Dow Dips Over 200 Points; RPM International Shares Fall After Q3 Results
U.S. stocks turned lower toward the end of trading, with the Dow Jones index falling more than 200 points on Thursday.
The Dow traded down 0.59% to 38,894.58 while the NASDAQ fell 0.10% to 16,261.88. The S&P 500 also fell, dropping, 0.28% to 5,197.03.
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Leading and Lagging Sectors
Communication services shares jumped by 1.1% on Thursday.
In trading on Thursday, health care shares rose by just 0.1%.
Top Headline
Shares of RPM International Inc. (NYSE:RPM) fell more than 5% on Thursday after the company reported third-quarter FY24 results.
Sales rose 0.4% Y/Y to $1.523 billion, slightly beating the consensus of $1.518 billion. Adjusted EPS of 52 cents exceeded the consensus of 46 cents.
Equities Trading UP
TC Biopharm (Holdings) Plc (NASDAQ:TCBP) shares shot up 59% to $2.0597. TCBP announced execution of non-binding letter of intent for acquisition of NK Platform Technologies.
Shares of Allurion Technologies Inc. (NASDAQ:ALUR) got a boost, surging 101% to $3.46 after the company announced the commercial availability of its Virtual Care Suite in the United States. Also, Chardan Capital initiated coverage on the stock with a Buy rating and announced a $5 price target.
Candel Therapeutics, Inc. (NASDAQ:CADL) shares were also up, gaining 113% to $3.57 after the company announced interim data from the randomized phase 2 clinical trial of CAN-2409 in non-metastatic prostate cancer.
Equities Trading DOWN
eFFECTOR Therapeutics, Inc. (NASDAQ:EFTR) shares dropped 81% to $3.1089. The company announced topline results from the primary analysis of the randomized Phase 2 KICKSTART trial of tomivosertib combined with pembrolizumab in non-small cell lung cancer.
Shares of Achilles Therapeutics plc (NASDAQ:ACHL) were down 24% to $0.9106 after the company reported fourth-quarter financial results. The company announced interim Phase I/IIa data on the use of clonal neoantigen reactive T cells from the CHIRON study in advanced unresectable or metastatic non-small cell lung cancer and the THETIS study in recurrent or metastatic malignant melanoma.
KWESST Micro Systems Inc. (NASDAQ:KWE) was down, falling 21% to $0.89 after the company announced a proposed US public offering.
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Commodities
In commodity news, oil traded up 1.4% to $86.59 while gold traded up 0.2% at $2,319.10.
Silver traded up 1.2% to $27.39 on Thursday, while copper rose 1% to $4.2365.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.16%, London’s FTSE 100 rose 0.48% while Spain’s IBEX 35 Index rose 0.53% The German DAX rose 0.19% French CAC 40 fell 0.02% while Italy’s FTSE MIB Index fell 0.08%.
Industrial producer prices in the eurozone fell by 1.0% from the prior month in February compared to a 0.9% decline in the prior month, while services PMI climbed to 51.5 in March versus 50.2 in the earlier month.
The HCOB France services PMI fell to 48.3 in March versus 48.4 a month ago, while German services PMI rose to 50.1 in March versus a preliminary reading of 49.8. The S&P Global UK services PMI fell to 53.1 in March versus 53.8 in the prior month.
Asia Pacific Markets
Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 0.81% and India’s S&P BSE Sensex rising 0.5%.
The HSBC Indian services PMI rose to 61.2 in March versus a preliminary reading of 60.3 and compared to a final reading of 60.6 in the prior month.
Economics
U.S. jobless claims rose by 11,000 from the previous week’s revised reading to 221,000 on March, the most in two months.
U.S. trade deficit increased to $68.9 billion in February versus a revised $67.6 billion gap in the previous month.
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