equities Trading UP
Quantenna Communications, Inc. (NASDAQ: QTNA ) shares got a boost, shooting up 17 percent to $23.94 after the company announced it will be acquired by ON Semiconductor Corp (NASDAQ: ON ).
Shares of PVH Corp. (NYSE: PVH ) shot up 18 percent to $131.38 after the company reported better-than-expected results for its fourth quarter. The company also added $750 million to its buyback plan, extending to June 2023.
Tricida, Inc. (NASDAQ: TCDA ) shares were also up, gaining 24 percent to $29.81 after the company reported Q4 results and disclosed positive long-term clinical trial of TRC101 in patients with CKD and metabolic acidosis. Tricida also reported a $200 million debt facility with Hercules Capital.
Equities Trading DOWN
Proteon Therapeutics, Inc. (NASDAQ: PRTO ) shares dropped 84 percent to $0.555 after the company announced its Phase 3 trial of PATENCY-2 did not meet its primary endpoint.
Shares of Osmotica Pharmaceuticals plc (NASDAQ: OSMT ) were down 34 percent to $4.4306 after the company reported a Q4 net loss of $107.2 million and sales of $65.7 million.
Reebonz Holding Limited (NASDAQ: RBZ ) was down, falling around 40 percent to $16.76 after climbing 220.00 percent on Wednesday. Reebonz announced a $20,000,000 ordinary share offering. The offering has not yet been priced.
In commodity news, oil traded down 1.4 percent to $58.60 while gold traded down 0.7 percent to $1,307.40.
Silver traded down 0.9 percent Thursday to $15.16, while copper rose 0.6 percent to $2.8805.
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.2 percent, the Spanish Ibex Index fell 0.3 percent, while Italy's FTSE MIB Index fell 0.5 percent. Meanwhile the German DAX gained 0.3 percent, and the French CAC 40 gained 0.1 percent while U.K. shares rose 0.6 percent.
U.S. economy expanded at an annual pace of 2.2 percent in the fourth quarter, versus an initial 2.6 percent estimate. However, analysts projected a 2.4 percent growth rate.
U.S. initial jobless claims fell 5,000 to 211,000 for the latest week. However, analysts were expecting a reading of 220,000.
The pending home sales index fell 1 percent for February.
The Energy Information Administration's weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.
The Kansas City Fed manufacturing index for March is schedule for release at 11:00 a.m. ET.
Atlanta Federal Reserve Bank President Raphael Bostic will speak in Atlanta, GA at 11:30 a.m. ET.
The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
New York Federal Reserve Bank President John Williams is set to speak in San Juan, Puerto Rico at 1:15 p.m. ET.
The Treasury will auction 7-year notes at 1:00 p.m. ET.
New York Federal Reserve Bank President John Williams will speak in San Juan, Puerto Rico at 2:30 p.m. ET.
Data on farm prices for February will be released at 3:00 p.m. ET.
Data on money supply for the latest week will be released at 4:30 p.m. ET.
St. Louis Federal Reserve Bank President James Bullard is set to speak in Madison, WI at 6:20 p.m. ET.
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