Dow Dips 250 Points; US Weekly Jobless Claims Surge
U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 200 points on Thursday.
The Dow traded down 0.61% to 40,947.68 while the NASDAQ fell 1.22% to 17,776.55. The S&P 500 also fell, dropping, 0.79% to 5,544.08.
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Leading and Lagging Sectors
Energy shares jumped by 0.7% on Thursday.
In trading on Thursday, information technology shares fell by 0.8%.
Top Headline
U.S. initial jobless claims increased by 10,000 to 243,000 in the week ending July 13, compared to market estimates of 230,000.
Equities Trading UP
- CommScope Holding Company, Inc. (NASDAQ:COMM) shares shot up 15% to $1.9693. Amphenol announced plans to acquire mobile networks businesses from CommScope.
- Shares of Silo Pharma, Inc. (NASDAQ:SILO) got a boost, surging 79% to $4.0391. Silo Pharma said it has entered into a Device and CMC Development Master Plan with Resyca BV, a medical technology provider.
- Chuy’s Holdings, Inc. (NASDAQ:CHUY) shares were also up, gaining 48% to $37.35 after Darden Restaurants announced it will acquire the company.
Equities Trading DOWN
- Agenus Inc. (NASDAQ:AGEN) shares dropped 56% to $7.80 after the company announced the FDA discouraged an accelerated approval pathway at the end-of-Phase 2 meeting.
- Shares of Leslie’s, Inc. (NASDAQ:LESL) were down 36% to $2.6299 after the company reported preliminary financial results for the third quarter and cut its full-year guidance. Multiple analysts also lowered price targets on the stock Thursday morning.
- Torrid Holdings Inc. (NYSE:CURV) was down, falling 18% to $7.05 after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and maintained its $5 price target.
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Commodities
In commodity news, oil traded down 0.8% to $82.19 while gold traded up 0.4% at $2,469.40.
Silver traded down 0.1% to $30.36 on Thursday, while copper fell 2.6% to $4.2920.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.27%, Germany's DAX rose 0.01% and France's CAC 40 rose 0.68%. Spain's IBEX 35 Index rose 0.58%, while London's FTSE 100 rose 0.45%.
Construction output in the Eurozone fell 2.4% year-over-year in May compared to a revised 1.5% decline in the prior month. Passenger car registrations in the European Union climbed 4.3% year-over-year to 1.1 million units in June.
Regular pay in the U.K., excluding bonus payment, rose 5.7% year-over-year to GBP 643/week during the three months to May, while the unemployment rate came in unchanged at 4.4% from March to May.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan's Nikkei 225 dipping 2.36%, Hong Kong's Hang Seng Index gaining 0.22%, China's Shanghai Composite Index gaining 0.48% and India's S&P BSE Sensex climbing 0.78%.
Hong Kong’s unemployment rate came in unchanged at 3% during the three months ending June. Japan reported a trade surplus of JPY 224.04 billion in June, compared to market views for a deficit of JPY 240 billion.
Economics
- U.S. initial jobless claims increased by 10,000 to 243,000 in the week ending July 13, compared to market estimates of 230,000.
- The Philadelphia Fed Manufacturing Index rose to 13.9 in July, recording the strongest level in three months, versus 1.3 in June.
- The EIA said U.S. natural gas stocks rose by 10 billion cubic feet in the week ended July 12, compared to market estimates of a 28 billion cubic feet gain.
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