Gold Falls Over 1%; D.R. Horton Posts Downbeat Earnings

U.S. stocks traded mostly lower midway through trading, with the Dow Jones index falling more than 450 points on Thursday.

The Dow traded down 1.20% to 39,191.93 while the NASDAQ fell 0.09% to 16,293.14. However, the S&P 500 gained 0.30% to 5,291.42.

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In trading on Thursday, information technology shares fell by 0.9%.

Top Headline

D.R. Horton, Inc DHI reported worse-than-expected second-quarter results and lowered its FY25 guidance.

Sales fell 15% year-over-year (Y/Y) to $7.73 billion, missing the consensus of $8.03 billion. EPS was $2.58, missing the consensus of $2.67. Net sales orders fell 15% Y/Y to 22,437 homes and decreased 17% Y/Y in value to $8.4 billion.

D.R. Horton revised its FY25 revenue guidance to $33.3 billion-$34.8 billion (from $36.0 billion – $37.5 billion) versus the consensus of $36.4 billion.

Equities Trading UP

• Baijiayun Group Ltd RTC shares shot up 60% to $0.3447 after the company announced it formed a partnership with Xinlantian to combine their AI video and large language model technologies with expertise in autism rehabilitation.
• Shares of Adagio Medical Holdings, Inc. ADGMgot a boost, surging 138% to $2.0792 after the FDA granted Breakthrough Device Designation for the vCLAS cryoablation system.
• Channel Therapeutics Corporation CHRO shares were also up, gaining 52% to $1.9080. Ligand Pharmaceuticals Incorporated LGND and Channel Therapeutics on Thursday signed a definitive merger agreement to combine Ligand's wholly owned subsidiaries, Pelthos Therapeutics Inc. and LNHC, Inc. (collectively Pelthos) with CHRO Merger Sub Inc., a wholly owned subsidiary of Channel.

Equities Trading DOWN

• UnitedHealth Group Incorporated UNH shares dropped 22% to $456.68 after the company reported worse-than-expected first-quarter results and cut its FY25 adjusted EPS guidance below estimates.
• Shares of CaliberCos Inc. CWD were down 29% to $0.3200 as the company announced the pricing of the public offering units.
• Global Payments Inc. GPN was down, falling 18% to $69.07 after the company announced it bought a stake in Worldpay for $6.6 billion.

Silver traded down 2.4% to $32.200 on Thursday, while copper fell 1.3% to $4.6255.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.29%, Germany's DAX 40 declined 0.64% and France's CAC 40 dipped 0.76%. Spain's IBEX 35 Index slipped 0.23%, while London's FTSE 100 fell 0.18%.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 1.35%, China's Shanghai Composite gaining 0.13%, Hong Kong's Gang Seng index gaining 1.61% and India's BSE Sensex gaining 1.96%.

Economics

• U.S. housing starts dipped 11.4% month-over-month to an annualized rate of 1.324 million in March.
• U.S. initial jobless claims declined by 9,000 from the previous week to 215,000 during the second week of April, versus market estimates of 225,000.
• The Philadelphia Fed Manufacturing Index fell 39 points to a reading of -26.4 in April, and down from market estimates of 2.
• U.S. building permits climbed by 1.6% to an annualized rate of 1.482 million in March.
• U.S. natural-gas stocks rose 16 billion cubic feet in the week ending April 11, compared to market estimates of a 24 billion cubic feet gain.

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